BRICS Bank Raises $79 Million in S. Africa Bond Sale
- Oversubscription enables New Development Bank to upsize sale
- Proceeds to fund infrastructure and sustainable development
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The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, raised 1.5 billion rand ($79 million) at its first-ever South African bond auction.
Shanghai-based NDB, established by Brazil, Russia, India, China, and South Africa, received more than 2.5 billion rand of bids for the three- and five-year bonds, enabling it to increase the size of the deal. It allocated 71% to institutional investors and the rest to local banks in Tuesday’s sale, it said in a statement Wednesday.