Standard Bank Sells 1.7 Billion Rand of Mortgage-Backed Bonds

Standard Bank Group Ltd., Africa’s biggest lender, said it last week sold two bonds backed by residential mortgages worth 1.7 billion rand ($242 million) as part of its securitization program.

The sale, which was concluded on Nov. 22, included a 1.1 billion rand note with an expected maturity on Nov. 21, 2015, that was priced to yield 160 basis points more than the three- month Johannesburg Interbank Agreed Rate, Reynold Leegerstee, Standard Bank’s head of securitisation, said in a telephone interview today. Standard Bank also sold a 560 million note with an expected maturity of Nov. 21, 2011, priced at 75 basis over so-called three-month Jibar, he said from Johannesburg.

To contact the reporter on this story: Garth Theunissen in Johannesburg at gtheunissen@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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