South Africa sells $2 billion of bonds to finance foreign currency commitments

South Africa sold two billion dollars of bonds maturing in 2030 and 2048 on international capital markets in a deal to finance the government’s foreign currency commitments, the finance ministry said on Wednesday.

The National Treasury said the bond sale was more than 1.7 times oversubscribed.

It described the development as an expression of investor confidence.

South Africa’s 2018 budget review envisaged nine billion dollars of international borrowing.