State-owned logistics group Transnet has sought to refute reports that demand for its bonds had collapsed following the recent downgrades to South Africa’s credit rating, insisting that appetite for its bonds remains strong both domestically and internationally. CFO Garry Pita said the reports arose following recent auctions where Transnet decided not to allocate domestic bonds at the prices being offered. “I can tell you that there was appetite, it’s just that Transnet didn’t allocate at the prices that were provided. Transnet is not desperate for money – if it doesn’t get a spread that is in line with our requirements, we won’t allocate.”
