South Africa raised $2bn in a difficult market on Tuesday, after US Treasuries widened unexpectedly at just the moment that the sovereign began marketing its new deal. 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.
Expectations were high for South Africa’s first bond since the appointment of Cyril Ramaphosa as president. Investors have followed with interest the government’s decisive interventions into struggling state-owned enterprises such as Eskom, and its recent commitment to raising $200bn of foreign direct investment. South Africa has plans to
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