Cape Town 101028. Deputy Finance Minister, Nhlanhla Nene is his 120 Plein Street office. PHOTO SAM CLARK, CA, Gaye Davis

Johannesburg - South Africa has appointed Rand Merchant Bank, Barclays and Citi Bank as joint lead managers to arrange the issue of a foreign currency bond, while Investec will co-lead, the Treasury said on Monday.

“The bond will form part of the government's financing of its foreign currency commitments as stipulated in the Budget 2014 document,” the Treasury said in a statement.

The process of issuing a sukuk remained a medium-term project, it added.

The Treasury said in February it planned to raise $1.5 billion a year in capital markets over the next three years, and was confident of issuing an Islamic bond within a few months. - Reuters