Transnet prices first EM international rand bond but success is debated

Transnet, the South African rail, ports and pipeline firm, sold the first ever international South African rand bond from an emerging markets issuer on Wednesday, but the R5bn ($486m) eight year deal drew criticism for pricing over 25bp wider than guidance and over 100bp wider than where its domestic bond was trading.

  • By Francesca Young
  • 08 Nov 2013
The bond was priced with a 9.5% yield. Initial pricing thoughts were released at 9.125-9.25% on Tuesday. Three bankers away from the deal poured criticism on the pricing process — one said it was the only CEEMEA deal of the year to have printed this wide of initial ...

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