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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 26 1 828 503 207 470
USD 13 17 500 000 000
JPY 2 60 000 000 000
EUR 1 500 000 000
Municipal
ZAR 17 20 038 000 000
Corporativo
ZAR 1051 467 921 042 328
USD 41 24 970 110 929
EUR 16 7 949 253 450
GBP 9 4 894 775 000
CHF 5 604 000 000
KES 2 1 634 200 000
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.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Standard Bank, 0% 10jan2019, EGP (336D) - Bonos internacionales XS1767045518 0% 34 500 000  EGP 30/01/18 10/01/19
Standard Bank, 19% 6nov2026, USD - Bonos internacionales XS1734271155 19% 26 233 180  USD 01/12/17 06/11/26
Standard Bank, 19% 6nov2026, USD - Bonos internacionales XS1734271072 19% 57 500 000  USD 01/12/17 06/11/26
Standard Bank, 0% 22nov2027, USD (3653D) - Bonos internacionales XS1721473640 0% 5 637 270  USD 14/11/17 22/11/27
Investec Limited, 6.75% perp., GBP - Bonos internacionales XS1692045864 6.75% 250 000 000  GBP 28/09/17
Anglo American, 3.875% 10oct2020, GBP - Bonos internacionales XS1691411265 3.875% 1 500 000 000  GBP 20/09/17 10/10/20
South Africa, 5.65% 27sep2047, USD - Bonos internacionales US836205AX27 5.65% 1 500 000 000  USD 19/09/17 27/09/47
South Africa, 4.85% 27sep2027, USD - Bonos internacionales US836205AW44 4.85% 1 000 000 000  USD 19/09/17 27/09/27
Sibanye Gold, 1.875% 26sep2023, USD - Bonos internacionales XS1689727920 1.875% 450 000 000  USD 19/09/17 26/09/23
Standard Bank, 0% 20sep2018, EGP (359D) - Bonos internacionales XS1688390498 0% 332 190 000  EGP 14/09/17 20/09/18

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
South African international bonds, USD bln 31.300 32.000 29.200 28.900 30.600 30.200 30.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of South Africa, USD bln 0.800 3.000 0.100 1.600 0.000 -0.200 -1.100

Emerging Markets International Bonds

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
African International Bonds Markets
South African international bonds, USD bln 59.551 58.824 58.405 58.793 54.307 50.958 51.595
South African corporate international bonds, USD bln 41.513 40.823 40.410 40.816 36.316 35.450 36.092
South African sovereign international bonds, USD bln 18.038 18.000 17.996 17.977 17.991 15.508 15.503
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Credit Risk Indicators

Daily indices

Type: 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18
Default Probability
6M Default Probability South African Republic 0.0700 0.0700 0.0700 0.0700 0.0700 0.0900 0.1000
1Y Default Probability South African Republic 0.2900 0.2900 0.2900 0.2900 0.3000 0.4000 0.4100
2Y Default Probability South African Republic 1.2900 1.4300 1.3900 1.4000 1.4400 1.6800 1.7100
3Y Default Probability South African Republic 2.9200 3.0700 2.9900 3.0000 3.1000 3.4700 3.5500
4Y Default Probability South African Republic 5.6100 5.8100 5.6600 5.6800 5.8700 6.3000 6.4400
5Y Default Probability South African Republic 9.2100 9.4100 9.1800 9.2000 9.5100 9.9000 10.1100
7Y Default Probability South African Republic 17.3500 17.6100 17.2400 17.2700 17.7600 18.1500 18.4700
10Y Default Probability South African Republic 29.0100 29.4500 28.9500 28.9800 29.6400 29.9000 30.3100
15Y Default Probability South African Republic 46.0500 46.6000 46.0400 46.0700 46.8000 46.8800 47.2900
20Y Default Probability South African Republic 58.9800 59.5400 58.9900 59.0100 59.7200 59.7000 60.0800
30Y Default Probability South African Republic 76.1900 76.6500 76.2000 76.2100 76.7800 76.7100 76.9800
CDS Interactive Data 
CDS 6M South Africa * * * * * * *
CDS 1Y South Africa * * * * * * *
CDS 2Y South Africa * * * * * * *
CDS 3Y South Africa * * * * * * *
CDS 4Y South Africa * * * * * * *
CDS 5Y South Africa * * * * * * *
CDS 7Y South Africa * * * * * * *
CDS 10Y South Africa * * * * * * *
CDS 15Y South Africa * * * * * * *
CDS 20Y South Africa * * * * * * *
CDS 30Y South Africa * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (South Africa) 4.70 4.60 4.80 5.10 4.80 4.60 5.10
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(South Africa) 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, 2% 28may2019, CHF   CHF 28/05/19 18/05/16 **.* *.** 18/05/16 **.** *.**
FirstRand, 2.25% 30jan2020, EUR   EUR 30/01/20 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
FirstRand, 4.25% 30apr2020, USD   USD 30/04/20 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
FirstRand, 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 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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