South Africa mandates Deutsche Bank, Standard Bank for new dollar-denominated bond offering

By Paul A. Harris

St. Louis, March 1 - The Republic of South Africa mandated Deutsche Bank Securities and Standard Bank to jointly manage its dollar-denominated global bond offering, according to a prospectus filed publicly on Monday.

The bond offering is expected to price during the March 1 week, according to a market source, who added that pricing could come as early as Tuesday.

Nedbank Capital and Quartile Capital are co-managers.

Proceeds will be used for the general purposes of the national government.

Long-term foreign currency debt of South Africa is rated BBB+ by Fitch Ratings and Standard & Poor's and A3 by Moody's Investors Service.

Last August South Africa priced a $500 million add-on to its 6.875% senior fixed-rate global bonds due May 27, 2019 at 107.511 to yield 5.85%.

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