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South Africa Sells $3 Billion of Eurobonds Amid Rising Yields

South Africa raised $3 billion in a Eurobond sale, the third African nation to tap the market since the start of Russia’s war with Ukraine.

In its first foray into the market since the start of the coronavirus pandemic, the country sold $1.4 billion of 10-year debt at 5.875% and $1.6 billion of 30-year securities at 7.3%. Both tightened from initial guidance of 6% and 7.5% respectively, though investors demanded a premium over existing debt.