The South African rand firmed on Thursday as the government began selling dollar-denominated eurobonds for the first time since 2024 when it raised $3.5 billion.
At 1452 GMT the rand traded at 16.9750 against the dollar, up roughly 0.4% on Wednesday’s close and at its best level in three weeks.
Deutsche Bank announced in a notice on the London Stock Exchange that the initial price guidance is in the 6.625% to 7.750% range for both the 12-year and 30-year bonds.
Johann Els, chief economist at PSG Financial Services, said this was one of the main contributors to the stronger rand, adding that South Africa’s removal from the global financial crime watchdog’s “greylist”, a recent S&P credit rating upgrade and strong commodity prices have also boosted investor confidence.
“It’s a confluence of a number of factors over the last weeks and months that is adding up to the better outlook and
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