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Sovereign debt flowSouth AfricaDeveloping story

Large R42.5bn SA Coupon Outflow and Long-Bond Auction Amid Fed-Focused Volatility: Near-Term ZAR Liquidity Tightness and Long-End Repricing Risk

A concentrated SA sovereign coupon date and a long-end auction squeeze local ZAR liquidity and short-term rates, while Fed messaging heightens the risk that US rate moves transmit into higher long-end yields and wider regional sovereign spreads.

MSA Market DeskPublished 2 min read

The desk brief

South Africa's National Treasury has scheduled roughly R42.5 billion of sovereign interest payments for 30 September 2026, with the single largest cash outflow concentrated in the R2032 fixed-rate note (~R14.4bn) and material payments across fixed, floating, and inflation-linked stock. Separately, the debt office sold R2.55bn at the September weekly auction split across long fixed-rate paper maturing in 2038, 2039 and 2042, with reported multiple-times demand and clearing yields available as an intra-day reference. Fed communications and speeches (including NY Fed President Williams) remain a contemporaneous driver of global rate expectations into the same window.

Sources & verification

Developing story

Developing story supported by 2 independent public publishers; further confirmation is being sought.

Public references supporting this brief.

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Price Discovery

South Africa sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

12 priced bonds
8.23%7.29%6.34%5.39%4.45%20272033204020462052Soaf 27 · Sept 2027 · 5.024%Soaf 28 · Oct 2028 · 4.948%Soaf 29 · Sept 2029 · 5.685%Soaf 30 · Jun 2030 · 5.881%Soaf 32 · Apr 2032 · 5.946%Soaf 41 · Mar 2041 · 7.250%Soaf 44 · Jul 2044 · 7.418%Soaf 46 · Oct 2046 · 7.564%Soaf 47 · Sept 2047 · 7.634%Soaf 48 · Jun 2048 · 7.647%Soaf 49 · Sept 2049 · 7.671%Soaf 52 · Apr 2052 · 7.733%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Soaf 27Sept 202799.8335.024%
  • Soaf 28Oct 202897.7954.948%
  • Soaf 29Sept 202997.7235.685%
  • Soaf 30Jun 203099.9715.881%
  • Soaf 32Apr 203299.6635.946%
  • Soaf 41Mar 204191.1357.250%
  • Soaf 44Jul 204479.9677.418%
  • Soaf 46Oct 204673.7537.564%
  • Soaf 47Sept 204779.4057.634%
  • Soaf 48Jun 204885.8177.647%
  • Soaf 49Sept 204979.3907.671%
  • Soaf 52Apr 205295.1977.733%

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