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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 1 948 532 286 460
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 1056 468 201 314 924
USD 51 29 112 589 929
EUR 17 7 663 053 450
GBP 8 4 494 775 000
CHF 5 604 000 000
CNY 1 1 500 000 000
KES 1 490 000 000
EGP 1 34 500 000
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
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
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
BNP Paribas Personal Finance South Africa, FRN 23jan2019, ZAR - Domestic bonds ZAG000152786 3M JIBAR + 0.63% 115 000 000  ZAR 07/23/2018 01/23/2019
ABSA Bank, FRN 9jun2023, USD - International bonds MU0484D00042 954 000  USD 06/12/2018 06/09/2023

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 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
African International Bonds Markets
South Africa international bonds, USD bln 63.821 62.378 62.561 61.462 61.317 61.647 60.635
South Africa corporate international bonds, USD bln 43.856 42.402 42.573 41.474 41.326 41.644 42.615
South Africa sovereign international bonds, USD bln 19.965 19.976 19.988 19.989 19.991 20.003 18.020
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Credit Risk Indicators

Daily indices

Type: 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018 11/05/2018
CDS South Africa (Interactive Data)
CDS 6M South Africa 94.1900 89.0000 88.5600 83.7000 84.9000 94.8500 100.0200
CDS 1Y South Africa 112.5600 106.3900 105.8800 100.1500 101.4500 113.5100 119.6500
CDS 2Y South Africa 151.3900 144.2400 143.6000 139.2600 139.1800 148.4200 152.7800
CDS 3Y South Africa 175.3500 170.2500 169.5600 164.5900 163.8200 172.5500 176.0500
CDS 4Y South Africa 197.7800 192.6700 191.9200 187.0300 186.2600 193.8400 197.4100
CDS 5Y South Africa 224.1700 223.0900 222.2400 215.4600 213.9600 219.9900 220.4000
CDS 7Y South Africa 260.1500 258.2500 257.3300 251.9500 251.8900 255.9600 258.0400
CDS 10Y South Africa 286.3900 283.5200 282.6100 279.1700 278.6000 283.3500 285.2700
CDS 15Y South Africa 306.2200 302.9300 302.0600 299.8700 299.0500 303.9500 305.6800
CDS 20Y South Africa 315.3600 311.9500 311.1100 309.4400 308.5400 313.4100 315.0300
CDS 30Y South Africa 323.0700 319.6600 318.8400 317.5600 316.6200 321.3800 322.8800
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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)
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, 8.5% 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, 13.38% 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, 4.5% 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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