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The country is unlikely to issue new dollar bonds in the near future despite a big rally in yields
Underwriting left unused after deal is 33% oversubscribed
Simbah Mutasa and Sjoerd Van Hooijdonk step up from regional leadership roles
New government is seeking an IMF deal, which will likely require a debt rework
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Nigerian holiday firm Transcorp Hotels is set to raise funds for new hotels through an IPO that will be launched this week. -
The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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A fresh wave of sukuk this week made September the biggest month ever for international sales of the product. But debut deals from Goldman Sachs and the Republic of South Africa have implications that go far beyond issuance records. These landmark transactions have paved the way for Western firms and African issuers to add their names to the expanding market.
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The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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South Africa printed the continent’s first international sukuk deal on Wednesday, offering a valuable benchmark for South African corporates, state-owned enterprises and other African sovereigns. South African SOEs like Eskom are among the borrowers considering sukuk as a new funding tool, but SOEs need the South African authorities to amend its tax policy in order to pave the way for follow on sukuk.
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South Africa is set to price a $500m debut sukuk to yield 3.9% on Wednesday afternoon — a landmark deal in a continent enjoying an influx of Islamic money. But as with other inaugural sukuk offerings there was no hint of consensus over the sukuk’s concession to the conventional curve.
