Eswatini issues R4bn Protea Bond on the JSE
The Government of the Kingdom of Eswatini recently issued a R4 billion Protea Bond on the Johannesburg Stock Exchange. The three year Protea Bond with a yield to maturity of 11.875 per cent, is the Kingdom’s first such issuance on Africa’s biggest bond market. CNBC Africa is joined by Maurice Madiba, Head: Primary Markets, JSE.
Tue, 21 May 2024 11:26:55 GMT
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AI Generated Summary
- The Government of Eswatini issued a R4 billion Protea Bond on the JSE, marking the Kingdom's debut in Africa's largest bond market.
- The reception of Eswatini's bond offering in the market reflects a positive trend in developing Africa's bond markets and enhancing the region's capital markets.
- Eswatini's strategic approach to budgeting, long-term planning, and project funding through bond issuances signals a promising future for African offerings on the JSE.
The Government of the Kingdom of Eswatini recently made history by issuing a R4 billion Protea Bond on the Johannesburg Stock Exchange (JSE). This three-year bond carries a yield to maturity of 11.875 per cent, marking Eswatini's first issuance on Africa's largest bond market. Maurice Madiba, the Head of Primary Markets at the JSE, joined CNBC Africa to discuss the reception of Eswatini's offering in the market. The auction process, which took place on the 8th of May, saw the Kingdom auctioning about R400 million worth of the bond. Madiba expressed excitement about welcoming Eswatini's inaugural bond at the JSE, highlighting the Kingdom's approval for a R4 billion domestic medium-term bond program. He emphasized that the listing event scheduled for Friday is particularly significant as it aligns with Africa Day celebrations, showcasing the growth of Africa's capital markets. Eswatini's issuance of the Protea Bond reflects a trend in developing Africa's bond markets further. This move also underlines the Kingdom's strategic approach to budgeting, long-term planning, and funding key projects. The bond issuance indicates a positive outlook for African offerings on the JSE and sets the stage for future developments in the region's capital markets.
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