Unlucky South Africa hits Treasury sell-off

South Africa had to contend with an unexpected widening in US Treasuries when marketing its new deal on Tuesday. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller overall.

  • By Virginia Furness
  • 16 May 2018
“The market was choppy yesterday,” said a London based banker on the deal. “It looked OK in the morning, and then in the space of three hours Treasuries sold off 5bp-6bp, and this bled through to a 10bp widening of credit, and on South Africa’s curve itself. This ...

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