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South Africa’s Land Bank Plans New Bond, Business Day Reports

South Africa’s Land Bank plans to register a 10 billion-rand ($1.3 billion) local bond program and intends to redeem a 2.2 billion-rand bond “soon,” Business Day reported, citing Chief Executive Officer Phakamani Hadebe.

The lender has already bought back 1 billion rand of the bond paying 14 percent interest and will redeem the rest this month, Hadebe told the Johannesburg-based newspaper. Investigators are continuing their forensic inquiry into transactions worth 700 million rand, according to the newspaper.

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