The JSE regulates the largest listed Debt Market in Africa, both by market capitalisation and by liquidity. It has done so since 2009, when it acquired the Bond Exchange of South Africa.
By the end of 2022, the JSE had approximately 1 600 listed debt instruments, totalling more than R1.8 trillion nominal outstanding. More than half of the debt listed on the JSE is placed by the South African government. Other issuers include South African state-owned companies, corporates, banks and other African countries.
The Interest Rate Market is liquid and well-developed, with daily activity, more than NUMBER members and approximately RXX billion being traded daily. Institutional investors can gain exposure to the following instruments through the Interest Rate Market:
Government Bonds: More than R1 trillion is currently listed and these instruments account for 90% of all liquidity reported to the JSE. In 1998, the National Treasury appointed 12 primary dealers to make a market in their listed debt. At the end of 2013, there were eight primary dealers permitted to bid at weekly debt auctions. Primary dealers are required to make a secondary market in qualifying RSA paper.
Corporate Bonds: Since the first Corporate Bond was issued in 1992, more than 1 500 corporate Debt Instruments have been listed on the JSE Debt Market. Liquidity remains relatively low compared with government debt, but issuance keeps growing.
Repo Market Securities: The full name for a Repo is “repurchase agreement”. It involves the sale of securities together with an agreement for the seller to buy them back, usually for more than the original sale price. The JSE Repo Market is an active and liquid funding market, with daily funding exceeding R25 billion. It has seen daily spikes above R200 billion, demonstrating the liquidity and efficiency of the market.
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