BRICS bank earns $94 mln in first South Africa bond auction

The New Development Bank (NDB), a financial institution established by the BRICS bloc of emerging markets, collected 1.5 billion rands ($94 million) in its first bond offering in South Africa, its statement said on Wednesday.

The bank received more than 2.5 billion rand of bids for the three- and five-year bonds, enabling it to raise the size of the deal. It allocated 71 percent to institutional investors and the rest to local banks in Tuesday’s sale.

This aligns with the bank’s vision to boost its footprint in Member States’ domestic capital markets to finance its strong portfolio of loans denominated in members’ local currencies, said Leslie Maasdorp, NDB’s chief financial officer.