First Rand breaks SA bank curse with $150m tap
First Rand tapped its $350m 4.75% June 2016s for a further $150m on Wednesday, bringing the deal up to benchmark size and breaking the poor run of South African bank deals in the Eurobond market that started in the summer of last year.
Bank of America Merill Lynch, HSBC and Rand Merchant Bank arranged the senior unsecured Reg S only tap, which was priced at 105.787 to offer a yield of 2.43%.
South African banks have been struggling to print deals over the last few months.
Most recently, African Bank postponed its
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