Rand Water reports successful R1.7bn bonds auction
Rand Water and Rand Merchant Bank Debt Capital Markets have successfully arranged the auction of just over R1.7-billion in senior and sustainability-linked notes, attracting more than R4.5-billion in capital markets bids.
Rand Water, which issued two sustainability-linked bonds (SLBs), is the first State-owned entity to issue an SLB in Africa. It is also the single largest ZAR-denominated SLB to be issued and attracted more than R3-billion in bids, the firm said in a statement.
“The SLBs that have been issued by Rand Water contain beneficial margin decreases for the attainment of specific sustainability goals when it is achieved in future. In this instance, it is additional installed solar energy capacity, additional people with access to safe and clean water and female representation at supervisory to senior management levels.”
The remainder of the issuance was a ten-year bullet note that fits well into matching Rand Water’s liability profile for planned capital expenditure.
“The issuance in the current market conditions represents an outcome that has yet to be seen in the sector since prepandemic times,” Rand Water concluded.
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