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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 2 146 546 037 420
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 1501 604 820 063 475
USD 60 31 705 455 910
EUR 15 6 666 763 145
GBP 8 4 494 775 000
GHS 3 89 370 450
CHF 3 324 000 000
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
South Africa, TB 24jun2020 12m - Domestic bonds ZAM000467695 0% 3 225 000 000  ZAR 06/21/2019 06/24/2020
South Africa, TB 17jun2020 12m - Domestic bonds ZAM000466820 0% 3 225 000 000  ZAR 06/14/2019 06/17/2020
Standard Bank, 11% 18jun2024, USD - International bonds XS2012028416 11% 7 300 000  USD 06/07/2019 06/18/2024
South Africa, TB 10jun2020 12m - Domestic bonds ZAM000466036 0% 3 225 000 000  ZAR 06/07/2019 06/10/2020
South Africa, TB 3jun2020 12m - Domestic bonds ZAM000465137 0% 3 225 000 000  ZAR 05/31/2019 06/03/2020
Standard Bank, 5.95% 31may2029, USD - International bonds XS2001739379 5.95% 400 000 000  USD 05/22/2019 05/31/2029
Telkom SA, 9.28% 24apr2025, ZAR - Domestic bonds ZAG000150897 9.28% 1 000 000 000  ZAR 05/17/2019 04/24/2025
South Africa, TB 20may2020 12m - Domestic bonds ZAM000462811 0% 3 225 000 000  ZAR 05/17/2019 05/20/2020
Gold Fields, 6.125% 15may2029, USD - International bonds XS1993965950 6.125% 500 000 000  USD 05/08/2019 05/15/2029
Gold Fields, 5.125% 15may2024, USD - International bonds XS1993827135 5.125% 500 000 000  USD 05/08/2019 05/15/2024

International bonds outstanding volume

Monthly indices

Type: May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018
Africa international bonds outstanding volume
[21811] South Africa international bonds, USD bln 62.290 63.623 64.479 64.804 64.045 63.695 63.566
[21857] South Africa corporate international bonds, USD bln 44.058 43.656 44.510 44.830 44.055 43.712 43.605
[21903] South Africa sovereign international bonds, USD bln 18.231 19.967 19.969 19.975 19.990 19.983 19.961
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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

Stocks indices

Daily indices

Type: 06/21/2019 06/20/2019 06/19/2019 06/18/2019 06/17/2019 06/14/2019 06/13/2019
Stock market (Africa)
[1537] FTSE/JSE  58 941.47 58 973.62 58 564.72 58 629.09 58 193.78 58 193.78 58 697.63
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[36] EMBI+ South Africa spread 230 237 228 229 218 218 218
[3115] EMBI Global South Africa 268 276 268 270 260 258 262
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Credit Default Swaps (CDS)

Daily indices

Type: 06/21/2019 06/20/2019 06/19/2019 06/18/2019 06/17/2019 06/14/2019 06/13/2019
CDS South Africa
[23577] CDS South Africa 5Y 172.8800 172.9900 182.4700 186.5400 199.9600 200.9900 202.3100
[13547] CDS 6M South Africa 55.5200 55.5800 58.6600 66.9800 74.8500 75.1100 72.9100
[13609] CDS 1Y South Africa 68.2200 68.2500 72.0400 82.2700 91.2500 91.5900 90.7800
[13671] CDS 2Y South Africa 97.5400 97.5700 103.0100 112.3400 122.5400 123.0700 121.2800
[13733] CDS 3Y South Africa 122.8900 122.9600 129.7700 137.4600 148.4400 149.1500 150.1600
[13795] CDS 4Y South Africa 146.9900 147.0800 155.1900 161.1700 173.2500 174.1300 175.1600
[13857] CDS 5Y South Africa 172.8800 172.9900 182.4700 186.5400 199.9600 200.9900 202.3100
[13919] CDS 7Y South Africa 211.9400 210.9800 221.5000 223.5800 238.2300 239.3900 240.9500
[13981] CDS 10Y South Africa 241.0900 239.8000 250.3100 251.1800 265.7000 266.8500 268.4500
[14043] CDS 15Y South Africa 265.6200 264.3100 274.0700 274.2400 287.6600 288.7200 290.2100
[14105] CDS 20Y South Africa 277.6100 276.3200 285.5800 285.4800 298.1600 299.1400 300.5700
[14167] CDS 30Y South Africa 288.8100 287.5600 296.2300 295.9300 307.7500 308.6400 309.9600
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Central banks rates

Periodic indices

Type: Current value Change Last update
Africa central banks rates
[9381] South Africa Repurchase Rate, %  6.75 0.25 22.11.2018

BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10313] South African international bonds, USD bln 37.900 37.900 36.100 33.200 34.500 33.900 31.200
BIS new international bonds volume
[10589] International-bond net issue of South Africa, USD bln 0.200 1.900 3.400 -1.500 0.300 2.700 -0.400

GDP

Yearly indices

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

Inflation

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Inflation (Africa)
[15823] Inflation Rate (South Africa) 4.53 4.07 3.91 4.40 5.10 5.10 4.90
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Default probability (based on CDS)

Daily indices

Type: 06/21/2019 06/20/2019 06/19/2019 06/18/2019 06/17/2019 06/14/2019 06/13/2019
Default Probability South African Republic (Interactive Data)
[20381] 6M Default Probability South African Republic 0.3700 0.3700 0.4000 0.4600 0.5100 0.5200 0.5100
[20443] 1Y Default Probability South African Republic 0.9200 0.9200 0.9700 1.1100 1.2400 1.2500 1.2400
[20505] 2Y Default Probability South African Republic 2.6100 2.6100 2.7600 3.0100 3.2900 3.3100 3.2700
[20567] 3Y Default Probability South African Republic 4.9100 4.9100 5.1800 5.4800 5.9100 5.9600 6.0000
[20629] 4Y Default Probability South African Republic 7.7500 7.7500 8.1700 8.4800 9.0900 9.1500 9.2100
[20691] 5Y Default Probability South African Republic 11.2700 11.2900 11.8800 12.1200 12.9500 13.0200 13.1200
[20753] 7Y Default Probability South African Republic 18.8000 18.7300 19.5900 19.7100 20.9000 21.0000 21.1400
[20815] 10Y Default Probability South African Republic 29.0200 28.9000 29.9800 29.9900 31.4700 31.5700 31.7500
[20877] 15Y Default Probability South African Republic 43.7900 43.6400 44.8100 44.7200 46.3000 46.4100 46.6000
[20939] 20Y Default Probability South African Republic 55.6400 55.4700 56.6100 56.4800 58.0000 58.1000 58.2900
[21001] 30Y Default Probability South African Republic 72.5600 72.4000 73.3400 73.1900 74.4200 74.4900 74.6500
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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, 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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