Innovative execution for South African
clients built on global insight

On 11 April 2022, Absa advised the Republic of South Africa in successfully raising USD3.0bn in the international bond markets, acting as Joint Lead Manager and Bookrunner. This landmark transaction marked the South African sovereign’s first return to market since 2019. The transaction comprised 10yr bonds to the value of USD1.4bn, yielding 5.875%, and 30yr bonds to the value of USD1.6bn, yielding 7.30%. Working alongside other banks, we assisted in formulating the execution strategy, preparing the required documents and coordinating the relevant parties.

Absa’s SA, UK and US Sales teams were fully engaged with investors in each region and despite broader challenging conditions, managed to close the final order book at c.USD6.9bn, representing an oversubscription of 2.3 times. The order book quality was high, with the >75% allocated to real money accounts, with particular support from our teams in the UK and US.

We believe in the potential of South Africa, and with our global expertise, we aim to provide innovative solutions that address local needs.

We continue to trade the bonds in the secondary market, facilitating trade for our issuers as part of our overall market responsibility.

The bravery to imagine and the will to get things done. That’s Africanacity.