Govt issues bond for NOFP

Posted On Thursday, 24 January 2002 03:01 Published by
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The National Treasury announced it has borrowed $250 million on the international bond markets through the re-opening of its existing seven-year Republic of South Africa 9.125% bond.
The National Treasury announced it has borrowed $250 million on the international bond markets through the re-opening of its existing seven-year Republic of South Africa 9.125% bond.

The proceeds of the bond would be used to reduce further the country's net open forward currency position (NOFP), it added, which was last confirmed at $3.3 billion on Jan. 14 from $4.8 billion in the second half of 2001.

The Treasury said the bond issue, which matures on May 19, 2009, had been reopened at the request of two large long-term international investors, and the private placement to them was 'priced attractively at levels below current market rates'.

'This request came despite the current volatility in the domestic rand market,' the Treasury added. 'This is another vote of confidence in the sound macro-economic fundamentals and governance of the Republic by international investors.'

Publisher: Business Day
Source: Business Day

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