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

2014-07-03 08:18

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

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.”

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.