African Bank tightens to 6.375%
South African lender African Bank has tightened price guidance to 6.375% yield area, from initial price thoughts of 6.5% area for its $300m, five year Reg S issue. Books are open and the deal is expected to be Thursday’s business.
Credit Suisse, Goldman Sachs, Rand Merchant Bank and Standard Chartered are arranging the deal.
African Bank has two dollar benchmarks outstanding, a $300m June 2016 priced in 2011 and a $350m February 2017 launched a year ago.
The 2017s are trading around a yield of 5.6%. One syndicate official
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