And, going even further back in time, we last raised five-year money in 2002 at a 90-basis-point margin above Libor.) The improvement in the pricing structure bears testimony to South Africa's prudent macro-economic policies and to the social and political stability characterising our democracy, which gave rise to and enhanced South Africa's laudable credit story.
Every night the gazelle goes to sleep bearing in mind that if it does not run fast enough when the sun rises the next morning the fastest lion will have it for breakfast. One thing both the lion and the gazelle know: when the sun rises the next morning they had better start running.