Transnet Ltd., South Africa’s state- owned rail and port operator, delayed a sale of dollar bonds after meeting with U.S. and European investors last week because of adverse market conditions, according to Barclays Plc-owned Absa Capital, which advised on the transaction.
South Africa’s economy will probably contract 1.9 percent this year, while the budget deficit may reach close to 5 percent of gross domestic product as consumer spending slumps and tax revenues plunge, Absa Group Ltd.’s investment banking unit said.
Brandcorp Holdings Ltd. , a South African company that sells branded handbags and luggage, sold 750 million rand ($109 million) of bonds to repay debt and provide funding for potential acquisitions, Absa Capital said.
Edcon (Pty) Ltd., the South African retailer owned by Bain Capital LLC, sold 1.4 billion rand ($196.7 million) of asset-backed securities to refinance existing debt, said Absa Capital, which helped arrange the sale.
SABMiller Plc’s Zambian Breweries unit raised 400 billion kwacha through a syndicated loan facility from a group of banks, including Absa Capital, Barclays Plc’s Zambian unit, Citigroup Inc. and Standard Chartered Plc’s business in the country, Absa Capital said.