Sale of the rail operator’s global note programme suggests it may be trying to reduce its reliance on a domestic capital market becoming wary of lending to SOEs
Transnet’s plan to register a $6bn global note programme may be a sign that it is trying to reduce its reliance on a local capital market that seems increasingly wary of lending to dysfunctional state-owned entities .
That is clear from the sheer size of the mooted programme, which equates to about 81% of the R128bn debt load Transnet had at end-September 2022 . The general rule of thumb for companies with rand-based earnings is that foreign debt should ideally not be more than 20% of their total debt...
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