The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both fundraising and lending in local currencies.
Development Bank Founded by BRICS Debuts South African Rand Bonds
NDB, the development bank created by the BRICS member states (Brazil, Russia, India, China, and South Africa), has issued its first ZAR bonds worth 1.5 billion rand (nearly $78 million), the institution said in an announcement published Wednesday and quoted by media.
The auction comes as the bank finds itself under pressure to boost its local currency fundraising and lending, Reuters noted in a report. According to Russia’s Tass news agency, this is NDB’s first issue of bonds in local currency outside China, where it’s based.
“The book was well supported, with over R2.5bn in bids across both the 3- and 5-year tranches allowing ND
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