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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 26 1 804 540 286 460
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 987 439 942 556 934
USD 51 29 112 589 929
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
Investec Bank Limited, FRN 12sep2021, ZAR - Domestic bonds ZAG000139379 3 Month JIBAR + 1.75% 910 000 000  ZAR 11/15/2018 09/12/2021
Macquarie Securities South Africa, 0% 11feb2019, ZAR (95D) - Domestic bonds ZAG000154675 0% 155 000 000  ZAR 11/08/2018 02/11/2019
BNP Paribas Personal Finance South Africa, FRN 9oct2019, ZAR - Domestic bonds ZAG000154493 3M JIBAR + 0.87% 250 000 000  ZAR 10/09/2018 10/09/2019
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
ABSA Bank, 8.8% 11Sep2026, ZAR - Domestic bonds ZAG000043985 8.8% 3 854 000 000  ZAR 08/27/2018 09/11/2026
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

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: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of African International Bonds Markets
[21811] South Africa international bonds, USD bln 63.695 63.566 63.821 62.378 62.561 61.462 61.317
[21857] South Africa corporate international bonds, USD bln 43.712 43.605 43.856 42.402 42.573 41.474 41.326
[21903] South Africa sovereign international bonds, USD bln 19.983 19.961 19.965 19.976 19.988 19.989 19.991
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Credit Risk Indicators

Daily indices

Type: 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019
CDS South Africa (Interactive Data)
[13547] CDS 6M South Africa 67.7300 68.1700 63.8000 62.9200 67.0400 73.9700 74.3800
[13609] CDS 1Y South Africa 84.9900 85.3800 79.8200 78.6700 83.8100 92.5300 92.8600
[13671] CDS 2Y South Africa 127.5600 128.1300 126.5700 124.7400 128.2800 134.4300 134.9000
[13733] CDS 3Y South Africa 149.4000 150.1400 150.9600 148.8100 151.9100 157.1100 157.7100
[13795] CDS 4Y South Africa 168.7600 169.6400 172.1900 169.7600 172.9800 177.5100 178.2100
[13857] CDS 5Y South Africa 196.8400 197.9100 202.5300 199.7100 201.5800 205.6800 206.4900
[13919] CDS 7Y South Africa 235.0700 236.3100 242.7300 239.6400 241.1200 242.5500 243.4300
[13981] CDS 10Y South Africa 263.0200 264.2900 271.3500 268.3000 269.9400 271.4800 272.3400
[14043] CDS 15Y South Africa 285.1300 286.3600 293.2700 290.4400 292.0900 293.6300 294.4200
[14105] CDS 20Y South Africa 295.6200 296.8300 303.5500 300.8500 302.4800 303.9900 304.7200
[14167] CDS 30Y South Africa 304.8700 306.0600 312.4900 309.9500 311.5200 313.0000 313.6700
Default Probability South African Republic (Interactive Data)
[20381] 6M Default Probability South African Republic 0.3800 0.3900 0.3600 0.3600 0.3900 0.4300 0.4400
[20443] 1Y Default Probability South African Republic 1.0400 1.0600 0.9900 0.9800 1.0500 1.1600 1.1700
[20505] 2Y Default Probability South African Republic 3.2700 3.3000 3.2700 3.2200 3.3200 3.4800 3.5000
[20567] 3Y Default Probability South African Republic 5.7800 5.8200 5.8600 5.7900 5.9100 6.1100 6.1500
[20629] 4Y Default Probability South African Republic 8.6800 8.7400 8.8800 8.7700 8.9300 9.1500 9.2000
[20691] 5Y Default Probability South African Republic 12.5900 12.6800 12.9800 12.8100 12.9200 13.1600 13.2300
[20753] 7Y Default Probability South African Republic 20.5500 20.6700 21.2100 20.9700 21.0700 21.1400 21.2400
[20815] 10Y Default Probability South African Republic 31.2100 31.3600 32.1000 31.8000 31.9500 32.0600 32.1700
[20877] 15Y Default Probability South African Republic 46.1800 46.3500 47.1700 46.8500 47.0400 47.1700 47.2800
[20939] 20Y Default Probability South African Republic 57.9900 58.1600 58.9600 58.6600 58.8400 58.9900 59.0800
[21001] 30Y Default Probability South African Republic 74.4800 74.6200 75.2800 75.0300 75.1900 75.3200 75.3900
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15823] Inflation Rate (South Africa) 5.10 4.90 4.90 5.10 4.60 4.40 4.50
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15457] 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)
[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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