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.
At the end of 2013, the JSE had roughly 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 South African debt market is liquid and well developed in terms of the number of participants and their daily activity. Roughly R25 billion is traded daily.
You can access the following through the JSE’s Debt 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: The JSE Repo Market is an active and liquid funding market, with daily funding exceeding R25 billion. It has seen daily spikes in excess of R200 billion, which bears testimony to the liquidity and efficiency of the market.
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