EM CEEMEA CREDIT: SASOL Weaker bond market post 1H25 production and sales update
Jan-24 10:41
Sasol (SASOL; Ba1/BB+/-)
Weaker bond market post 1H25 production and sales update
- The widening of SASOL secondary curve has left z-spreads elevated and charting near recent highs, with SASOL 5.5 Mar31s yielding in the region of 8.86% (or z+472bp) post 1H25 production and sales update. This is some 40bp wider vs levels seen post the 1Q25 update.
- The curve also shows some recent steepening, as visible in the z-spread differential for 28s/31s now @ +120bp (indicatively, as per chart below).
- No immediate USD refinancing is required, with the first redemption date for denominated tradable debt maturity profile being in September 2026, for a USD650mn notional outstanding.
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