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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 27 1 899 229 286 460
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 1099 478 462 455 924
USD 49 26 862 589 929
EUR 17 7 663 053 450
GBP 8 4 494 775 000
CHF 5 604 000 000
KES 2 1 853 900 000
EGP 2 366 690 000
CNY 1 1 500 000 000
AUD 1 500 000 000

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, 9.05% 12sep2022, USD - International bonds XS1876162550 9.05% 8 000 000  USD 08/29/2018 09/12/2022
Standard Bank, 14.75% 4sep2020, USD - International bonds XS1873233040 14.75% 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
South Africa, TB 22may2019 - Domestic bonds ZAM000410125 0% 2 410 000 000  ZAR 05/18/2018 05/22/2019
South Africa, 6.3% 22jun2048, USD - International bonds US836205AZ74 6.3% 600 000 000  USD 05/15/2018 06/22/2048
South Africa, 5.875% 22jun2030, USD - International bonds US836205AY00 5.875% 1 400 000 000  USD 05/15/2018 06/22/2030
Standard Bank, 12.5% 21nov2024, KES - International bonds XS1820749189 12.5% 490 000 000  KES 05/02/2018 11/21/2024
Growthpoint Properties, 5.872% 2may2023, USD - International bonds XS1734198051 5.872% 425 000 000  USD 04/24/2018 05/02/2023

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
South African international bonds, USD bln 33.200 34.500 33.900 31.200 31.300 32.000 29.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of South Africa, USD bln -1.500 0.300 2.700 -0.400 0.800 3.000 0.100

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
Annual new issues of South Africa sovereign international bonds, USD bln 2.500 4.250 0.000 2.176
Annual new issues of South Africa corporate international bonds, USD bln 13.014 4.250 7.300 4.384
Annual new issues of South Africa corporate international bonds, (financial sector) USD bln 1.658 1.593 0.889 0.573
Annual new issues of South Africa corporate international bonds, (non-financial sector) USD bln 11.356 2.657 6.411 3.811

Emerging Markets International Bonds

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
African International Bonds Markets
South Africa international bonds, USD bln 62.561 61.462 61.317 61.647 60.635 60.716 59.344
South Africa corporate international bonds, USD bln 42.573 41.474 41.326 41.644 42.615 42.693 41.296
South Africa sovereign international bonds, USD bln 19.988 19.989 19.991 20.003 18.020 18.023 18.048
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Credit Risk Indicators

Daily indices

Type: 09/18/2018 09/17/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018 09/10/2018
CDS South Africa (Interactive Data)
CDS 6M South Africa 94.6500 98.2600 98.6500 100.3500 108.1500 110.2500 122.0100
CDS 1Y South Africa 111.9900 116.2000 116.4600 116.3800 125.3500 127.7300 141.2600
CDS 2Y South Africa 143.2700 147.0000 147.3100 155.4000 167.3700 170.5100 179.6500
CDS 3Y South Africa 168.0200 171.2000 171.6100 175.7000 189.2500 192.8300 199.8600
CDS 4Y South Africa 189.5800 192.2400 192.7200 194.1400 209.0800 213.0500 218.4600
CDS 5Y South Africa 215.5400 217.5300 218.1100 219.9600 236.7800 241.2600 242.4300
CDS 7Y South Africa 254.2100 256.2600 255.9700 254.0000 271.8500 276.6500 278.3200
CDS 10Y South Africa 283.3200 285.5900 284.4900 280.7300 298.2000 302.9300 306.8200
CDS 15Y South Africa 304.4400 306.7000 305.2500 300.9900 317.1000 321.5100 326.3400
CDS 20Y South Africa 314.2200 316.4300 314.8800 310.5200 325.7900 330.0100 335.1100
CDS 30Y South Africa 322.6000 324.7300 323.1500 318.8000 333.1700 337.1800 342.3600
Default Probability South African Republic (Interactive Data)
6M Default Probability South African Republic 0.3300 0.3400 0.3500 0.3600 0.4000 0.4100 0.4600
1Y Default Probability South African Republic 1.1300 1.1800 1.2000 1.2000 1.3000 1.3300 1.4700
2Y Default Probability South African Republic 3.3600 3.4500 3.4700 3.6700 3.9500 4.0300 4.2500
3Y Default Probability South African Republic 6.1200 6.2400 6.2700 6.4200 6.9100 7.0400 7.2900
4Y Default Probability South African Republic 9.3200 9.4400 9.4900 9.5500 10.2500 10.4500 10.6900
5Y Default Probability South African Republic 13.2600 13.3700 13.4300 13.5300 14.5100 14.7700 14.8000
7Y Default Probability South African Republic 21.5500 21.7000 21.6900 21.4900 22.8400 23.2100 23.2900
10Y Default Probability South African Republic 32.7400 32.9400 32.8400 32.3900 34.0200 34.4600 34.8300
15Y Default Probability South African Republic 47.9800 48.2100 48.0300 47.4400 49.1400 49.6100 50.1800
20Y Default Probability South African Republic 59.8200 60.0500 59.8400 59.2300 60.8400 61.2900 61.9100
30Y Default Probability South African Republic 76.0700 76.2400 76.0500 75.5100 76.7800 77.1500 77.7000
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (South Africa) 5.10 4.60 4.40 4.50 4.50 3.80 4.00
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(South Africa) 53.10 51.60 50.10 47.10

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)
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) 
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, 8.50% 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, 13.38% 30jun2022, EUR   EUR 06/30/2022 05/18/2016 *.* ***.** 05/18/2016 * ***.**
Edcon, 9.50% 1mar2018, EUR   EUR 03/01/2018 05/18/2016 **.** ***.** 05/18/2016 **.** ***.*
Edcon, 9.50% 1mar2018, EUR   EUR 03/01/2018 05/18/2016 **.** ***.** 05/18/2016 **.** ***.**
Edcon, 9.50% 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, 4.50% 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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