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SANRAL raises a further R500 million

In its third auction for 2009, which will be settled on Monday (18th May), the South African National Roads Agency Limited (‘SANRAL’) tapped into three of its six bonds maturing in 2013, 2018, 2022, 2023 and 2028.

Overall bids received during the auction totalled R1,28 billion. The nominal bonds were placed at market spreads of 1.7 to 1.8% over the RSA Government benchmarks which was 5 to 10 basis points tighter than where the bonds were marked.

SANRAL has now raised R9,95 billion of funding for the expansion and upgrade of toll roads, particularly the Gauteng Freeway Improvement Project which is planned to be completed by late 2010.

Absa Capital and Rand Merchant Bank are appointed as Joint Lead Arrangers on SANRAL’s BESA listed Domestic Medium Term Note Programme.

Contact: Rand Merchant Bank - Gill Raine: +27 11 282 8124 | Absa Capital - Leigh Cunningham-Scott: +27 11 895-7036

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