Issuer: Republic of South Africa
Size of deal: $2 billion
Date of issue: March 2, 2010
Maturity: March 9, 2020
Coupon: 5.5% (UST + 197bp)
South Africa’s $2 billion transaction in March set several records; including the sovereign’s lowest ever coupon, largest foreign currency debt sale and almost $7 billion in orders.
The transaction was launched against a backdrop of uncertainty and heightened concerns over sovereign risk in Europe, but this did not stop investors participating.
“We needed to dist