Sanlam secures ZAR1.16bn

Sanlam secures ZAR1.16bn

Published: October 22, 2013

South African insurance company heads to debt market for first time since 2006.

South Africa’s Sanlam Life Insurance has raised ZAR1.16bn (US$117mn) via a subordinated bond, the largest such issuance from an insurer since 2006, the last time Sanlam struck a debt-market deal.

The 10-year issuance, callable after five years, was priced with a fixed coupon of 8.7%. It attracted an orderbook of ZAR1.675bn.

The company was advised by Absa.