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Land Bank bond auction easily raises R1 billion

The Land and Agricultural Development Bank of South Africa (Land Bank) has raised R1billion in a bond auction with new investors showing keen interest.

The bank said its team had gone into the auction with a target of raising R750 million last month with an option to upsize the issue allocation to R1bn. Chief financial officer Bennie van Rooy said the total value of bids received rose to R5.1bn, with more than 90 percent falling within pricing guidance.

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