Commentary & Deal Flow

Republic of South Africa Government International Bond (SOAF) exp Ba2/BB-/BB- US$3.5bn 144A/Reg S 2-part sr notes (12y due 11/19/36 and 30y due 11/19/54). Citi (B&D)/GS joint books. UOP: The Republic intends to use the net proceeds to pay its foreign currency commitments, subject to Section 71 of the South African Public Finance Management Act, 1999. Marketing: https://www.netroadshow.com/nrs/home/#!/?show=95f13bfc. Pricing 11/12. Settle 11/19.

IPTs: 12y 7.40% area, 30y 8.25% area.

GUIDANCE: 12y 7.15% area, 30y 8% area.

LAUNCHED:
$2bn 12y at 7.10%.
$1.5bn 30y at 7.95%.