On December 5, 2023, New Development Bank (NDB) returned to the South African bond market with a second successful ZAR bond issuance in the year. The book was well supported with over ZAR 1.6 bln in bids across both the 3- and 5-year tranches enabling NDB to exercise its option to upsize the trade from ZAR 1 bln to ZAR 1.3 bln. The 3-year tranche priced at the tight end of guidance, 5bps tighter than the last auction. The 5-year tranche cleared at the midpoint of guidance with 97% of bids being within or lower than price guidance. The orderbook was well diversified with bids being allocated equally to institutional investors and the local banks. Mr. Leslie Maasdorp, NDB Vice-President and Chief Financial Officer commented that “NDB is committed to delivering on its mandate of providing the option of local currency funding for infrastructure and sustainable development projects in its...