Transnet pays no extra credit spread for curve extension
South African freight transport company Transnet sold $1bn of 4% 2022 bonds on July 19, paying no additional pick-up over Treasuries for extending its curve by six years.
But tight pricing and weaker market conditions since the launch have not prevented the bond from trading up to as high as 100.2 on July 20. On Monday it was lower but still strong at 99.25-99.50, having been printed at 98.855.
JP Morgan and Standard Bank arranged
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