JOHANNESBURG – South Africa’s National Treasury said on Tuesday that it would start quarterly tap issuances of its infrastructure and development finance bonds from next month, expanding a programme that drew strong demand at its debut in December.
The auctions will cover the RI2036 and RI2041 bond series, with the first one expected to take place on July 8.
When the bonds were first issued in December 2025, bids exceeded 26 billion rand ($1.58 billion), against a 15 billion rand target, though the Treasury chose to sell less than the targeted amount to contain borrowing costs.
Below are more details about the tap issuances:
Auctions will be conducted quarterly through the primary dealer/automated universal debt platform.
An infrastructure bond auction calendar will be published.
The RI2036 is a 10-year bond issued at 8.575%; the RI2041 is a 15-year bond at 9.13%.
Treasury raised about 11.8 billion rand at the December 2025 debut issuance.
The new issuance mechanism does not amend or modify the existing terms and conditions of the RI2036 and RI2041 notes.
($1 = 16.4930 rand)