South Africa cuts through EM vol with dual tranche trade

South Africa has opened books on its first sovereign trade this year and is looking to capitalise on goodwill towards president Cyril Ramaphosa’s economic transformation efforts. It hopes to offset the recent spread widening that has followed weakness in the rand — and in broader emerging markets — as a result of the stronger dollar.

  • By Virginia Furness
  • 15 May 2018

South Africa is offering a 12 year note at 6% area and a 30 year bond at 6.375% via leads Deutsche Bank/Nedbank, JP Morgan, Rand Merchant Bank and Standard Bank.

The sovereign’s dollar bonds have widened 20bp-30bp in spread terms over the past month, though this ...

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4 BNP Paribas 3,011.10 6 8.10%
5 Barclays 2,042.22 4 5.49%

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4 Scotiabank 413.44 1 12.81%
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5 Saudi National Commercial Bank 1,604.15 2 9.47%

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