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Transnet pays no extra credit spread for curve extension

South African freight transport company Transnet sold $1bn of 4% 2022 bonds last Thursday, 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 Friday. On Monday it was lower but still strong at 99.25-99.5, having been printed at 98.855.

  • 23 Jul 2012

JP Morgan and Standard Bank arranged the note, which is rated A3 by Moody’s.

Before this deal, Transnet had only one outstanding bond — a $750m 2016 it sold last year. That note was trading around 270bp-275bp over US Treasuries last Wednesday, though had rallied to 260bp-265bp over by ...

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1 Bank of America Merrill Lynch 112,277.76 473 6.00%
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1 BNP Paribas 24,290.52 109 8.78%
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5 HSBC 14,553.77 82 5.26%

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1 Goldman Sachs 5,048.40 37 7.53%
2 BNP Paribas 4,834.62 56 7.21%
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2 Goldman Sachs 14,216.06 100 7.60%
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  • Today
1 HSBC 25,998.97 110 6.16%
2 BNP Paribas 24,502.49 106 5.81%
3 Barclays 24,303.18 86 5.76%
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