24 March 2000
The Republic of South Africa successfully re-opened its outstanding Global 9.125% $500 million maturing in 2009 by a further $750 million, with Goldman Sachs and Morgan Stanley Dean Witter as joint lead managers. The total issue size now stands at $1.25 billion, making it the most liquid international bond for South Africa. At 275 basis points over the 10 year US treasuries, this re-opening is 95 basis points tighter than the initial launch spread of 370 basis points in May 1999.
The Department of Finance is very pleased with the enthusiastic demand for the bond. This reflects the favourable credit ratings recently announced for the Republic of South Africa.
The proceeds would be used for general government funding and would contribute to alleviating pressures on the domestic bond market.
Issued by the Ministry of Finance
For further information please contact:
Ministry of Finance
Pippa Green
Tel: 27 12 315 5111
Department of Finance
Lesetja Kganyago
Tel: 27 12 323 1703
Mmakgoshi Phetla
Tel: 27 12 323 1703
Goldman Sachs
Bim Hundal
Tel: 44 171 774 2295
Christopher Egerton-Warbuton
Tel: 44 171 774 2034
Morgan Stanley
Beth Mandel
Tel: 27 11 836 6672
Ian Hardie
Tel: 44 171 425 7322