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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 2 060 338 737 420
USD 15 19 500 000 000
JPY 2 60 000 000 000
EUR 1 500 000 000
municipal
ZAR 18 20 338 000 000
corporate
ZAR 967 438 488 279 934
USD 54 29 130 689 929
EUR 18 7 904 358 155
GBP 8 4 494 775 000
CHF 5 604 000 000
CNY 1 1 500 000 000
KES 1 490 000 000

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
Standard Bank, 21.6% 19feb2021, USD - International bonds XS1952585385 21.6% 6 100 000  USD 02/07/2019 02/19/2021
Standard Bank, 6.75% 4feb2021, USD - International bonds XS1945130034 6.75% 5 000 000  USD 01/24/2019 02/04/2021
Standard Bank, 9.75% 4feb2022, USD - International bonds XS1945130117 9.75% 7 000 000  USD 01/24/2019 02/04/2022
Sasol, 6.5% 27sep2028, USD - International bonds US80386WAB19 6.5% 750 000 000  USD 09/20/2018 09/27/2028
Sasol, 5.875% 27mar2024, USD - International bonds US80386WAA36 5.875% 1 500 000 000  USD 09/20/2018 03/27/2024
Standard Bank, 9.05% 12sep2022, USD - International bonds XS1876162550 9.05% 8 000 000  USD 08/29/2018 09/12/2022
Standard Bank, 14.94% 4sep2020, USD - International bonds XS1873233040 14.94% 7 000 000  USD 08/23/2018 09/04/2020
Eskom Holdings, 6.35% 10aug2028, USD - International bonds XS1864523300 6.35% 1 000 000 000  USD 08/02/2018 08/10/2028
Eskom Holdings, 8.45% 10aug2028, USD - International bonds XS1864522757 8.45% 500 000 000  USD 08/02/2018 08/10/2028
ABSA Bank, FRN 9jun2023, USD - International bonds MU0484D00042 954 000  USD 06/12/2018 06/09/2023

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10313] South African international bonds, USD bln 37.900 36.100 33.200 34.500 33.900 31.200 31.300
BIS net issues of international-bond market of emerging countries
[10589] International-bond net issue of South Africa, USD bln 1.900 3.400 -1.500 0.300 2.700 -0.400 0.800

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
[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 6.491 13.014 4.250 7.300 4.384
[19937] Annual new issues of South Africa corporate international bonds, (financial sector) USD bln 0.929 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

Emerging Markets International Bonds

Monthly indices

Type: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Volume of African International Bonds Markets
[21811] South Africa international bonds, USD bln 64.045 63.695 63.566 63.821 62.378 62.561 61.462
[21857] South Africa corporate international bonds, USD bln 44.055 43.712 43.605 43.856 42.402 42.573 41.474
[21903] South Africa sovereign international bonds, USD bln 19.990 19.983 19.961 19.965 19.976 19.988 19.989
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Credit Risk Indicators

Daily indices

Type: 02/18/2019 02/15/2019 02/14/2019 02/13/2019 02/12/2019 02/11/2019 02/08/2019
CDS South Africa (Interactive Data)
[13547] CDS 6M South Africa 58.5500 54.2200 55.8800 53.9300 53.1500 54.2300 51.0900
[13609] CDS 1Y South Africa 74.9000 69.1100 71.1700 68.6300 67.5800 68.9000 64.7200
[13671] CDS 2Y South Africa 112.7100 108.3900 111.6200 108.8300 107.1600 109.2500 104.4800
[13733] CDS 3Y South Africa 137.8900 134.9500 138.9700 132.3400 130.3400 132.9000 128.5600
[13795] CDS 4Y South Africa 159.9500 158.3300 163.0300 157.4800 155.1300 158.1800 153.2800
[13857] CDS 5Y South Africa 187.9900 188.1000 193.6400 188.8400 186.0500 189.7200 183.1400
[13919] CDS 7Y South Africa 229.1700 225.5800 231.6300 227.7400 224.6800 228.7600 224.7100
[13981] CDS 10Y South Africa 260.4300 254.6800 260.6800 257.5000 254.4700 258.5500 254.6200
[14043] CDS 15Y South Africa 284.4400 277.9000 283.4400 280.8500 278.0500 281.8800 278.2200
[14105] CDS 20Y South Africa 295.6800 288.9700 294.2200 291.9100 289.2700 292.9300 289.4400
[14167] CDS 30Y South Africa 305.4900 298.8200 303.7300 301.6900 299.2200 302.7000 299.3900
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Stock market (World)

Daily indices

Type: 04/06/2017 04/05/2017 04/04/2017 04/03/2017 03/31/2017 03/30/2017 03/29/2017
Stock market (Africa)
[1537] FTSE/JSE  52 918.42 52 990.08 52 660.74 52 457.76 52 056.06 52 261.18 52 444.78
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JP Morgan

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 Global (publication was suspended since 30.10.2013) 
[3115] EMBI Global South Africa * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
South Africa, 3.75% 24jul2026, EUR   EUR 07/24/2026 05/18/2016 **.** *.* 05/18/2016 **.* *.**
South Africa, 3.80% 1jun2020, JPY   JPY 06/01/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
South Africa, 3.80% 7sep2021, JPY   JPY 09/07/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
South Africa, 3.903% 24jun2020, USD   USD 06/24/2020 05/18/2016 **.* *.** 05/18/2016 ***.*** *.**
South Africa, 4.665% 17jan2024, USD   USD 01/17/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
South Africa, 4.875% 14apr2026, USD   USD 04/14/2026 05/18/2016 **.** *.** 05/18/2016 **.** *.**
South Africa, 5.375% 24jul2044, USD   USD 07/24/2044 05/18/2016 **.* *.** 05/18/2016 **.** *.**
South Africa, 5.50% 9mar2020, USD   USD 03/09/2020 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
South Africa, 5.875% 30may2022, USD   USD 05/30/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
South Africa, 5.88% 16sep2025, USD   USD 09/16/2025 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
South Africa, 6.250% 8mar2041, USD   USD 03/08/2041 05/18/2016 ***.** *.* 05/18/2016 ***.* *.**
South Africa, 6.875% 27may2019, USD   USD 05/27/2019 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
South Africa, 8.5% 23jun2017, USD   USD 06/23/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
African Bank, 4% 4jul2020, CHF   CHF 07/04/2020 05/18/2016 **.** *.** 05/18/2016 **.** *.**
African Bank, 4.0% 9nov2016, CHF   CHF 11/09/2016 05/18/2016 ** ***.** 05/18/2016 ** **.**
African Bank, 4.75% 18mar2019, CHF   CHF 03/18/2019 05/18/2016 **.* *.* 05/18/2016 **.** *.**
African Bank, 5% 22apr2022, CHF   CHF 04/22/2022 05/18/2016 **.* *.** 05/18/2016 **.** *.**
African Bank, 5% 28aug2018, CHF   CHF 08/28/2018 05/18/2016 **.** **.** 05/18/2016 **.** **.**
African Bank, 5.5% 5jun2021, CHF   CHF 06/05/2021 05/18/2016 **.* *.** 05/18/2016 **.** *.**
African Bank, 6.0% 15jun2016, USD   USD 06/15/2016 05/18/2016 **.** *****.** 05/18/2016 **.** ****.**
African Bank, 8.125% 24feb2017, USD   USD 02/24/2017 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Anglo American, 1.5% 1apr2020, EUR   EUR 04/01/2020 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Anglo American, 1.75% 20nov2017, EUR   EUR 11/20/2017 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Anglo American, 1.75% 3apr2018, EUR   EUR 04/03/2018 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Anglo American, 2.5% 29apr2021, EUR   EUR 04/29/2021 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Anglo American, 2.50% 18sep2018, EUR   EUR 09/18/2018 05/18/2016 **.** *.** 05/18/2016 ** *.*
Anglo American, 2.625% 27sep2017, USD   USD 09/27/2017 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Anglo American, 2.625% 3apr2017, USD   USD 04/03/2017 05/18/2016 **.** *.** 05/18/2016 ***.** *.**
Anglo American, 2.750% 7jun2019, EUR   EUR 06/07/2019 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Anglo American, 2.875% 20nov2020, EUR   EUR 11/20/2020 05/18/2016 ** *.** 05/18/2016 **.** *.**
Anglo American, 3.25% 3apr2023, EUR   EUR 04/03/2023 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Anglo American, 3.50% 28mar2022, EUR   EUR 03/28/2022 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Anglo American, 3.625% 14may2020, USD   USD 05/14/2020 05/18/2016 ** *.** 05/18/2016 **.* *.**
Anglo American, 4.125% 15apr2021, USD   USD 04/15/2021 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Anglo American, 4.125% 27sep2022, USD   USD 09/27/2022 05/18/2016 ** *.** 05/18/2016 **.* *.**
Anglo American, 4.375% 2dec2016, EUR   EUR 12/02/2016 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Anglo American, 4.875% 14may2025, USD   USD 05/14/2025 05/18/2016 ** *.** 05/18/2016 **.** *.**
Anglo American, 5.75% 27nov2018, AUD   AUD 11/27/2018 05/18/2016 **.** *.** 05/18/2016 ** *.**
Anglo American, 6.875% 1may2018, GBP   GBP 05/01/2018 05/18/2016 ***.* *.** 05/18/2016 ***.* *.*
Anglo American, 9.375% 8apr2019, USD   USD 04/08/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Anglogold Ashanti, 5.125% 1aug2022, USD   USD 08/01/2022 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Anglogold Ashanti, 5.375% 15apr2020, USD   USD 04/15/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Anglogold Ashanti, 6.50% 15apr2040, USD   USD 04/15/2040 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Anglogold Ashanti, 8.5% 30jul2020, USD   USD 07/30/2020 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Edcon, 13.375% 30jun2019, EUR   EUR 06/30/2019 05/18/2016 ** **.** 05/18/2016 ** **.**
Edcon, 13.375% 30jun2019, EUR   EUR 06/30/2019 05/18/2016 ** **.** 05/18/2016 ** **.**
Edcon, 13.375% 30jun2022, EUR   EUR 06/30/2022 05/18/2016 *.* ***.** 05/18/2016 * ***.**
Edcon, 9.5% 1mar2018, EUR   EUR 03/01/2018 05/18/2016 **.** ***.** 05/18/2016 **.** ***.*
Edcon, 9.5% 1mar2018, EUR   EUR 03/01/2018 05/18/2016 **.** ***.** 05/18/2016 **.** ***.**
Edcon, 9.5% 1mar2018, USD   USD 03/01/2018 05/18/2016 **.* ***.** 05/18/2016 *** *.**
Eskom Holdings, 0% 18aug2027, ZAR (10957D)   ZAR 08/18/2027 05/18/2016 **.* ** 05/18/2016 **.* **.**
Eskom Holdings, 0% 31dec2018, ZAR (7641D)   ZAR 12/31/2018 05/18/2016 ** **.* 05/18/2016 **.** **.**
Eskom Holdings, 0% 31dec2032, ZAR (12898D)   ZAR 12/31/2032 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Eskom Holdings, 5.75% 26jan2021, USD   USD 01/26/2021 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Eskom Holdings, 6.75% 6aug2023, USD   USD 08/06/2023 05/18/2016 **.** *.* 05/18/2016 **.** *.**
Eskom Holdings, 7.125% 11feb2025, USD   USD 02/11/2025 05/18/2016 **.** *.** 05/18/2016 **.** *.**
FirstRand Bank, 2% 28may2019, CHF   CHF 05/28/2019 05/18/2016 **.* *.** 05/18/2016 **.** *.**
FirstRand Bank, 2.25% 30jan2020, EUR   EUR 01/30/2020 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
FirstRand Bank, 4.25% 30apr2020, USD   USD 04/30/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
FirstRand Bank, 4.375% 9jun2016, USD   USD 06/09/2016 05/18/2016 *** *.** 05/18/2016 ***.* -*.**
Gold Fields, 4.875% 7oct2020, USD   USD 10/07/2020 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
IchorCoal, 8% 7jun2019, EUR (Conv.)   EUR 06/07/2019 05/18/2016 ** **.** 05/18/2016 ** **.**
Investec Bank Limited, 3.875% 24jul2017, USD   USD 07/24/2017 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Mediclinic International, 2.625% 22mar2021, GBP   GBP 03/22/2021 05/18/2016 **.** *.** 05/18/2016 ***.** *.**
Mondi, 1.5% 15apr2024, EUR   EUR 04/15/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Mondi, 3.375% 28sep2020, EUR   EUR 09/28/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Mondi Group, 5.750% 3apr2017, EUR   EUR 04/03/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
MTN Group, 4.755% 11nov2024, USD   USD 11/11/2024 05/18/2016 **.*** * 05/18/2016 **.** *.**
Naspers, 5.5% 21jul2025, USD   USD 07/21/2025 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Naspers, 6% 18jul2020, USD   USD 07/18/2020 05/18/2016 *** *.** 05/18/2016 ***.* *.**
Naspers, 6.375% 28jul2017, USD   USD 07/28/2017 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Petra Diamonds, 2020   USD 05/31/2020 05/18/2016 **.* **.** 05/18/2016 ** *.**
Sappi, 3.375% 1apr2022, EUR   EUR 04/01/2022 05/18/2016 **.*** *.** 05/18/2016 **.** *.**
Sappi, 4% 1apr2023, EUR   EUR 04/01/2023 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Sappi, 7.5% 15jun2032, USD   USD 06/15/2032 05/18/2016 ** *.** 05/18/2016 ** *.**
Sappi, 7.75% 15jul2017, USD   USD 07/15/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Sasol, 4.5% 14nov2022, USD   USD 11/14/2022 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Standard Bank, 8.125% 2dec2019, USD   USD 12/02/2019 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Transnet, 10% 30mar2029, ZAR   ZAR 03/30/2029 05/18/2016 **.* **.** 05/18/2016 **.** **.**
Transnet, 13.5% 18apr2028, ZAR   ZAR 04/18/2028 05/18/2016 ***.** **.** 05/18/2016 ***.** **.**
Transnet, 4% 26jul2022, USD   USD 07/26/2022 05/18/2016 **.* *.** 05/18/2016 **.** *.*
Transnet, 9.50% 13may2021, ZAR   ZAR 05/13/2021 05/18/2016 **.** **.** 05/18/2016 **.* **.**
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