South Africa’s FirstRand Bank cancels plans for five-year dollar notes

By Christine Van Dusen

Atlanta, Nov. 20 – South Africa’s FirstRand Bank Ltd. has canceled plans for a dollar-denominated offering of notes due Dec. 2, 2019 (expected ratings: Baa2/BBB-/BBB), a market source said.

Citigroup, MUFG and RMB were the bookrunners for the Regulation S deal, which was initially talked at a spread in the mid-swaps plus 250 basis points area.

FirstRand Bank is a wholly owned subsidiary of FirstRand Ltd., a financial services company based in Johannesburg, South Africa.

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