SA’s equity and debt capital markets could be in for another bumper year, as stabilised state-owned enterprises (SOEs) seek funds and the JSE welcomes new listings. The South African National Roads Agency (Sanral) issued nongovernment guaranteed debt for the first time in six years, with a R500m private placement in the first quarter, said Conway Williams, head of listed credit at Futuregrowth Asset Management. Eskom had raised R5bn through a private placement, while the Land Bank issued R2bn in listed debt, Williams said. "There is quite a bit of positive sentiment that has built up in the market, following changes in the perception of governance at SOEs," he said. Total listed credit issuance amounted to R31bn in the first quarter, which was 4% behind the first quarter of 2017 and driven largely by bank issuance. Under President Cyril Ramaphosa, leadership has been stabilised at SOEs, while former finance minister Pravin Gordhan’s appointment as public enterprises minister in Marc...
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