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.