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BRICS Bank may issue bonds in South African currency

SHANGHAI, July 6. /TASS/. The BRICS New Development Bank (NDB) is mulling bond issuance in national currency of the Republic of South Africa in the second half of this year, NDB President Kundapur Vaman Kamath told a press conference on Thursday.

"The work that we are preparing to do is bond issuance (in local currencies - TASS) in other countries. We are preparing ourselves for (bond issuance) in one or two (BRICS) member-countries in the second half of this year. India looks very attractive," he said.

According to NDB President, the Russian and South African markets are promising in terms of bond issue potential. The final decision regarding bond issuances in local currencies in one of those countries will be made taking into consideration the market conditions, he added.

Kamath also said that NDB issues yuan-denominated bonds. "We have approval from China on issue of 10 bln RMB of which we did only one tranche of 3 bln RMB last year," he said, adding that further issuances will depend on the projects being implemented now.

The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.