Sanral blames David Makhura’s e-tolls review for poor bond auction

2014-07-03 08:18

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The SA National Roads Agency Limited (Sanral) has blamed Gauteng Premier David Makhura for the lack of interest from investors in its bond auction.

This was after Makhura announced his plan to establish a panel to review e-tolls in the province, Business Day reported today.

Sanral depended on monthly bond auctions to raise capital to fund operations, according to the report.

It has to raise between R500 million and R600 million monthly to be self-sufficient.

At yesterday’s auction, Sanral reportedly raised only R275 million out of total bids of R465 million, with the remainder being outside of the prices it accepted.

“Investor confidence was evidently impacted by the pronouncements of ... [Mr] Makhura ahead of the July bond auction,” Sanral was quoted as saying.

“We wanted to raise R500 million, but only received total bids of R465 million [wider than current prices] and issued R275 million at mark to market prices. The lack of interest was unfortunate.”

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