Brics bank on verge of issuing rand bonds
The New Development Bank awaits regulatory approvals for the local currency bonds
The New Development Bank, also known as the Brics Development Bank, is on the verge of registering a rand-denominated bond programme in SA, the bank’s vice-president, Leslie Maasdorp, said on Wednesday. The mooted programme will allow the multilateral development bank to finance local projects in rand instead of US dollars. It is in line with the bank’s strategy to roll out local currency financing in the Brics countries. Brazil, Russia, India, China and SA established the bank to mobilise resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries. “In SA we have already applied [for the issuance of rand-denominated bonds] and are awaiting regulatory approvals. We are applying for the registration of a programme, which means there is going to be multiple issuances of bonds under that programme,” Maasdorp said. He said the bank recently placed 3-billion yuan-denominated bonds in the China Interbank Bond Market. JSE...
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