A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 15 (Reuters) - The development bank founded by the so-called BRICS countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The South African bond market has struggled in recent years to attract new issuers to match growing demand from domestic investors looking for quality credit assets. The most recent comparable South African government bonds were a 4.5-year bond priced at Jibar +90 bps and a seven year priced at Jibar +120 bps, said Raphi Rootshtain, a portfolio manager at Sasfin Wealth. The bond sale was arranged by Standard Bank, which declined to comment, and Absa Bank.

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Persons: Aly, Leslie Maasdorp, Raphi Rootshtain, Rootshtain, Kumeshen Naidoo, Rachel Savage, Josie Kao Organizations: New Development Bank, REUTERS, Rights, Reuters, Sasfin, State Owned Companies, Standard Bank, Absa Bank, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Absa