Barclays raises P500m from bond market

In a bid to meet corporate funding requirements, Barclays listed the P2 billion bond programme in July last year before liquidity tightened in the market.

In an interview with the BusinessWeek, Barclays managing director, Reinette van der Merwe said the bank issued some of the notes at the opportune moment before temporarily freezing the process, when liquidity situation tightened and the market started paying relatively higher deposits rates for short term money.  “We issued notes amounting to about P250m to take our total to half a billion Pula last year from our Medium Term Note. We chose to halt the process to take on more issuances as deposits rates rose higher due to the transitory tight liquidity in the market,” she said.