SA sells $3bn of Eurobonds amid rising yields in the US
Proceeds will be used to fund the government’s foreign currency commitments, and paying interest on and redeeming existing foreign bonds
SA has raised $3bn (R43.7bn) in Eurobonds as part of its financing commitments outlined in the 2022 budget as yields for benchmark US Treasuries are rising in response to accelerating inflation.
The government sold $1.4bn (R20.4bn) of 10-year debt at 5.875% and $1.6bn (R23.3bn) billion of 30-year notes at 7.3%. That’s 309 and 447 basis points above the 10-year and 30-year US Treasury benchmarks, respectively, the National Treasury said in a statement on Tuesday...