Nedbank Raises 3.1 Billion Rand in Debt Capital Markets

Nedbank Group Ltd., the South African bank controlled by Old Mutual Plc, raised 3.1 billion rand ($451 million) through a sale of four bonds.

The lender issued 1.14 billion rand of five-year, fixed-rate debt at 150 basis points above the benchmark 13.5 percent government bond due September 2015, Bruce Stewart, head of structured products and debt origination at Nedbank Capital, said by phone from Johannesburg today. The government bond traded at a yield of 7.76 percent at 3:30 p.m. in Johannesburg. It also sold 450 million rand of three-year, fixed-rate debt at 128 basis points above government debt of the same maturity.