The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Highly commended African deal of the year 2013: Transnet

Transnet’s R5 billion Eurobond
Lead managers Deutsche Bank
return to the Deals of the Year 2013 index

In a landmark deal on November 6 2013, Transnet, a state-owned freight-logistics company, became the first South African company to issue a rand-denominated bond on the international capital markets.

By setting the benchmark, Transnet hope to lead the way for other South African corporates to do the same.

The R5 billion ($442 million) issue over seven-and-a-half years was listed on the London Stock Exchange with a yield of 9.5%, pricing marginally wider than the initial yield indication of 9.125% to 9.25%.

"Between the time we had initially discussed the idea with Transnet in April 2013 to the time that the bond was issued in November, the economic environment for emerging market bonds had changed," says Neil Shuttleworth, head of EEMEA debt capital markets syndicate at Deutsche Bank, the sole bookrunner on the deal. "News that Fed tapering would come into action in the coming months, problems in the mining sector in South Africa and a weaker rand forced the decision to widen the price.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree