Commentary & Deal Flow

Transnet SOC Ltd (SAFTRA) exp Ba3/BB- US$ benchmark 144A/Reg 5y sr unsecured notes due 2/6/28 (under Transnet’s US$6bn Global Medium Term Note Programme). 100 CoC. Absa/JPM (B&D)/Standard Bank joint books. List London. English Law. ICBC Standard Bank is acting as International Distribution agent of Standard Bank. UOP: Fund repayment of all/part of bridge-to-bond facility dated 25 July 2022 between Transnet and the Joint Lead Managers; fund Capital Investment Plan; and/or be used for general corporate purposes. Pricing 1/30. Settle 2/6. IPTs: 8.625% area.

Transnet is the Republic of South Africa-owned operator, owner and custodian of a major portion of the Republic of South Africa’s transport infrastructure, specifically railway, ports and pipelines.