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Domestic bonds: South Africa, TB 18mar2020 12m
ZAM000452523

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Zero-coupon bonds, Bills

Issue
Issuer
  • M
    -
    ****
  • S&P
    -
    ****
  • F
    -
    ****
*in local currency
Status
Matured
Amount
2,735,000,000 ZAR
Placement
***
Early redemption
*** (-)
Country of risk
South Africa
Current coupon
***%
Price
***%
Yield / Duration
-
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Issue information

Profile
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 ...
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.
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  • Issuer
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    South Africa
  • Full issuer name
    Republic of South Africa
  • Sector
    sovereign
Volume
  • Amount
    9,068,000,000 ZAR
  • Outstanding amount
    2,735,000,000 ZAR
Nominal
  • Nominal
    10,000 ZAR
  • Outstanding face value
    *** ZAR
  • Par amount, integral multiple
    *** ZAR

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count fraction
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Delay days
    *** days
  • Maturity date
    ***
  • Early redemption date
    ***

Cash flow

Early redemption terms

***

Auctions and additional placements

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DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 400,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 60 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Placement

  • Placement method
    Open subscription
  • Order book
    *** (***) - *** (***)
  • Coupon (Yield) Guidance
    ***% - ***% (*** - ***%)
  • Issuer rating on issue date (M/S&P/F)
    *** / *** / ***
  • Placement
    *** - ***
  • Initial issue price (yield)
    (***%)
  • Bids
    *** ZAR
  • Number of bids
    ***
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • Listing
    ***

Conversion and exchange

  • Convertion date
    ***
  • Initial premium
    ***%
  • Convertible until
    ***
  • Lock-up
    *** days
  • Conversion terms
    ***

Additional information

***

Latest issues

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News

18/12/2020 South Africa: current situation
23/11/2020 Moody's Investors Service downgrades LT- local currency credit rating of South Africa to "Ba2"; outlook negative
23/11/2020 Moody's Investors Service downgrades LT- foreign currency credit rating of South Africa to "Ba2"; outlook negative
23/11/2020 Fitch Ratings downgrades LT Int. Scale (foreign curr.) credit rating of South Africa to "BB-"; outlook negative
23/11/2020 Fitch Ratings downgrades LT Int. Scale (local curr.) credit rating of South Africa to "BB-"; outlook negative
31/07/2020 South Africa got help from the IMF. Where are its bonds?
01/05/2020 S&P Global Ratings downgrades Foreign Currency LT credit rating of South Africa to "BB-"; outlook stable
01/05/2020 S&P Global Ratings downgrades Local Currency LT credit rating of South Africa to "BB"; outlook stable
06/04/2020 Fitch Ratings downgrades LT Int. Scale (foreign curr.) credit rating of South Africa to "BB"; outlook negative
06/04/2020 Fitch Ratings downgrades LT Int. Scale (local curr.) credit rating of South Africa to "BB"; outlook negative
All organization news

Identifiers

  • Registration
    ***
  • Date of program registration
    ***
  • ISIN
    ZAM000452523
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • CFI
    DYZXXM
  • FIGI
    BBG00NLCN5P5
  • Ticker
    SATB 0 03/18/20 364D
  • Type of security by CBR
    ***

Ratings



Bond classification

  • Zero-coupon bonds
  • Bills
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Floating rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Indexed
  • Supranational bond issues
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Subordinated
  • Sukuk
  • Trace-eligible
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Restructuring

***

***

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