FirstRand's bond sale boomerangsComment on this story
FirstRand’s plan to sell South Africa’s first dollar bonds that meet new global capital rules backfired as investors balked even with yields above those of developing market financial services companies.
The bank recently delayed a sale of 10-year $300 million (R2.6 billion) to $500m of debt priced to yield 5.875 percent. FirstRand stock declined 0.84 percent to close at R29.38 on Friday. – Bloomberg