Photo by: Duane Daws
Absa’s Corporate and Investment Banking division, acting as joint lead arranger, has raised $1-billion for State-owned power utility Eskom through a ten-year bond offering.
The transaction, which closed earlier this month, achieved $4-billion in investor demand and represented Eskom’s second dollar issuance since it embarked on its major expansion drive in 2004.
The latest issuance, which attracted 225 investors, followed a five-day roadshow with investors in London, Los Angeles, Boston and New York. As part of the transaction, Eskom established a $4-billion 144a/Regulation S global medium-term note programme.
“We are delighted to have successfully taken Eskom to the international capital markets for the second time in two years. The success of this transaction is an indication of international investor confidence in Eskom,” said Jacki Collins, director of emerging market debt capital markets at Absa’s parent company Barclays.