Hyprop successfully issued a R450 million 6-year corporate bond this week to refinance a maturing bank facility, bringing Hyprop's total debt capital market issuances to R2.1 billion or 38% of total debt.

This is the first listed 6-year bond issuance in the South African property sector and was well-received by investors.

The bond was issued at a margin of 154bps, marginally reducing Hyprop's cost of funding. The base rate is fixed until 2018.

Hyprop has an A3.za/P-2.za national scale rating from Moody's Investor Services.