The second bond issued was also a R1-billion bond, partially guaranteed, issued at a spread of 164 basis points above the R157 government bond, was last trading at 120 basis points.
Hence, the capital markets union fosters cross-border private financial risk sharing. In the European Union, SMEs account for a share of over 90% in total businesses, which patently illustrates the potential of the capital markets union initiative to promote sustainable growth. Only 3,000 of the 20 million SMEs in Europe are listed on a stock exchange.