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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 76 2 223 413 412 420
USD 14 17 500 000 000
JPY 2 60 000 000 000
EUR 1 500 000 000
municipal
ZAR 18 20 338 000 000
corporate
ZAR 1454 576 075 937 063
USD 64 31 474 755 911
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.) ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
South Africa, TB 16sep2020 12m - Domestic bonds ZAM000478395 0% 3 225 000 000  ZAR 09/13/2019 09/16/2020
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
South Africa, TB 9sep2020 12m - Domestic bonds ZAM000477611 0% 3 225 000 000  ZAR 09/06/2019 09/09/2020
South Africa, TB 26aug2020 12m - Domestic bonds ZAM000475946 0% 3 225 000 000  ZAR 08/23/2019 08/26/2020
South Africa, TB 19aug2020 12m - Domestic bonds ZAM000474949 0% 3 225 000 000  ZAR 08/16/2019 08/19/2020
Sasol Financing, FRN 12aug2022, ZAR - Domestic bonds ZAG000161308 3M JIBAR + 1.3% 2 176 000 000  ZAR 08/12/2019 08/12/2022
South Africa, TB 12aug2020 12m - Domestic bonds ZAM000473875 0% 3 225 000 000  ZAR 08/08/2019 08/12/2020
Standard Bank, 2.05% 13aug2020, USD - International bonds XS2042392741 2.05% 2 000 000  USD 08/07/2019 08/13/2020
Standard Bank, 11.3% 21may2024, USD - International bonds XS2035476170 11.3% 1  USD 08/05/2019 05/21/2024

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: 09/17/2019 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019
Stock market (Africa)
[1537] FTSE/JSE  56 895.23 57 853.90 57 123.78 56 781.94 56 243.78 55 335.81 55 523.07
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Africa)
[15457] Government Debt to GDP(South Africa) 55.80 53.10 51.60 50.10 47.10

Credit Default Swaps (CDS)

Daily indices

Type: 09/17/2019 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019
CDS South Africa
[13547] CDS 6M South Africa 38.9100 38.1300 37.5700 37.4300 42.4700 41.7300 41.2400
[13609] CDS 1Y South Africa 55.8000 54.6200 53.6400 53.3500 55.4000 54.3900 53.7100
[13671] CDS 2Y South Africa 86.5500 84.7500 83.2500 79.0200 83.1200 82.0500 80.8700
[13733] CDS 3Y South Africa 113.7000 111.3400 108.5900 108.3000 110.3700 109.3600 108.6700
[13795] CDS 4Y South Africa 141.3700 138.4400 136.1300 133.5000 136.7700 135.7300 134.7600
[13857] CDS 5Y South Africa 170.4700 166.9400 165.7700 162.2700 165.2900 165.1600 164.3700
[13919] CDS 7Y South Africa 216.1800 212.1100 210.6400 206.5500 210.5400 209.5000 208.5200
[13981] CDS 10Y South Africa 250.9000 246.7500 244.9500 243.7500 246.2300 245.2200 244.4500
[14043] CDS 15Y South Africa 277.9000 274.0000 272.2100 272.6300 274.1800 273.3000 272.7500
[14105] CDS 20Y South Africa 290.6700 286.9300 285.2400 286.2700 287.4300 286.6700 286.2700
[14167] CDS 30Y South Africa 302.2700 298.7000 297.2000 298.6500 299.5200 298.9200 298.7200
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Historical yields

Daily indices

Type: 09/17/2019 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019
10Y Government Bond Yields, Africa
[24297] South Africa 10Y YTM 8.260 8.225 8.140 8.100 8.160 8.130 8.125
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Africa international bonds outstanding volume
[21811] South Africa international bonds, USD bln 61.065 61.841 62.290 63.623 64.479 64.804 64.045
[21857] South Africa corporate international bonds, USD bln 42.832 43.597 44.058 43.656 44.510 44.830 44.055
[21903] South Africa sovereign international bonds, USD bln 18.233 18.244 18.231 19.967 19.969 19.975 19.990
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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

Inflation

Monthly indices

Type: Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Inflation (Africa)
[15823] Inflation Rate (South Africa) 4.00 4.50 4.50 4.40 4.53 4.07 3.91
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Default probability (based on CDS)

Daily indices

Type: 09/17/2019 09/16/2019 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019
Default Probability South African Republic (Interactive Data)
[20381] 6M Default Probability South African Republic 0.1300 0.1300 0.1400 0.1400 0.1600 0.1600 0.1600
[20443] 1Y Default Probability South African Republic 0.5700 0.5600 0.5600 0.5500 0.5800 0.5700 0.5600
[20505] 2Y Default Probability South African Republic 2.0400 2.0000 1.9800 1.8800 1.9800 1.9600 1.9300
[20567] 3Y Default Probability South African Republic 4.1800 4.1000 4.0100 4.0100 4.0800 4.0500 4.0300
[20629] 4Y Default Probability South African Republic 7.0200 6.8900 6.7900 6.6700 6.8300 6.7800 6.7400
[20691] 5Y Default Probability South African Republic 10.6100 10.4100 10.3700 10.1600 10.3400 10.3400 10.2900
[20753] 7Y Default Probability South African Republic 18.5700 18.2600 18.1700 17.8400 18.1500 18.0800 17.9900
[20815] 10Y Default Probability South African Republic 29.4700 29.0700 28.9300 28.8300 29.0500 28.9500 28.8600
[20877] 15Y Default Probability South African Republic 44.7700 44.3400 44.1700 44.2800 44.3900 44.2900 44.2100
[20939] 20Y Default Probability South African Republic 56.8300 56.4100 56.2600 56.4600 56.5100 56.4200 56.3400
[21001] 30Y Default Probability South African Republic 73.7200 73.3700 73.2900 73.5200 73.5000 73.4600 73.4100
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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

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, 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 **.*** *.**
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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