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Press Releases
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2010
RMB proposes innovative solution to electricity tariff crisis - 22 January 2010
Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, today unveiled an innovative proposal aimed at solving the impasse over the current electricity tariff hikes. The proposal calls for the establishment of a transparent power market listed on the Johannesburg Stock Exchange and a two-tiered pricing structure. According to RMB commodities trader Bevan Jones, large industrial users will, under the proposed structure, have the price of their electricity linked to coal, while domestic households will benefit from Eskom’s fixed-price coal contracts. …more
2009
Johannesburg – Eskom Holdings Limited has negotiated and concluded Export Credit Agency (ECA) covered financing arrangements for Euro 705 million (approximately R7.8 billion) with 3 South African banks and 4 International banks. These loans, covered under Euler Hermes Export Credit Cover, will be used to fund part of the foreign content of the Kusile boiler contract with Hitachi Power Europe (HPE), which forms part of Eskom’s ongoing investment in infrastructure. … more
The European Investment Bank (EIB) today agreed to provide a EUR 40m loan to FirstRand Bank to promote energy efficiency and renewable energy projects across South Africa. The package marks the first dedicated energy efficiency loan in South Africa made by the house bank of the European Union. The funding will enhance South Africa’s contribution to combating climate change and facilitate economic development through improving the reliability of electricity supply in the country. …more
Rand Merchant Bank wins Spire Awards - 4 November 2009
Rand Merchant Bank (RMB) was among the top three recipients in 14 out of 20 categories in the JSE annual Spire awards, at a ceremony in Johannesburg on Tuesday. The Spire awards recognise excellent individuals and teams who contribute to the bond market in South Africa. Voters for the award recipients include clients and bond issuers. RMB came first in four categories: Best repo team category; Best inflation-linked debt house; Best general fixed income analyst; and Best interest-rate derivatives sales and structuring team. It was awarded second place in eight categories and third in two.
“We are delighted to have been recognised by the market for our innovation and commitment to the various bond market activities which we provide to our clients,” says RMB’s Fixed Income, Currency and Commodities head CJ Giddy. “The Spire awards are a good indicator of how well we are doing our jobs and inspire us, to an even greater commitment to excellence.”
Contact: CJ Giddy (Head of Fixed Income, Currency and Commodities): +27 (11) 269 9614
Sanral raises R500 million - 4 November 2009
The South African National Roads Agency Limited (‘SANRAL’) in its last auction for 2009 raised R500 million 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 R846 million. R500 million of bonds were allocated at market spreads of 0,65% and 0,655% over the RSA Government benchmarks.– tighter than the previous closing spreads.
RMB does R800m auto-loan securitisation for BMW Financial Services - 21 October 2009
In the first auto-loan securitisation issuance in 2009, R800-million of notes issued by Auto Series Investments have been placed for BMW Financial Services. This is the 5th issue off the domestic medium-term note programme launched in April 2005.
“This issue was just under 2 times oversubscribed and the spreads are at levels indicated to the market during the road show” confirms Barry Martin, Debt Capital Markets at Rand Merchant Bank.
Adds Mike Dennett, Financial Director of BMW Financial Services in South Africa: “We are delighted that this signals a return of investor appetite for South African securitisations, a market that we have been actively involved with since 2003. This reaffirms our strategy to continue to fund from the capital markets”.
Contact: Barry Martin - Rand Merchant Bank: +27 11 282 8118
Rand Merchant Bank and Kamakura Corporation announce a collaboration - 19 October 2009
Rand Merchant Bank and Kamakura Corporation announce a collaboration on default probability modeling research pact designed to maximise default modeling accuracy worldwide.
Rand Merchant Bank (RMB) and Kamakura Corporation announced today that the firms have agreed to a joint research pact focused on default risk modeling for public firms, with a special focus on financial institutions default modeling.
SANRAL raises R750 million - 7 October 2009
The South African National Roads Agency Limited (‘SANRAL’) in the second auction under the Domestic Medium Term Note Programme carrying a full guarantee from the Government of the Republic of South Africa, tapped into its two bonds with maturities in 2020 and 2034.
Overall bids received during the auction totalled R1,058 billion. R750 million of bonds were allocated at market spreads of 0,69% and 0,70% over the RSA Government benchmarks being 5 and 7 basis points tighter than the previous auction.
Rand Merchant Bank wins derivative dealing awards - 6 October 2009
Rand Merchant Bank (RMB) won seven out of 22 awards in the Risk magazine South Africa Derivatives Dealer Survey 2009, the results of which were announced on 6 October. RMB was rated second or third in nearly all the remaining categories (except for two where it came fourth).
SANRAL raises R750 million - 2 September 2009
The South African National Roads Agency Limited (SANRAL) in the second auction under the Domestic Medium Term Note Programme carrying a full guarantee from the Government of the Republic of South Africa, tapped into its two bonds with maturities in 2020 and 2034.
Johannesburg, London and New York, NY – Absa, Nedbank, Rand Merchant Bank and Standard Bank today announced they have joined the Markit Wire trade processing platform to reduce risk and improve operational efficiency in their over-the-counter (OTC) derivative businesses.
Markit Wire delivers real-time legal confirmation, trade capture and straight through processing for sell-side and buy-side firms, inter-dealer brokers and fund administrators. The platform has 280 buy-side institutions and 100 inter-dealer brokers as clients.