BBS to float P2bn notes

The latest bond note programme adds to the outstanding P550 million BBS floated between 2004 and 2009 to finance the Society's lending activities and leverage on the property boom of the period. Except for the largest and last one worth P150 million that was floated in 2009 and will mature in 2023, the five notes issued under the original programme are due to mature between 2014 and 2019.

This week, BBS executives confirmed the Society would soon approach the market for funding. Said BBS Corporate Affairs Head, Keona Mphetlhe: "The total value of the note programme will be P2 billion and the number of notes will be guided by the Society's funding requirements. The Society intends to use the funding for its growth and the initial listing shall be floated by the end of this year."