|
|
Article: Middle East & Africa: South Africa - The Genesis Of Junk - Two South African Firms Have Launched Successful High-yield Debt Issues. Edward Russell-Walling Reports.
- Article from:
- The Banker
- Article date:
- December 1, 2005
CopyrightCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
When South African corporates want to raise capital, the international bond market is not the first place they go looking. For most of them, it would quite literally be the last. But two groundbreaking South African high-yield issues may herald a change in attitude.
South African business has long felt a sense of remoteness and exclusion from European financial markets. That is a legacy partly of the apartheid years, partly of more recent economic uncertainties. Sitting at the far end of Africa has not helped.
While European debt markets have had no appetite for any but the biggest and soundest South African names, most local companies have never ...