THE LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA - New Financial Instruments: Auction Results - BILB
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New Financial Instruments: Auction Results - BILB
The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
("the Land Bank")
New Financial Instruments: Auction Results
The Land Bank is pleased to announce that a successful bond auction was concluded on 20 March 2019. During the
auction, the Bank raised R1.0bn. The salient features of the auction are the following:
- nineteen investors participated;
- total bids received amounted to R3.384bn (bid distribution skewed towards the longer end); and
- 93.4% bids were within pricing guidance.
A total of R1.0bn was raised at the following clearing levels:
- 5 year FRN R0.450bn @ 3m JIBAR + 185bps (Previous issuance at 194bps)
- 7 year FRN (TAP) R0.250bn @ 3m JIBAR + 207bps (Previous issuance at 220bps)
- 10 year FIXED (TAP) R0.300bn @ R2030 + 145bps (Previous issuance at R2030 + 180bps)
All notes are expected to list on the JSE on or about [26] March 2019.
The continued broad-based investor support that the Bank enjoys as a State-owned Entity on an unguaranteed basis is
pleasing to note.
22 March 2019
Enquiries
Land and Agricultural Development Bank of South Africa
Konehali Gugushe, Acting Chief Financial Officer
Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 012 686 0921
Debt Sponsor
The Standard Bank of South Africa Limited
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