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South Africa: bonds

South Africa has the most developed fixed income market in Africa Government securities yield curve extends out to 26 years. The National Treasury (NT) issues Treasury bills with tenors for 91, 182, 273 and 365 days. Auctions are usually held weekly on Fridays, but T-bills may also be issued by private placement or any other means chosen by the NT. Minimum bids are for ZAR 1,000,000, with multiples of ZAR 100,000 thereafter. Direct access is through the Money Market Internet System (MMIS) to registered users. Republic of South Africa (RSA) Government Bonds are issued primarily to support the fiscal budget. This is exclusively a wholesale market with more sophisticated investors and systems, hence only primary dealers may take part in primary auctions of RSA Government bonds. The RSA retail savings bonds are better suited to the retail investors. South Africa is included in Citigroup’s world government bond index. Municipal Bonds are issued by city councils for development projects with tenors typically longer than one year. Municipal bond issues are not guaranteed by the central Government. Secondary market trading is very rare. Parastatal and corporate issuers are very active in the primary market for both short-term and long-term debt, the most noteworthy being ESKOM, Transnet and SANRAL. Other key issuers are the commercial banks, mortgage houses, asset finance houses, as well as off-balance sheet SIVs like securitizations and conduits. The Commercial paper (CP) primary market is very active and is tapped by corporate issuers and state-owned companies. The definition of Commercial paper in South Africa has less to do with its tenor, and CP in South Africa can have a maturity longer than one year. South Africa is a prominent African name in the international bond market. It is ahead of all other African nations in terms of eurobond issuance.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
ZAR 75 2 244 456 242 420
USD 16 22 500 000 000
JPY 2 60 000 000 000
EUR 1 500 000 000
municipal
ZAR 18 20 338 000 000
corporate
ZAR 1428 564 971 937 063
USD 65 31 480 788 910
EUR 14 6 425 458 440
GBP 8 4 494 775 000
GHS 3 89 370 450
CHF 3 324 000 000
KES 1 490 000 000
NGN 1 3 781 290 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
South Africa, 5.75% 30sep2049, USD - International bonds US836205BB97 5.75% 3 000 000 000  USD 09/23/2019 09/30/2049
South Africa, 4.85% 30sep2029, USD - International bonds US836205BA15 4.85% 2 000 000 000  USD 09/23/2019 09/30/2029
Standard Bank, 7.25% 23sep2022, USD - International bonds XS2053835570 7.25% 7 500 000  USD 09/12/2019 09/23/2022
Standard Bank, 7.25% 23sep2022, USD - International bonds XS2054205336 7.25% 3 000 000  USD 09/12/2019 09/23/2022
Standard Bank, 7.25% 23sep2022, USD - International bonds XS2056569952 7.25% 3 000 000  USD 09/12/2019 09/23/2022
Standard Bank, 2.05% 13aug2020, USD - International bonds XS2042392741 2.05% 2 000 000  USD 08/07/2019 08/13/2020
Standard Bank, 0% 21may2024, USD (1751D) - International bonds XS2035476170 0% 3 033 000  USD 07/25/2019 05/21/2024
Standard Bank, 14.55% 1may2029, NGN - International bonds XS2035456735 14.55% 3 781 290 000  NGN 07/24/2019 05/01/2029
Standard Bank, 10.35% 12jul2023, USD - International bonds XS2025978151 10.35% 6 800 000  USD 07/03/2019 07/12/2023
Standard Bank, 11% 18jun2024, USD - International bonds XS2012028416 11% 7 300 000  USD 06/07/2019 06/18/2024

Свалка

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ South Africa spread 230 237 228 229 218 218 218
EMBI Global South Africa 268 276 268 270 260 258 262
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Stocks indices

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
Stock market (Africa)
[1537] FTSE/JSE  55 936.83 56 110.78 55 722.79 55 993.42 56 090.51 55 573.79 55 219.21
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Credit Default Swaps (CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
CDS South Africa
[13547] CDS 6M South Africa 50.5400 52.9700 53.3600 60.4900 62.4200 65.4300 67.0200
[13609] CDS 1Y South Africa 68.3700 71.6700 72.2400 75.2600 77.6800 81.4600 83.4600
[13671] CDS 2Y South Africa 95.4400 99.8000 100.6800 102.2900 105.6000 108.6900 111.3800
[13733] CDS 3Y South Africa 122.7600 125.0600 126.2200 128.3000 132.4400 134.2400 137.5700
[13795] CDS 4Y South Africa 147.7100 149.7500 151.1900 153.0700 158.0000 158.7800 162.7200
[13857] CDS 5Y South Africa 174.4900 177.8100 179.5400 180.8400 186.6100 186.4000 191.0000
[13919] CDS 7Y South Africa 216.8200 220.6100 220.9400 221.6400 228.0900 226.8900 232.0300
[13981] CDS 10Y South Africa 248.5800 252.4900 252.1600 252.4800 258.9500 257.2900 262.4400
[14043] CDS 15Y South Africa 273.7900 277.5300 276.8900 277.0200 283.0300 281.2800 286.0700
[14105] CDS 20Y South Africa 286.0700 289.6700 288.9400 288.9900 294.7000 292.9700 297.5000
[14167] CDS 30Y South Africa 297.0800 300.4900 299.7400 299.7400 305.0700 303.4100 307.6400
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Africa international bonds outstanding volume
[21811] South Africa international bonds, USD bln 66.070 61.065 61.460 61.841 62.290 63.623 64.479
[21857] South Africa corporate international bonds, USD bln 42.851 42.832 43.236 43.597 44.058 43.656 44.510
[21903] South Africa sovereign international bonds, USD bln 23.219 18.233 18.224 18.244 18.231 19.967 19.969
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Central banks rates

Periodic indices

Type: Current value Change Last update
Africa central banks rates
[9381] South Africa Repurchase Rate, %  6.50 -0.25 18.07.2019

Default probability (based on CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
Default Probability South African Republic (Interactive Data)
[20381] 6M Default Probability South African Republic 0.4500 0.4700 0.4800 0.5500 0.5700 0.6000 0.6200
[20443] 1Y Default Probability South African Republic 1.0700 1.1200 1.1400 1.1900 1.2300 1.2900 1.3300
[20505] 2Y Default Probability South African Republic 2.7600 2.8900 2.9300 2.9800 3.0800 3.1700 3.2500
[20567] 3Y Default Probability South African Republic 5.1600 5.2600 5.3200 5.4100 5.5800 5.6600 5.8000
[20629] 4Y Default Probability South African Republic 8.1000 8.2100 8.3000 8.4000 8.6700 8.7100 8.9300
[20691] 5Y Default Probability South African Republic 11.7400 11.9600 12.0900 12.1700 12.5500 12.5300 12.8300
[20753] 7Y Default Probability South African Republic 19.6600 19.9800 20.0100 20.0600 20.6000 20.5000 20.9200
[20815] 10Y Default Probability South African Republic 30.3000 30.7200 30.6700 30.6900 31.3500 31.1700 31.6800
[20877] 15Y Default Probability South African Republic 45.2200 45.6900 45.5800 45.5700 46.2800 46.0600 46.6000
[20939] 20Y Default Probability South African Republic 57.0600 57.5300 57.3900 57.3700 58.0400 57.8200 58.3300
[21001] 30Y Default Probability South African Republic 73.6300 74.0400 73.9000 73.8700 74.4100 74.2200 74.6200
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19845] Annual new issues of South Africa sovereign international bonds, USD bln 2.000 2.500 4.250 0.000 2.176
[19891] Annual new issues of South Africa corporate international bonds, USD bln 6.488 13.014 4.250 7.300 4.384
[19937] Annual new issues of South Africa corporate international bonds, (financial sector) USD bln 0.927 1.658 1.593 0.889 0.573
[19983] Annual new issues of South Africa corporate international bonds, (non-financial sector) USD bln 5.562 11.356 2.657 6.411 3.811
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