THE LAND AND AGRICULTURAL DEVELOPMENT BANK OF SOUTH AFRICA - CANCELLATION OF S412628 New Financial Instruments: Auction Results - BILB

Release Date: 22/03/2019 14:37
 
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CANCELLATION OF S412628 New Financial Instruments: Auction Results - BILB

The Land and Agricultural Development Bank of South Africa
(JSE Code: BILB)
(“the Land Bank”)


New Financial Instruments: Auction Results


The Land Bank is pleased to announce that a successful bond auction was concluded on 20 March 2019. During the
auction, the Bank raised R1.0bn. The salient features of the auction are the following:

?   nineteen investors participated;
?   total bids received amounted to R3.384bn (bid distribution skewed towards the longer end); and
?   93.4% bids were within pricing guidance

A total of R1.0bn was raised at the following clearing levels:

?   5 year FRN               R0.450bn @ 3m JIBAR + 185bps        (Previous issuance at 194bps)
?   7 year FRN (TAP)         R0.250bn @ 3m JIBAR + 207bps        (Previous issuance at 220bps)
?   10 year FIXED (TAP)      R0.350bn @ R2030 + 145bps           (Previous issuance at R2030 + 180bps)

All notes are expected to list on the JSE on or about [26] March 2019.

The continued broad-based investor support that the Bank enjoys as a State-owned Entity on an unguaranteed basis is
pleasing to note.


Enquiries
Land and Agricultural Development Bank of South Africa
Konehali Gugushe, Acting Chief Financial Officer
Rebecca Phalatse, General Manager: Marketing and Communications – Tel: 012 686 0921

20 March 2019

Debt Sponsor
The Standard Bank of South Africa Limited

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