South Africa is marketing eurobonds in its first potential international debt sale under a government of national unity following May elections.

The dollar offering is set to include a benchmark-sized 12-year fixed note with a yield in the 7.4% area, as well as a 30-year bond in the 8.25% area, according to a person familiar with the matter, who asked not to be identified.

The move comes amid uncertainty for global monetary policy, with Donald Trump’s US election victory casting a shadow over what would otherwise be a positive reform story unfolding in South Africa. His policies may keep funding costs elevated, complicating the environment for nations like South Africa.

“There is probably a window of opportunity to issue” given the significant outperformance of South Africa’s bonds after the formation of the national unity government and emerging-market eurobond spread compression, said Samir Gadio, head of Africa strategy at Standard Chartered Bank. “EM credit markets have been resilient so far after the Trump election win,” he said.

South Africa’s dollar-denominated bonds were the worst performers in a Bloomberg Sovereign hard-currency index tracking emerging and frontier markets on Tuesday. Yields on the nation’s eurobond due in April 2052 jumped by 12 basis points to 7.83%. That’s still below levels as high as 9% before the elections.

“We are very happy to see South Africa back after 30 months,” said Søren Mørch, head of emerging-market debt at Danske Bank. “We are a bit positive on the reform agenda after the election, and we think the government deserves the benefit of the doubt.”

“Timing is decent — the spread has narrowed significantly,” Mørch said. The South African Treasury remains a part of the country’s strong institutions, he added.

Citigroup Inc. and Goldman Sachs Group Inc. are acting as bookrunners for the sale, which is expected to price later on Tuesday.