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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

Moneda Outstanding bond issues Cumulative volume
Soberano
ZAR 27 1 884 674 286 460
USD 15 19 500 000 000
JPY 2 60 000 000 000
EUR 1 500 000 000
Municipal
ZAR 18 20 338 000 000
Corporativo
ZAR 1133 490 501 455 924
USD 47 26 847 589 929
EUR 18 8 413 053 450
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
Eskom Holdings, 6.35% 10aug2028, USD - Bonos internacionales XS1864523300 6.35% 1 000 000 000  USD 02/08/18 10/08/28
Eskom Holdings, 8.45% 10aug2028, USD - Bonos internacionales XS1864522757 8.45% 500 000 000  USD 02/08/18 10/08/28
ABSA Bank, FRN 9jun2023, USD - Bonos internacionales MU0484D00042 954 000  USD 12/06/18 09/06/23
South Africa, TB 22may2019 - Bonos locales ZAM000410125 0% 2 410 000 000  ZAR 18/05/18 22/05/19
South Africa, 6.3% 22jun2048, USD - Bonos internacionales US836205AZ74 6.3% 600 000 000  USD 15/05/18 22/06/48
South Africa, 5.875% 22jun2030, USD - Bonos internacionales US836205AY00 5.875% 1 400 000 000  USD 15/05/18 22/06/30
Standard Bank, 12.5% 21nov2024, KES - Bonos internacionales XS1820749189 12.5% 490 000 000  KES 02/05/18 21/11/24
Growthpoint Properties, 5.872% 2may2023, USD - Bonos internacionales XS1734198051 5.872% 425 000 000  USD 24/04/18 02/05/23
Mondi, 1.625% 27apr2026, EUR - Bonos internacionales XS1813593313 1.625% 600 000 000  EUR 20/04/18 27/04/26
Absa Group, 6.25% 25apr2028, USD - Bonos internacionales XS1799058174 6.25% 400 000 000  USD 18/04/18 25/04/28

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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
African International Bonds Markets
South Africa international bonds, USD bln 61.462 61.317 61.647 60.635 60.716 59.344 59.278
South Africa corporate international bonds, USD bln 41.474 41.326 41.644 42.615 42.693 41.296 41.239
South Africa sovereign international bonds, USD bln 19.989 19.991 20.003 18.020 18.023 18.048 18.039
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Credit Risk Indicators

Daily indices

Type: 17/08/18 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18
CDS South Africa (Interactive Data)
CDS 6M South Africa 95.1900 93.0500 81.2300 74.2800 68.5600 65.1700 59.0900
CDS 1Y South Africa 116.8800 114.1700 99.6200 91.0500 83.9900 79.6900 72.2200
CDS 2Y South Africa 148.7100 145.2900 132.3700 121.0100 118.7800 112.6900 103.2100
CDS 3Y South Africa 170.5800 166.6900 155.6700 142.3600 144.3900 137.0400 126.2100
CDS 4Y South Africa 197.0200 192.5600 189.3800 173.3100 180.3300 171.2000 158.5600
CDS 5Y South Africa 221.7200 216.7400 222.0200 203.3100 214.9000 204.1000 189.7700
CDS 7Y South Africa 258.7600 253.4200 265.6100 245.0000 258.3000 246.3500 231.3200
CDS 10Y South Africa 290.8700 285.5600 303.7900 282.9200 295.5700 283.4400 269.6100
CDS 15Y South Africa 313.2700 308.3400 333.3300 313.6500 324.9900 313.4900 301.1200
CDS 20Y South Africa 323.4000 318.6900 345.8700 327.0000 337.6500 326.5900 314.9900
CDS 30Y South Africa 331.9800 327.5200 357.4900 339.5600 349.5400 338.9800 328.1000
Default Probability South African Republic (Interactive Data)
6M Default Probability South African Republic 0.4400 0.4300 0.3800 0.3500 0.3300 0.3200 0.2900
1Y Default Probability South African Republic 1.3200 1.3000 1.1400 1.0400 0.9600 0.9200 0.8400
2Y Default Probability South African Republic 3.6600 3.5800 3.2700 3.0000 2.9500 2.8100 2.5800
3Y Default Probability South African Republic 6.4000 6.2700 5.8800 5.3900 5.4800 5.2200 4.8300
4Y Default Probability South African Republic 9.9000 9.6900 9.5800 8.8000 9.1700 8.7400 8.1300
5Y Default Probability South African Republic 13.8600 13.5700 13.9800 12.8700 13.6100 12.9800 12.1300
7Y Default Probability South African Republic 22.1200 21.7200 22.8200 21.2400 22.3300 21.4200 20.2700
10Y Default Probability South African Republic 33.7400 33.2400 35.2700 33.3000 34.5400 33.4100 32.1300
15Y Default Probability South African Republic 49.2500 48.7300 52.0700 50.0200 51.2100 50.0000 48.7700
20Y Default Probability South African Republic 61.1300 60.6400 64.3900 62.4800 63.5500 62.4000 61.2900
30Y Default Probability South African Republic 77.2000 76.8200 80.6600 79.2400 80.0100 79.1300 78.3200
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (South Africa) 4.60 4.40 4.50 4.50 3.80 4.00 4.40
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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: 06/04/17 05/04/17 04/04/17 03/04/17 31/03/17 30/03/17 29/03/17
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: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global South Africa * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
South Africa, 3.75% 24jul2026, EUR   EUR 24/07/26 18/05/16 **.** *.* 18/05/16 **.* *.**
South Africa, 3.80% 1jun2020, JPY   JPY 01/06/20 18/05/16 ***.*** *.** 18/05/16 ***.**** *.**
South Africa, 3.80% 7sep2021, JPY   JPY 07/09/21 18/05/16 ***.** *.** 18/05/16 ***.** *.**
South Africa, 3.903% 24jun2020, USD   USD 24/06/20 18/05/16 **.* *.** 18/05/16 ***.*** *.**
South Africa, 4.665% 17jan2024, USD   USD 17/01/24 18/05/16 ***.** *.** 18/05/16 ***.* *.**
South Africa, 4.875% 14apr2026, USD   USD 14/04/26 18/05/16 **.** *.** 18/05/16 **.** *.**
South Africa, 5.375% 24jul2044, USD   USD 24/07/44 18/05/16 **.* *.** 18/05/16 **.** *.**
South Africa, 5.50% 9mar2020, USD   USD 09/03/20 18/05/16 ***.** *.** 18/05/16 ***.* *.**
South Africa, 5.875% 30may2022, USD   USD 30/05/22 18/05/16 ***.** *.** 18/05/16 ***.** *.**
South Africa, 5.88% 16sep2025, USD   USD 16/09/25 18/05/16 ***.** *.** 18/05/16 ***.* *.**
South Africa, 6.250% 8mar2041, USD   USD 08/03/41 18/05/16 ***.** *.* 18/05/16 ***.* *.**
South Africa, 6.875% 27may2019, USD   USD 27/05/19 18/05/16 ***.** *.** 18/05/16 ***.* *.*
South Africa, 8.50% 23jun2017, USD   USD 23/06/17 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
African Bank, 4% 4jul2020, CHF   CHF 04/07/20 18/05/16 **.** *.** 18/05/16 **.** *.**
African Bank, 4.0% 9nov2016, CHF   CHF 09/11/16 18/05/16 ** ***.** 18/05/16 ** **.**
African Bank, 4.75% 18mar2019, CHF   CHF 18/03/19 18/05/16 **.* *.* 18/05/16 **.** *.**
African Bank, 5% 22apr2022, CHF   CHF 22/04/22 18/05/16 **.* *.** 18/05/16 **.** *.**
African Bank, 5% 28aug2018, CHF   CHF 28/08/18 18/05/16 **.** **.** 18/05/16 **.** **.**
African Bank, 5.5% 5jun2021, CHF   CHF 05/06/21 18/05/16 **.* *.** 18/05/16 **.** *.**
African Bank, 6.0% 15jun2016, USD   USD 15/06/16 18/05/16 **.** *****.** 18/05/16 **.** ****.**
African Bank, 8.125% 24feb2017, USD   USD 24/02/17 18/05/16 **.** **.** 18/05/16 **.** **.**
Anglo American, 1.5% 1apr2020, EUR   EUR 01/04/20 18/05/16 **.** *.** 18/05/16 **.* *.**
Anglo American, 1.75% 20nov2017, EUR   EUR 20/11/17 18/05/16 **.** *.** 18/05/16 **.** *.**
Anglo American, 1.75% 3apr2018, EUR   EUR 03/04/18 18/05/16 **.** *.** 18/05/16 **.** *.**
Anglo American, 2.5% 29apr2021, EUR   EUR 29/04/21 18/05/16 **.* *.** 18/05/16 **.** *.**
Anglo American, 2.50% 18sep2018, EUR   EUR 18/09/18 18/05/16 **.** *.** 18/05/16 ** *.*
Anglo American, 2.625% 27sep2017, USD   USD 27/09/17 18/05/16 **.** *.** 18/05/16 **.*** *.**
Anglo American, 2.625% 3apr2017, USD   USD 03/04/17 18/05/16 **.** *.** 18/05/16 ***.** *.**
Anglo American, 2.750% 7jun2019, EUR   EUR 07/06/19 18/05/16 **.*** *.** 18/05/16 **.** *.**
Anglo American, 2.875% 20nov2020, EUR   EUR 20/11/20 18/05/16 ** *.** 18/05/16 **.** *.**
Anglo American, 3.25% 3apr2023, EUR   EUR 03/04/23 18/05/16 **.** *.** 18/05/16 **.** *.**
Anglo American, 3.50% 28mar2022, EUR   EUR 28/03/22 18/05/16 **.** *.** 18/05/16 **.** *.**
Anglo American, 3.625% 14may2020, USD   USD 14/05/20 18/05/16 ** *.** 18/05/16 **.* *.**
Anglo American, 4.125% 15apr2021, USD   USD 15/04/21 18/05/16 **.* *.** 18/05/16 **.* *.**
Anglo American, 4.125% 27sep2022, USD   USD 27/09/22 18/05/16 ** *.** 18/05/16 **.* *.**
Anglo American, 4.375% 2dec2016, EUR   EUR 02/12/16 18/05/16 ***.** *.* 18/05/16 ***.** *.**
Anglo American, 4.875% 14may2025, USD   USD 14/05/25 18/05/16 ** *.** 18/05/16 **.** *.**
Anglo American, 5.75% 27nov2018, AUD   AUD 27/11/18 18/05/16 **.** *.** 18/05/16 ** *.**
Anglo American, 6.875% 1may2018, GBP   GBP 01/05/18 18/05/16 ***.* *.** 18/05/16 ***.* *.*
Anglo American, 9.375% 8apr2019, USD   USD 08/04/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Anglogold Ashanti, 5.125% 1aug2022, USD   USD 01/08/22 18/05/16 **.** *.** 18/05/16 **.** *.**
Anglogold Ashanti, 5.375% 15apr2020, USD   USD 15/04/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Anglogold Ashanti, 6.50% 15apr2040, USD   USD 15/04/40 18/05/16 **.** *.** 18/05/16 **.* *.**
Anglogold Ashanti, 8.50% 30jul2020, USD   USD 30/07/20 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Edcon, 13.375% 30jun2019, EUR   EUR 30/06/19 18/05/16 ** **.** 18/05/16 ** **.**
Edcon, 13.375% 30jun2019, EUR   EUR 30/06/19 18/05/16 ** **.** 18/05/16 ** **.**
Edcon, 13.38% 30jun2022, EUR   EUR 30/06/22 18/05/16 *.* ***.** 18/05/16 * ***.**
Edcon, 9.50% 1mar2018, EUR   EUR 01/03/18 18/05/16 **.** ***.** 18/05/16 **.** ***.*
Edcon, 9.50% 1mar2018, EUR   EUR 01/03/18 18/05/16 **.** ***.** 18/05/16 **.** ***.**
Edcon, 9.50% 1mar2018, USD   USD 01/03/18 18/05/16 **.* ***.** 18/05/16 *** *.**
Eskom Holdings, 0% 18aug2027, ZAR (10957D)   ZAR 18/08/27 18/05/16 **.* ** 18/05/16 **.* **.**
Eskom Holdings, 0% 31dec2018, ZAR (7641D)   ZAR 31/12/18 18/05/16 ** **.* 18/05/16 **.** **.**
Eskom Holdings, 0% 31dec2032, ZAR (12898D)   ZAR 31/12/32 18/05/16 **.*** **.** 18/05/16 **.** **.**
Eskom Holdings, 5.75% 26jan2021, USD   USD 26/01/21 18/05/16 **.** *.** 18/05/16 **.** *.**
Eskom Holdings, 6.75% 6aug2023, USD   USD 06/08/23 18/05/16 **.** *.* 18/05/16 **.** *.**
Eskom Holdings, 7.125% 11feb2025, USD   USD 11/02/25 18/05/16 **.** *.** 18/05/16 **.** *.**
FirstRand Bank, 2% 28may2019, CHF   CHF 28/05/19 18/05/16 **.* *.** 18/05/16 **.** *.**
FirstRand Bank, 2.25% 30jan2020, EUR   EUR 30/01/20 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
FirstRand Bank, 4.25% 30apr2020, USD   USD 30/04/20 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
FirstRand Bank, 4.375% 9jun2016, USD   USD 09/06/16 18/05/16 *** *.** 18/05/16 ***.* -*.**
Gold Fields, 4.875% 7oct2020, USD   USD 07/10/20 18/05/16 **.*** *.** 18/05/16 **.*** *.**
IchorCoal, 8% 7jun2019, EUR (Conv.)   EUR 07/06/19 18/05/16 ** **.** 18/05/16 ** **.**
Investec Bank Limited, 3.875% 24jul2017, USD   USD 24/07/17 18/05/16 *** *.** 18/05/16 ***.** *.**
Mediclinic International, 2.625% 22mar2021, GBP   GBP 22/03/21 18/05/16 **.** *.** 18/05/16 ***.** *.**
Mondi, 1.5% 15apr2024, EUR   EUR 15/04/24 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Mondi, 3.375% 28sep2020, EUR   EUR 28/09/20 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Mondi Group, 5.750% 3apr2017, EUR   EUR 03/04/17 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
MTN Group, 4.755% 11nov2024, USD   USD 11/11/24 18/05/16 **.*** * 18/05/16 **.** *.**
Naspers, 5.5% 21jul2025, USD   USD 21/07/25 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Naspers, 6% 18jul2020, USD   USD 18/07/20 18/05/16 *** *.** 18/05/16 ***.* *.**
Naspers, 6.375% 28jul2017, USD   USD 28/07/17 18/05/16 ***.* *.** 18/05/16 ***.*** *.**
Petra Diamonds, 2020   USD 31/05/20 18/05/16 **.* **.** 18/05/16 ** *.**
Sappi, 3.375% 1apr2022, EUR   EUR 01/04/22 18/05/16 **.*** *.** 18/05/16 **.** *.**
Sappi, 4% 1apr2023, EUR   EUR 01/04/23 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Sappi, 7.5% 15jun2032, USD   USD 15/06/32 18/05/16 ** *.** 18/05/16 ** *.**
Sappi, 7.75% 15jul2017, USD   USD 15/07/17 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Sasol, 4.50% 14nov2022, USD   USD 14/11/22 18/05/16 **.** *.** 18/05/16 **.* *.**
Standard Bank, 8.125% 2dec2019, USD   USD 02/12/19 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Transnet, 10% 30mar2029, ZAR   ZAR 30/03/29 18/05/16 **.* **.** 18/05/16 **.** **.**
Transnet, 13.5% 18apr2028, ZAR   ZAR 18/04/28 18/05/16 ***.** **.** 18/05/16 ***.** **.**
Transnet, 4% 26jul2022, USD   USD 26/07/22 18/05/16 **.* *.** 18/05/16 **.** *.*
Transnet, 9.50% 13may2021, ZAR   ZAR 13/05/21 18/05/16 **.** **.** 18/05/16 **.* **.**
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