The South African National Roads Agency (Sanral) has raised a further R750m (approximately $95m) in a second bond auction to raise funds for its R25bn (approximately $3.2bn) toll road expansion programme.

With this, the total funding raised for the programme has reached R12.2bn.

The auction, under the domestic medium-term note programme carrying a full guarantee from the government is tapped into two bonds with maturities in 2020 and 2034.

The agency said it received a total of R1.8bn in bids but allocated bonds at market spreads of 0.75% and 0.77% over the government benchmarks.

The first auction took place in August when the agency allocated R1.5bn of bonds at market spreads of 0.8%.

Funds will be used mainly for the R20bn Gauteng Freeway Improvement Project, which is expected to be finished ahead of the 2010 FIFA World Cup.