SA to begin marketing first Islamic bond

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NewRandMoney Reuters.

London - The Republic of South Africa will begin marketing its debut sukuk, or an Islamic bond, from September 8.

The roadshow will begin in London, before heading to Dubai and Abu Dhabi on September 9, Riyadh on September 10 and Qatar on the following day.

The roadshow will wrap up on September 12, though the destination is still being decided, according to a lead.

A 144A/Reg S dollar sukuk transaction may follow.

BNP Paribas, KFH Investment and Standard Bank have been hired to arrange the investor meetings.

South Africa is rated Baa1 negative by Moody's, BBB- stable by Standard & Poor's, and BBB negative by Fitch.

Hong Kong also announced on Thursday that it would begin holding meetings for its debut sukuk next week. - Reuters

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