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1st 2021 Auction Sees Lower Demand - Not Unexpected This Early, however

SOUTH AFRICA

AUCTION RESULTS

  • 2.2 Billion Rand 2035 Bonds; Bid-Cover 2.86x (3.24x), Ave yield 10.82% (10.55%)
  • 2.2B Rand of 8.25% 2032 Bonds; Bid-Cover 2.81x (3.69x), Ave yield 9.755% (9.86%)
  • 2.2B Rand of 10.5% 2026 Bonds; Bid-Cover 2.83x (2.98x), Ave yield 6.67% (6.82%)
  • demand seen declining in the first auction of 2021 across the breadth of the auction - but not unexpected this early in the year.
  • 2032 debt most notable drop-off in bid to cover.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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