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Sanral raises R550m in bond auction

2014-05-22 08:30

SEEING THE ‘UP SIDE’ OF SANRAL: Sanral's Inge Mulder says the agency is ahead of its forecast in terms of funds received and hopes to encourage investors to "see the up side in Sanral bonds". Image: SAPA

JOHANNESBURG, Gauteng - The SA National Roads Agency Ltd (Sanral) raised R500-million from a bond auction on Wednesday (May 21 2014).

Chief financial officer Inge Mulder said: "We are overwhelmed by the strong support and the pricing, mostly below market-to-market rates. The agency is well ahead of its forecast in terms of cash received to date and this continues to encourage investors to see the up side in Sanral bonds."

The agency said a R1.755-billion was offered by investors, three-and-a-half times over subscription.

CONTINUED SUPPORT

The full suite of guaranteed bonds under a domestic medium-term note programme was offered and Sanral tapped four at the auction.

Mulder added: "Sanral is encouraged by the results of its latest auction and appreciates the continued support from its investors," Mulder added. "The significant interest in the Hway34 bond, a long-term, fixed-based bond which traded three basis points below Tuesday's (May 20) market price, is testament in investors' confidence in Sanral."

The next Sanral bond auction will be on June 4 2014.

MILLIONS OWED

In April 2014 transport minister Dipuo Peters reported that Gauteng vehicle owners owed more than a half-billion rands in fees since the province's e-tolling system started on December 3 2013.

Peters responded to a parliamentary question posed by Democratic Alliance MP Ian Ollis: "I am informed that as of March 1 an amount of R543 544 574 worth of invoices were transferred to the VPC (Violations Processing Centre)."
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