7 September 2017

South Africa: Treasury Monitoring Markets for Foreign Currency Bond

National Treasury is continuing to monitor market conditions for the issuance of a foreign currency denominated bond, it said on Wednesday.

"National Treasury stipulated in the Budget Review 2017 that an equivalent of US$2 billion in funding would be raised in the international capital market to meet part of government's foreign currency obligations. National Treasury continues to monitor market conditions and may access international capital markets prudently as it has done in the past," said the Treasury.

Treasury also seeks to move quickly if opportunities arise, and the size and terms of any financing will be based on need and availability.

The country last issued foreign currency bonds in October 2016.

The Treasury said in an event that it proceeds with an offering it would appoint a syndicate of international and/or local banks and Broad-Based Black Economic Empowerment (BBBEE) partners.

Treasury would also make further announcements in line with applicable regulations and market practice.

"Further details will follow once the process has been finalised and the respective banks and BBBEE partners have been appointed," it said.

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