Naspers Ltd. sold bonds for the first time in almost two years to fund emerging-market Internet acquisitions, a strategy that’s transformed the media group into Africa’s biggest publicly traded company by market value.
The newspaper, TV and e-commerce operator raised $1.2 billion partly to fund purchases, the Cape Town-based company said in a July 15 statement. The yield on the notes, due in 2025, has fallen 28 basis points to 5.22 percent since it was sold last week. That compares with an average of 7.35 percent among non-investment grade emerging-market corporate bonds, according JPMorgan Chase & Co. Indexes. The premium investors demand to hold the securities rather than comparable-maturity U.S. Treasuries narrowed to 278 basis points, from 310 at issue.