Johannesburg Weighs Bond Sale to Help Fix Broken Infrastructure [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: BNN Bloomberg
Newly elected Mayor Dada Morero said the city is exploring options to fund critical projects, mainly to repair water and electricity infrastructure, as it faces financing needs exceeding 44 billion rand. The authorities are in talks with local financial institutions, such as Standard Bank Group Ltd., and international entities including the World Bank and Agence Française de Développement to explore funding options, he said. “They are part of the consultations we are doing to get a sense of what we can go to the market for,” Morero said in an interview at Bloomberg's office in Johannesburg on Tuesday. “We can't go beyond 2 billion rand for now,” he said, citing a National Treasury regulatory framework that limits the amount of debt the city can raise. Johannesburg has sold seven bonds since 2004, the most recent in 2016, according to data compiled by Bloomberg. The success of those offerings has bolstered confidence in the city's ability to manage additional debt, Morero said.
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