Published on 6/10/2011 in the Prospect News Emerging Markets Daily.
New Issue: African Bank sells $300 million 6% five-year notes at 425 bps over mid-swaps
By Christine Van Dusen
Atlanta, June 10 - South Africa's African Bank Ltd. priced $300 million 6% notes due June 15, 2016 (Baa2) at 99.796 to yield 6.048%, or mid-swaps plus 425 basis points, a market source said.
Credit Suisse, Goldman Sachs, Standard Chartered and Rand Merchant Bank were the bookrunners for the Regulation S-only transaction.
African Bank is a Johannesburg-based lender.
| Issuer: | African Bank Ltd.
|
| Amount: | $300 million
|
| Maturity: | June 15, 2016
|
| Description: | Notes
|
| Bookrunners: | Credit Suisse, Goldman Sachs, Standard Chartered, Rand Merchant Bank
|
| Coupon: | 6%
|
| Price: | 99.796
|
| Yield: | 6.048%
|
| Spread: | Mid-swaps plus 425 bps
|
| Trade date: | June 10
|
| Settlement date: | June 15
|
| Rating: | Moody's: Baa2
|
| Distribution: | Regulation S only
|
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