International bonds: South Africa, 3.75% 24jul2026, EUR (XS1090107159) (2024)

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Senior Unsecured

Issue | Borrower

Borrower

Scope

- | ***

***

Status

Outstanding

Amount

500,000,000 EUR

Placement

***

Redemption (put/call option)

***

(-)

ACI on

Country of risk

South Africa

Current coupon

***

Price

Yield / Duration

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Placement amount

500,000,000 EUR
Outstanding amount

500,000,000 EUR
USD equivalent

546,940,000 USD
Minimum Settlement Amount

100,000 EUR
ISIN

XS1090107159
Common Code

109010715
CFI

DBFTFR
FIGI

BBG006TB8KL4
Ticker

SOAF 3.75 07/24/26

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Prospectus

Prospectus

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Issue information

Profile

South Africa is the southernmost country in Africa. It has 3 capital cities: executive Pretoria, judicial Bloemfontein, and legislative Cape Town. The economy of the most southern country of the African continent remains one of the most competitive in the region mainly based on private enterprise. Key sectors are manufacturing, retail, financial services, agriculture, and tourism.

The South African debt market is liquid and well-developed. It is represented by government, municipal and corporate securities.

Government securities consist of Republic of South Africa (RSA) Government Bonds and RSA Retail Savings Bonds. RSA bonds are issued by the Government of South Africa via the National Treasury to finance the total Budget deficit during a fiscal year. RSA Bonds, as issued by the Asset and Liability Management division of the National Treasury, are interest-bearing bonds. The bonds are listed on the Bond Exchange of South Africa. The National Treasury also issues Vanilla Bonds, Variable Bonds, CPI Bonds, and Zero Coupon bonds. An RSA Retail Savings Bond is an investment with the Government of South Africa which earns fixed or inflation-linked interest for the term of the investment. RSA Retail Savings Bonds are available as Fixed Rate Retail Savings Bonds (with a 2-year, 3-year, and 5-year maturity) and as Inflation Linked Retail Savings Bonds (with a 3-year, 5-year, and 10-year maturity).

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.

The corporate bond market of South Africa is dominated by the floating rate instruments – they amount to more than 71% of the outstanding securities. The corporate bond market of South Africa includes Fixed Rate Bonds, Inflation Linked Instruments, Commercial Paper, Credit Linked Notes, Asset-Backed Securities, Mortgage-Backed Securities, and Green Bonds.

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Borrower

Go to the issuer page

South Africa
Full borrower / issuer name

South Africa
Sector

Sovereign
See Also
South African government bonds launch on EasyEquities

Volume

Placement amount

500,000,000 EUR
Outstanding amount

500,000,000 EUR
Outstanding face value amount

500,000,000 EUR
USD equivalent

546,940,000 USD

Face value

Minimum Settlement Amount

100,000 EUR
Outstanding face value

*** EUR
Increment

*** EUR
Face value

1,000 EUR

Listing

Listing

***

Cash flow parameters

Reference rate

***
Coupon Rate

***
Day count convention

***
Interest Accrual Date

***

Coupon frequency

*** time(s) per year
Payment currency

***
Maturity date

***

Cash flow

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Early redemption terms

***

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bonds globally

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pricing sources

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Why

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Placement

Placement method

Open subscription
Placement type

Public
Placement

***
Initial issue price (yield)

(***%)
Geographic breakdown

***
Investor breakdown

***
The purpose of placing

The net proceeds from the sale of the USD Notes are estimated to be U.S.$981,780,000 and the netproceeds from the sale of the Euro Notes are estimated to be €495,865,000, after deduction of theunderwriting commissions and discounts excluding other expenses payable by the Republic. The Republicintends to use the net proceeds to repay maturing debt and for the general purposes of the NationalGovernment, subject to section 71 of the PFMA. See “The External Sector of the Economy” and “NationalGovernment Debt—Summary of External National Government Debt” in the Annual Report.Unless otherwise specified in an applicable prospectus supplement, the net proceeds from the sale of the debtsecurities and/or warrants to purchase debt securities will be used for the general purposes of the South Africangovernment. South Africa may also issue securities in exchange for any of its outstanding securities.

Participants

Bookrunner

***, ***, ***
Depository

***, ***
Arranger Legal Adviser (Domestic law)

***, ***
Arranger Legal Adviser (International law)

***
Paying agent

***

Conversion and exchange

Conversion terms

***

Covenants

Change of Control
***
Collective Action Clause
***
Covenant Suspension/Fall-Away
***
Cross Default
***
Designation of Restricted and Unrestricted Subsidiaries
***
Events of Default
***
Financial Covenants
***
Limitation on Business Activities
***
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
***
Limitation on Indebtedness
***
Limitation on Investments
***
Limitation on Liens
***
Limitation on Restricted Payments
***
Limitation on Sale of Assets
***
Limitation on Sale/Leaseback
***
Limitation on Subsidiary Debt
***
Limitation on layering (anti-layering)
***
Limitations on transactions with affiliates
***
Merger Restrictions
***
Others
***
Rating Trigger
***

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Additional information

Latest issues

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News

22/01/2024	Fitch Ratings affirms South Africa at "BB-" (LT Int. Scale (foreign curr.) credit rating); outlook stable
22/01/2024	Fitch Ratings affirms South Africa at "BB-" (LT Int. Scale (local curr.) credit rating); outlook stable
19/01/2024	Fitch Affirms South Africa at 'BB-'; Outlook Stable (Rating action commentary)
30/12/2023	New issue: Issuer South Africa issued bonds (ZAM000651470) in the amount of ZAR 5770 mln maturing in 2025
25/12/2023	New issue: Issuer South Africa issued bonds (ZAM000651223) in the amount of ZAR 5605 mln maturing in 2024

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Related entities

In which the company has interests

Identifiers

ISIN

XS1090107159
CUSIP

***
CUSIP 144A

***
Common Code

109010715
CFI

DBFTFR
FIGI

BBG006TB8KL4
WKN

A1VGAW
Ticker

SOAF 3.75 07/24/26
Type of security by CBR

***

Ratings

Bond classification

Senior Unsecured
Registered
Documentary bonds
Coupon bonds
Amortization
Callable
CDO
Convertible
Dual currency bonds
Variable rate
For qualified investors (CIS region)
Foreign bonds
Green bonds
Guaranteed
Inflation-linked principal
Supranational bond issues
Inflation-linked coupon
Mortgage bonds
Perpetual
Payment-in-kind
Non-Marketable Securities
Redemption Linked
Restructuring
Retail bonds
Covered
Securitization
Structured product
Commercial Bonds
Subordinated
Sukuk
Trace-eligible

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Restructuring

***