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Standard Bank Sells 1.7 Billion Rand of Mortgage Bonds

Dec. 1 (Bloomberg) -- 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 Nov. 22 sale 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 securitization, said in a telephone interview today. The lender also sold a 560 million-rand note with an expected maturity of Nov. 21, 2011, priced at 75 basis points over so-called three-month Jibar, Leegerstee said from Johannesburg.

“Investor appetite in the securitization market is definitely returning,” Leegerstee said in an e-mail that was issued today. “What we are seeing is a further normalization in market activity though levels remain well below those seen before the financial crisis.”

Proceeds from the sale, which forms part of Standard Bank’s so-called Blue Granite residential mortgage-backed securitization program, will be used to refinance existing debt, Standard Bank’s Armine Schaefer, who helped manage the transaction, said by telephone from Johannesburg. The bonds were offered to domestic investors and the issuance was “oversubscribed,” the bank said in the e-mailed statement.

The three-month Jibar rate was at 5.56 percent as of 1:34 p.m. local time.

To contact the reporter on this story: Garth Theunissen in Johannesburg

To contact the editor responsible for this story: Gavin Serkin at

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