By Colleen GokoThe National Treasury said on Tuesday it would start quarterly tap issuances of its infrastructure and development finance bonds from July, expanding a programme that drew strong demand when making its debut in December.The auctions will cover the RI2036 and RI2041 bond series, with the first one expected to take place on July 8.When the bonds were first issued in December, bids exceeded R26bn, against a R15bn target, though the Treasury chose to sell less than the targeted amount to contain borrowing costs.Below are more details about the tap issuances:Auctions will be conducted quarterly through the primary dealer/automated universal debt platform.An infrastructure bond auction calendar will be published.The RI2036 is a 10-year bond issued at 8.575%.The RI2041 is a 15-year bond at 9.13%.The Treasury raised about 11.8bn rand at the December issuance.The new issuance mechanism does not amend or modify the existing terms and conditions of the RI2036 and RI2041 notes.
Treasury to start quarterly tap auctions of infrastructure bonds from July
The first tranche of these bonds were in great demand when first issued in December
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