TRAVEL: SANRAL Raises R1 Billion
Recent Gauteng Business News
The South African National Roads Agency Limited (SANRAL) in its first auction for 2010 raised R1 billion under its Domestic Medium Term Note Programme carrying a full guarantee from the Government of the Republic of South Africa, by tapping into its two bonds with maturities in 2020 and 2034.
Overall bids received during the auction totalled R1,851 billion. R1 billion of bonds were allocated at market spreads of 0,58% and 0,60% over the RSA Government benchmarks– tighter than the previous closing spreads.
Including the R9,95 billion raised without a guarantee, SANRAL has now raised R15.05 billion of funding for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project which is planned to be substantially completed before the 2010 FIFA World Cup.
Absa Capital and Rand Merchant Bank have been appointed as Joint Lead Arrangers and Market Makers on SANRAL’s BESA listed Domestic Medium Term Note Programme.
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