South Africa issues $2.5 billion in foreign currency bonds

South Africa has issued a pair of dollar bonds in overseas capital markets worth $2.5 billion to help finance its foreign currency commitments, National Treasury said on Wednesday.

The transactions for a 2027 and a 2047 bond at coupon rates of 4.85 percent and 5.65 percent respectively were more than two times oversubscribed, attracting bids of over $5.3 billion, the treasury said in a statement.

“The South African government sees the success of the transaction as an expression of investor confidence in the country’s sound macro-economic policy framework and prudent fiscal management,” the treasury added.

Source: Reuters

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