South Africa sets initial guidance for 12-, 30-year dollar bonds

By Christine Van Dusen

Atlanta, Sept. 29 – South Africa released initial guidance for its offering of dollar-denominated notes due in 12 and 30 years, a market source said.

The 12-year notes were talked at a yield in the 4 5/8% area, while the 30-year securities were talked in the 5 3/8% area.

Barclays Bank, HSBC, JPMorgan and Nedbank are the bookrunners for the deal, which will run concurrently with a tender offer.

The proceeds will be used for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external debt. A portion of the proceeds will also be used for liability management transactions, including the payment of the purchase price for the old notes.

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