African Bank: Swiss bond issue lifts stock

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African Bank issued a senior unsecured bond worth Sf175 million (R2.2 billion) yesterday, which investors took as a sign of confidence in the troubled lender. The four-and-a-half-year bond with a coupon of 5 percent is its fourth Swiss issue since July 2012. “If Swiss investors are happy to loan them money at this coupon, that gives local shareholders some comfort,” Greg Davies at Cratos Capital said. Shares in parent African Bank Investments gained 5.88 percent to close at R9.90. – Reuters

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