Standard Bank partners with Zeda on bond issuance
Financial services provider Standard Bank has partnered with Zeda for its first bond issuance since listing on the JSE.
Zeda, a Southern African integrated mobility solutions provider, was unbundled from Barloworld Group in 2022 and subsequently listed on the JSE.
Last year, Zeda declared its first dividend since listing.
“We are proud to have partnered with Zeda from its inception and during the unbundling. We have seen the fruits of this partnership on a first-hand basis as the company has gone from strength to strength,” says Standard Bank Corporate and Investment Banking (CIB) CEO Luvuyo Masinda.
“Standard Bank has been instrumental in the refinancing of Zeda’s existing funding and was appointed to establish a JSE-registered bond programme. This partnership culminated in the successful inaugural bond auction to access the debt capital market to diversify its funding base,” says Standard Bank CIB client coverage VP Kaone Lekalake.
The inaugural bond auction was well subscribed for, with R2.36-billion of bids received across the notes on offer from a range of institutional investors.
This strong demand allowed Zeda to upsize the issuance to raise a total of R850-million at favourable pricing, which cleared five basis points through the price guidance provided in both notes on offer.
“We are extremely proud to partner with a bank that supports our integrated mobility strategy in Southern Africa. Funding is one of our strategic objectives, which seeks to lower cost of funding as we invest in growth pillars of the business.
“Zeda is confident that the first bond auction will be a key enabler to achieving this objective and will unlock value for our shareholders. We believe this is the first of many more successful collaborations,” says Zeda group CEO Ramasela Ganda.
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