Trans-Caledon Tunnel Authority, a builder of dams and water tunnels, is considering an Islamic bond sale, one of at least three South African companies seeking to tap a market on track for record sales this year.
Trans-Caledon might issue the sharia-compliant debt to help raise R26 billion once the government had established a benchmark with its own sale, Zodwa Mbele, the parastatal’s executive manager for project finance and treasury, said this week. Sukuk yields are within 5 basis points of a record low and 19 basis points below South African dollar bonds, according to HSBC, Nasdaq and JPMorgan Chase indices………………………………………..Full Article: Source