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Nedbank assists National Treasury in raising US$3 billion
Investors across the UK, North America, Europe, Asia and Africa contribute to a US$3 billion bond concluded for South Africa.
Nedbank’s Debt Capital Markets Team is proud to announce the successful conclusion of a US$3 billion international bond issuance by the Republic of South Africa on 11 April 2022. Nedbank was mandated under the Nedbank/Deutsche Bank/Rho Capital Consortium as one of the joint lead managers alongside other banks and their respective empowerment partners.
The Republic, rated Ba2 (stable)/BB- (stable)/BB- (stable) (Moody’s/S&P/Fitch), placed bonds maturing in 2032 (10-year) and 2052 (30-year), with US$1,4 billion and US$1,6 billion placed in the 2032 and 2052 bonds respectively. The Republic opened the books at initial price thoughts of 6,25% (2032 bonds) and 7,75% (2052 bonds). Due to the strength of the orderbook, the Republic was able to tighten spreads by 37,5bps (2032 bonds) and 45bps (2052 bonds) from initial price thoughts to price the bonds at 5,875% and 7,3% respectively. The book was allocated to investors from a variety of regions, including the United Kingdom, North America, Europe, Asia and Africa.
Throughout the day investors highlighted the Republic’s improving fiscal outlook, its credible Reserve Bank and sound macroeconomic policy framework. The success of the transaction is an expression of continued investor confidence in the Republic.
