DCM Credit Review 170801 - Nedbank sovereign ratings, comparing the absolute size of peers’ contingent liabilities is not necessarily the goal. Instead, the aim is to make an idiosyncratic

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DCM Review

July 2017

Politically, institutions still seem unable to self-correct, at the

cost of taxpayers.

We believe that taxpayer bail-outs are a clear sign that urgent

intervention is required in terms of South Africa’s contingent risks.

Given the multiple warnings by ratings agencies, the OECD, the

IMF and others we believe that there is very little room for

procrastination (although a more viable political window is

probably needed to pursue long-awaited structural and institutional

policy reforms).

In our view, restoring the public trust in state institutions simply

requires the state to show a willingness to self-correct. Failing this,

the market response is proving to be onerous on these institutions

(due to the lack of funding extended towards public sector

companies and a tightening of underwriting terms and conditions

where investors still have some appetite). Ultimately, this could

devolve into a fiscal quandary, should the market funding

mechanism remain distorted for a prolonged period.

In our view, the discipline that the market funding mechanism

brings to the public sector in terms of fiduciary oversight and

accountability is no substitute for a well-functioning political

structure that demonstrates credible and enforceable self-

correcting mechanisms. This is especially true when there are

systemic risk challenges (as opposed to isolated events).

The lesson from economic theory is that sovereigns that pursue

large investment programmes (in order to stimulate growth) under

distorted political markets and weakened institutions tend to

stagnate (with only a large debt overhang to show for it

afterwards). Consequently, we believe that South Africa’s credit

trajectory fundamentally depends on the strength of its political

institutions over the next 12 months.

01 August 2017

Rising contingent risk is symptomatic of the local distorted

political scene. Some of South Africa’s apex state-owned

companies have succumbed to the vagaries of local politics.

Consequently, the market is now holding institutions to

account in an unprecedented way.

Analyst Details

Jones Gondo

+27 11 294 4484

[email protected]

Research Contributor

Nthulleng Mphahlele

+27 11 294 7032

[email protected]

mailto:[email protected]

DCM Review | 1 August 2017 Page 2 of 81

Contents

Market summary………………………………………………………….…....3

Redemptions…….…………………………………………………………....17

Issuance……………………………………………………………………….18

Ratings………………………………………………………...………………23


Market summary

SOC: A state-owned quandary

Similar to financial institutions, state-owned companies are systemically

important and could sometimes be considered ‘too big or too important to

fail’. The effectiveness and desirability of government guarantees seems to

have run its course, and the question of moral hazard now needs to be

unpacked once again.

With South Africa’s growth prospects slipping, the financial stability and sustainability of the

country’s strategically important institutions comes into sharp focus -- either because we

count on them as strategic counter-cyclical growth buffers or because they have become a

source of potential systemic fiscal risk. South Africa’s recent experience has come full circle

and we find ourselves contending with the fiscalisation of contingent risks, given the perilous

state of some state-owned or -related companies (SOCs).

While the recent bailout of SAA could be viewed as prudent move by the sovereign to avert

default and guarantee calls on the sovereign, it also demonstrates its willingness to provide

on-going support for strategic or state assets. However, the entity is a relatively small

exposure and its issues are much simpler to remediate through bail-outs or partial

privatization in our opinion (without causing significant systemic or fiscal challenges). To us,

this is akin to the resolution of a small bank. However, in both financial and non-financial

sectors resolving the failure of larger, systemically important institutions is a complex matter

and on-going extra-budgetary support from the sovereign is not always a certainty, nor is it

desirable in our view.

Fiscal instability is a grave concern for sovereigns, and contingent liabilities form part of this

worry because of their unbudgeted obligations. However, underlying this is the more

fundamental issue of fiscal instability under distorted political markets. South Africa’s

experience is not unique and its situation is well-captured within the ambit of economic

literature on growth and institutions. This literature suggests that sovereigns that borrow for

state-led investment, under distorted political environments, tend to stagnate after a period

(or experience net capital outflows). This results in an unsustainable debt overhang and a

high tax/low investment equilibrium that is out of kilter with a planned steady-state growth

path.

This is why ratings agencies have been flagging the link between South Africa’s growth

outcomes and its politics; by highlighting the lack of policy reform implementation, the

weakening of institutions and the pacey accumulation of public debt through contingent

liabilities (should they crystallize on the country’s balance sheet in the near-term).

The government, as shareholder, has acknowledged the underperformance of some public

sector companies and the resultant strain on fiscal balances for a number of years now.

However the reform process has been too slow in our view. The sovereign has often been

compelled to bail-out (or change management) boards of errant companies without really

addressing the operating conditions and moral-hazards which induced the poor outcomes.

Therefore the problems seem to persist. The stabilisation and restructuring agenda that

Cabinet instituted in November 2016 presumably remains mired in the nettlesome politics of

state capture and subsequent paralyzing factionalism.

Investor sentiment towards SOCs has deteriorated over the years and it all came to a head

following the public protector’s “State of Capture” report. Investors have resorted to a

‘holding pattern’ and have not advanced many new loans nor have they regularly

participated in bond auctions.


Some quarters of society have called it an ‘investment strike’, but what is important is that

bondholders have not offloaded their exposures in a panicked manner (thereby averting a

crisis and mark-to-market losses across the board). Instead, bond investors and lenders

have taken time to conduct their own due diligence reviews across the sector. In some

instances, credit risk is being priced off of an institution’s stand-alone credit profile

(discounting the risk mitigation or uplift provided by implicit government support and letters of

comfort). Other times explicit government guarantees are required or more stringent or

explicit protections are expected in bond and loan documentation before providing new

funds, but still with wider credit spreads and shorter tenors (which negates the impact of the

intended credit substitution or protections). We think risk appetite and duration could return

once the shareholder’s guidance on the long-promised structural reforms and legal

processes (to remediate management and governance lapses) are concluded.

The new Minister of Finance has taken up the cudgels and recently launched a 14-point

plan, dubbed Government’s Inclusive Growth Action Plan. In our view, the plan was intended

to allay some fears about institutional and policy despondency within the National Treasury

and impress on the market the Minister’s commitment to continue with his predecessor’s

reform agenda (ie following the Cabinet reshuffle). At the same time, we also note that the

plan faces the same execution risks as before, given the constrained political climate. Some

market commentators mentioned that the plan is not bold enough on growth, and is more of

a stabilisation plan. While we believe that this is fair criticism, we do not think it would have

been astute or credible for the Minister to come out with a new and expansive stimulus plan

to spur on rapid or ‘radical’ economic growth right after having made the case for fiscal

prudence and policy continuity. Still, the sovereign has some hard choices to make to

balance the books by the time the medium-term budget policy statement (MTBPS) comes

around in October 2017 (in light of the contingent risks that are currently being faced and the

anaemic pace of growth). The plan might augur well with some ratings agencies and buy the

sovereign time until after the December 2017 ANC Elective Conference (assuming no

political event-risks or downside economic data surprises). For the time being, we await

Moody’s scheduled review in August 2017 in order to gauge if this plan passes muster. The

agency could moderate its negative outlook statements, but we think rating action risk might

be deferred to November 2017, and that it would depend on fiscal and monetary data

outcomes (compared to current estimates and forecasts).


Chart 1: South Africa Sovereign Contingent Liabilities

Source: National Treasury of South Africa, Debt Management Report, Nedbank CIB


Defining the scope of inclusion for contingent liabilities is ultimately

subjective

In general, “sovereign contingent liabilities” incorporate any explicit government guarantees

covering the financial obligations of third parties and which contractually bind the

government to ‘pay’ upon the occurrence of a specific event.

Beyond this definition, ratings agencies also include the liabilities of any other entities which

could reasonably be considered as being “too important to fail” and for which the

government is morally obliged to support as going concerns. In this regard, there are two

main sectors that are commonly considered. These are financial institutions (mainly the

banking system) and SOCs. The banking system is the predominant focus because it poses

the greatest threat to macroeconomic and fiscal stability should the system fail.

Contingent liabilities (in their broad definition) are inherently difficult to measure accurately or

consistently. However, the principle applied is that these entities should be strategically

important to the sovereign as a lever for policy implementation, or systemically important for

macroeconomic stability. Materiality can therefore be determined by assessing the size,

scope and role of these entities in the economy or by the relative size of the government’s

financial obligations (guaranteed or otherwise) as a percentage of GDP or of banking system

assets.

For sovereign ratings, comparing the absolute size of peers’ contingent liabilities is not

necessarily the goal. Instead, the aim is to make an idiosyncratic adjustment to a particular

sovereign’s debt burden assessment based on a subjective probability that certain

exposures might lead to some sort of bail-out by the sovereign. What seems to matter the

most is the track-record and willingness of the sovereign to provide extra-budgetary support

when needed (this is also a qualitative judgement in some respects). Ultimately, contingent

risk is one aspect of sovereign credit analysis that generates a significant amount of

disagreement between market participants and policymakers alike.

Table 1: Government Contingent Liabilities - Hidden Risk To Fiscal Stability

Source: World bank Policy Research Working Paper 1989 (Washington).


Chart 2: Incorporating Contingent Liabilities In Sovereign Ratings

Source: Moody’s Investors Service, S&P Global, Nedbank CIB


Globally, most of the analytical attention on contingent liabilities is on

banking system risk because of the GFC. However, in South Africa, SOC

stability is proving to be a fiscal puzzle

In practice, the 2008 global financial crisis (GFC) showed that sovereign contingent risks are

often underestimated, as evidenced in the U.S. The contingent liabilities that materialized on

the U.S. fiscal balance sheet were SOCs (mainly Fannie Mae and Freddie Mac), financial

institutions and auto manufacturers. The auto industry would not have been expected to be a

typical contingent liability of the sovereign (under the narrow definition), but the sector

employs a significant number of people and the sovereign felt that there was a moral

obligation to support this sector. It is no surprise then that the U.S. government has some

sway over the auto sector and we find that the Trump administration has placed the sector at

the centre of its trade policy (amidst calls to onshore more auto-manufacturing capacity to

create jobs).

The GFC experience heightened ratings agencies concerns over financial institution

contingent liabilities (FICL) and hard-wired this assessment of financial system risk into

sovereign rating criteria (see Chart 2). Due to significant differences in the reporting and

consolidation of nonfinancial public enterprise (NFPE) data across jurisdictions, rating

agencies struggle with providing a consistent quantitative framework for assessing NFPE

systemic risk ( ie in the same way that they address FICL risks to the sovereign). This is why

the NFPE contingent liabilities are assessed as a qualitative adjustment and tend to focus on

larger SOCs and the government's propensity to support them.

In South Africa SOC stability, and not banking system stability, is the proximate risk. In fact,

within South Africa’s sovereign credit story the rating agencies tend to discuss the two risks

as counter-balancing forces (saying that financial system risk is a credit strength pitted

against weaker SOC contingent liability risk). This balances out into only a “moderate”

assessment of the sovereign’s overall debt burden score at S&P. S&P estimates public

sector debt at 70% of GDP in 2017. All things being equal, if taxpayer bailouts were to raise

South Africa’s debt-to-GDP ratio from the current 52% to between 60% and 80%, then the

sovereign would be downgraded by at least one notch. Taking into account other related

factors such as the interest cost of the debt relative to general government revenue, as well

as the sovereign’s debt structure and continued funding access (and any other spillover

contingent risks), then there could be scope for more downgrades. This is why addressing

SOC financial weakness is considered a fiscal priority.

We believe that the sovereign’s main challenge is the managing of single-name

concentration risks in its SOC portfolio (see Chart 1). We feel that it is impossible to take a

diversification approach, and therefore there is little option for the government but to focus

primarily on resolving Eskom’s governance issues and its financial conditions (no matter the

political environment in the country). In some ways, the headlines are showing that actions

are beginning to be taken, albeit tentatively.

The systemic risk concern is that market losses associated with the failure of an entity like

Eskom could affect SOCs and municipalities that have significant exposures to it through

loans or investments in its debt securities, or that are operationally tied to the entity. This

could also spill over into the broader financial system which depends on SOC debt

instruments as a dependable source of high-quality liquid assets. Consequently, the

contagion effect is a nuanced one. It is not necessarily the case that investors can hedge by

only selecting certain SOCs (on a case-by-case basis) into their portfolios. The systemic or

structural nature of it means that a modicum of sovereign shareholder support can be

expected by debt holders, and it is less likely that negative intervention (eg raiding of SOC

balance sheets to support other sovereign obligations) would ensue because this would

probably exacerbate rather than ameliorate the fiscal instability risks.


Moral hazard

Over the past decades, the modern government’s role has transformed from one of financier

to one of guarantor of large public projects and services. This has amplified the principal-

agent dilemma or moral hazard associated with governing key economic resources in a

modern economy, precisely because the government cedes its control to its appointed

‘agents’ which subsequently raises the risk of opportunism, political interference and other

nefarious activities that can undermine institutional effectiveness and could lead to “state

capture”.

Leading academics such as Mark Aguiar and Nobel laureates Ronald Coase, Douglas North

and Jean Tirole have written extensively about these types of institutions. South Africa’s

current experience mimics theoretic models. The resolution of its institutional challenges is

not difficult, with many contemporary examples in countries such as Brazil, China and

Russia (ie countries that are undergoing institutional upheavals and corruption in their

SOCs).

The conflict of interest for SOCs is couched in the following two notions:

SOCs have to obey at least two masters. SOC management as ‘agent’ is called

upon to implement political and economic tasks that are so important that they

generate conflict. The shareholder of reference or ‘the spending ministry’ has the

mandate to develop the industry, while the Treasury’s mission is to reduce the

budget deficit. Therefore, which ministry is considered the ‘principal’ and how easy

is it to police this conflict in a modern democracy? Game theory offers insights into

how collective-action problems in the public sector can devolve into collaborative

failure when there are no credible and enforceable checks and balances or if

cooperation is corrupted by alternative, narrow incentives (in other words, game

theory contemplates situations such as state capture in the design of public

institutions).

Effective delegation of authority or managing the ‘principal-agent’ dilemma in

SOCs largely depends on the political climate. An effective political market is a

necessary pre-condition for effective and efficient institutions which underpin

growth. However, it is much more difficult in democratic countries, than in managed

societies, to impose a precise set of conditions on political markets and guarantee

the observance of these conditions. In other words, delegation of authority is

difficult to police, and perhaps this is why political elites are ideologically challenged

about their commitment to the role and purpose of SOCs in development. They

may be reluctant to adopt more stringent market-based tenets because these can

be perceived to be attempts by the private sector to undermine or limit their

sovereign agency as a government.

In line with leading academic thinking on ‘state’ versus ‘market’ failure in developing

economies, we think that state capture is a consequence of the threat of losing office

distorting how incumbent political parties view the public purse over time. Incumbents prefer

to consume a disproportionate share of government spending while in office, which makes

them unwilling to reduce debt quickly and prefer to solve long-term structural or policy

problems via increased expenditure now. They tend to pursue large-scale projects with high

execution risks which often go on unfinished past the original deadline and then require

additional expenditure for scope creep and accelerated project delivery (an example being

coal-fired and nuclear power in South Africa). Generally, they also call for a greater role for

the state in the growth and development of the country. In such situations, SOCs become

hostage to the type of politics prevailing at the government level. This leaves them

vulnerable to exploitation especially where it is possible to ‘hide’ any trace of

misappropriation via monopoly revenues or within procurement processes (while

government guarantees are possibly nefariously used to expedite implementation and to

secure funding).


Inherently credit substitution by the sovereign insulates both the management of the

supported entity as well as the lenders/debt holders from the fundamental default risks of

that entity. This can induce an unfavourable risk culture in the institution because the price of

risk becomes irrelevant to the actions taken by management and any resultant losses are

ultimately socialised through taxpayer bailouts. Similarly, the sharp edge of market-discipline

that investors bring to the table is blunted when investors relax the rigour of their due

diligence and fiduciary oversight because they rely on the credit substitution or implicit

sovereign support to absorb any avoidable losses. Ultimately, for systemically important

institutions or sectors (especially network infrastructure industries), the negative externality

associated with their insolvency is disproportionately large because of the high likelihood of

contagion. The Public Investment Commission (PIC) and Government Employees Pension

Fund (GEPF) have at times acted as strategic shock-absorbers for the sovereign, investing

in securities of distressed entities (public or private sector) to stabilize them and minimize the

negative impact on jobs.

Financial sector regulations, under Basel III, have purposefully sought to curtail financial

system contingent risk on the sovereign by strengthening the regulatory oversight framework

and empowering the regulatory authority with the legal means to impose losses on creditors

(bail-in) in order to reduce the likelihood of (and fiscal burden associated with) bailing-out

failed financial institutions. As a result, sovereign support is not expected by financial

institutions and investors, and ratings agencies no longer provide uplift (for implicit sovereign

support) for banks rated lower than sovereign (despite the bank’s systemic importance). In

many ways this framework addresses the problem of moral hazard between the sovereign

and the financial sector.

Among SOCs, the approach to limit moral hazard has largely depended on subjecting these

entities’ boards and managements to similar market discipline mechanisms as one would for

private sector companies (in terms of codes of good governance, financial reporting, and the

dependence on debt capital markets rather than the fiscus to fund their operations). In some

instances, the government has privatised entities, especially those whose strategic public

policy role is diminished or is non-core due to adequate private sector participation in the

sector (or if fiscal constraints require the government to raise money through equity sell-

downs instead of increasing debt).

Management and governance analysis is part of the regular rating agency surveillance of

corporate entities. However, proactively assessing the pathology of any entity’s management

and governance culture for evidence of moral hazard is a difficult exercise for rating

agencies, auditors, investors and other third-parties alike. Very often lapses in management

and governance (or wayward ethics) are hidden, and transpire as credit events only after the

issue becomes apparent and is forensically examined.

Investment strike: Activism and investor protection

Nearly 60% of SOC debt securities are held by the PIC and GEPF. This acts as a stabilizing

anchor for these notes (see Chart 3). However, despite the implicit government credit

support, the volume of issuance in SOC debt has been curtailed due to the untenable

governance issues in key SOCs. Presumably, the PIC and GEPF support in bond auctions

would only resume once the very same governance reforms other investment managers

have been calling for have been implemented. As such, the sovereign, as shareholder for

SOCs and the main debt holder (indirectly through its investment arm), has the greatest

influence over reforms in the sector (ie moving towards a more market-friendly format).

Implementing reforms has proved to be politically nettlesome, much to the ire of bond

investors. Some investors have turned activist and instituted a moratorium on any new

investments in SOCs until some semblance of reform implementation is evidenced.

In our opinion, the value of using guarantees to placate the market’s anxiety towards the

SOC sector is diminished.


Banks have been the main sector disbursing loans against sovereign guarantees, but the

effectiveness and quality of these guarantees have proved ineffectual on banks’ risk appetite

amid heightened moral hazard risks.

Debt holder risk aversion has caused investors to pursue similar debt protections as the

banks have (including more stringent debt covenants and redemption clauses).


Chart 3: SOC Debt Issuance And Debt Holder Statistics

Source: Bloomberg, JSE, Nedbank CIB, SARB


While the market conversation on investor protection is continuing, there are some important

points to consider:

Discord among investors about re-pricing SOC debt. Some investors believe

spreads should widen for SOCs in accordance with their stand-alone credit rating

plus an additional risk premium. Implicit government support that is imputed into the

issuer credit ratings should be discounted. Only explicit credit substitution, such as

a third-party guarantee, should be valued as effective risk mitigation and pricing

should reflect the guarantors’ credit standing plus an additional risk premium. Given

the limited scope for credit default hedging and generally illiquid credit trading in the

domestic debt market, investors need to find alternative measures for credit

protection and for exiting their asset positions (such as strengthening covenant

protection, investor put rights and maximizing post-default recovery prospects).

However, there is no clear evidence yet to support the view that implementing such

measures could translate into finer pricing or increased volumes at SOC debt

auctions (nor in private placements).

Covenant risk is rising for SOC issuers. As mentioned above, investors are now

turning towards stricter clauses in bond indentures in an attempt to protect

themselves from event risk (and ensure that they have the same protections as

those of other unsecured lenders, such as banks).

o The purpose of a covenant is to provide risk appetite guidance to

management. An event of default, a material adverse event or certain

redemption clauses etc have the effect of rapidly raising an issuer’s default

probability (as the entity nears its covenant limits or breaches them).

Rating agencies consider such acceleration clauses and ratings-based

triggers as credit-negative because they exacerbate liquidity strain. After

all, an issuer credit rating merely expresses an opinion on the relative

default probability, not the absolute. So, if it is not the norm to have such

clauses in the local market, then the affected entity’s rating cannot be as

strong as its peers’.

Chart 4: High-Yield…The Illiquidity Credit Trade-Off

Source: M&G Investments, Alliance Bernstein 2014


However, from an investor’s perspective, while covenants are not a lien on

assets, nor do they fully protect investors from event risk, the perception is

that stricter covenants could improve senior creditors’ post-default

recovery prospects (or minimizes their loss given default). If this is the aim,

then it makes sense then that investors ought to pay more attention to

post-default recovery ratings and covenant quality scores in their credit

assessments – similar to how high yield and distressed debt investors

view credit in other markets. Ultimately debt holders generally have little

control over the quality of residual unsecured assets from which they seek

recovery.

o Post-default recovery is only possible in SOCs where the sovereign

is willing and able to support. In South Africa, SOCs are restricted in

their ability to collateralize assets in order to secure funding. At the same

time, if an SOC were to fail investors typically have limited recourse to the

issuer and sometimes to the underlying assets (because these are

sovereign assets of strategic or systemic value). Therefore, investors need

to weigh-up the track-record or willingness of the sovereign to ‘make them

whole’ in a timely fashion, versus its propensity to enter into debt

restructuring negotiations or opting to convert debt into equity in lieu of any

potential partial privatisation of non-core SOCs. In our view, the latter two

options are only feasible for unguaranteed obligations and for where there

is a high likelihood of investor/lender cooperation. Still, in distress

scenarios the recovery prospects for SOCs are generally expected to be

better than those for other corporates, especially if the SOC in question

has a strong role and link to the sovereign.

o The appropriate level of covenant constraint is a debate which rages

on in South Africa, as well as in other credit markets. Covenants also

reflect the balance in bargaining power between borrowers and lenders.

While standardization and simplification of terms and conditions are

desirable and improve the tradability of debt, this should not induce

inappropriate risk-taking and a race to the bottom. The trend in the U.S. is

strongly in the direction of covenant-light documentation, especially in the

high yield sector. Meanwhile in South Africa, the opposite trend is taking

shape for investment grade credits (especially for SOCs) which gives them

less financial flexibility through credit cycles. Ultimately, market

participants should be mindful that covenants are easy to apply, but

terribly hard to remove, especially when it is unclear what kind of credit

conditions need to prevail before investors are amenable to re-negotiate

underwriting terms.


SOC risk compensation to investors

We believe that when everything has been said about SOCs (from their fundamental credit

risks to the credit protections some investors seek as a prerequisite to continue investing in

their debt) what is most important is to gauge whether there is adequate compensation for

the risks assumed.

In Chart 5 below, we show the relative yields in the South African debt capital market using

the South African swap curve as the benchmark. SOCs, together with Municipalities, are

depicted by the red line. On the face of it, the chart indicates the following in terms of relative

value and investor appetite along the curve:

A declining trend in term premium probably explains the inversion in the swap

curve. Given the shape of the curve, the five-to-seven year tenor sector would be

most attractive to SOC and Municipal bond investors. Meanwhile, issuers would

likely prefer a combination of commercial paper and intermediate sector (12-year)

notes, on average. Despite the potential yield pickup at the long-end of the curve,

investor appetite remains limited. Perhaps appetite for duration has now tilted away

from general-purpose SOC lending and has skewed towards appropriately

structured, non-recourse project financing (such as PPPs) which bring investors

and lenders closer to the cash flows (and align their interests for more effective risk

mitigation and credit protections through covenants, guarantees and indemnities on

the special purpose entity).

While curve analysis shows that SOC paper offers bondholders decent term

premiums, risk-adjusted compensation (compared to corporates) is not so clear-cut.

Below we show what the average compensation has been for investors in corporate

debt per unit of leverage turn and compare this to SOC yields per turn of leverage.

In other words, for the average “AA” rated corporate, if it were to increase its debt-

to-EBITDA multiple from 1x to 2x, then note-holders’ spread compensation is

approximately 50bps per turn. This in contrast to the approximate 25bps for

similarly rated SOCs, on average. This implies that SOCs do benefit from the

explicit or implicit government support in their pricing, or that for the same credit

spread the low level of leverage among corporates (compared to SOCs) results in a

higher relative compensation to investors. Summarily, at present, investors are only

incentivised to access SOC debt for the relative duration benefit it provides and the

tradability of the security (rather than for the pure risk-reward trade-off). These

become acute issues when investor appetite is focused on asymmetric returns and

diversification away from benchmark indices that tend to be structurally

concentrated on public sector-linked constituents.


Chart 5: SA Relative Risk Compensation In The Domestic DCM

Source: Bloomberg, Nedbank CIB

It must be noted that the sector yield curves are representative of the median price point (with N-S-S curve smoothing adjustments) across all tenors; therefore the curve will be influenced by outliers.


Redemptions

Chart 6: Scheduled Calls/Redemptions 2H17, By Sector

Source: Bloomberg, JSE, Nedbank CIB


Issuance

In pursuit of ‘alpha’ investors are showing great enthusiasm for rare

corporate credits, but are facing stiff competition from banks at auctions in

their bid for HQLA.

Approximately R82bn has been issued in the primary bond market in 2017.

Appetite for shorter-tenors and non-sovereign related paper has returned since the

mid-year rating downgrades on the sovereign. Banks continue to lead the issuance

tally, and positively, corporates (outside of property) have been currying favour with

investors who seek to enhance or diversify their portfolios with corporate and

municipal debt (which have some rarity value and provide asymmetric returns

compared to index benchmarks). As such, the hunt for yield pick-up in the domestic

market remains strong, but with a specific ‘sector’ focus. As such, private

placements and tap issues should continue to drive volumes in smaller ticket sizes,

alongside stronger support in benchmark-size public auctions.

Given the fiscal constraints in the public sector, it could be that more Metros will be

returning to the DCM as they try to diversify their funding base and seek longer-

term funding than banks would readily provide (under the stricter capital

requirements at this point in the economic cycle).

Banks have also shown strong appetite in auctions for high-rated corporate and

municipal debt that qualifies for their regulated liquid asset portfolios and alleviates

the yield pressure which comes with holding ‘risk-free’ government bonds in their

portfolios. Generally, we expect bank issuance to slow down in lockstep, given

slower asset growth and a slowdown in the economy.


Chart 7: Monthly Issuance Trend

Source: JSE, Nedbank CIB


Table 2: June/July Bond Issuance

Bond Code

Issuer Name Standardized Rating

Tap/New Issue

Payment

Rank

Coupon

Type Benchmark

Date of issue

Expected Maturity

Tenor (yrs)

Nominal Issued (ZAR Mil)

Spread-to-Bench. (bps)

FRJ27 FirstRand Bank Ltd AA- Tap Sr Unsecured Floating 3m Jibar 01-Jun-17 25-Jan-25 8 150 192.5

SHS31 Steinhoff Services

Ltd

AA- Tap Sr Unsecured Floating 3m Jibar 01-Jun-17 05-Oct-22 5 400 200

GBL02 Grindrod Bank Ltd BBB+ Tap Sr Unsecured Floating 3m Jibar 02-Jun-17 15-Oct-18 1 100 220

FRJ27 FirstRand Bank Ltd AA- Tap Sr Unsecured Floating 3m Jibar 05-Jun-17 25-Jan-27 10 353.1 190

IBL100 Investec Bank Ltd AA- Tap Sr Unsecured Floating 3m Jibar 05-Jun-17 24-May-20 3 100 140

FRI33 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2033 06-Jun-17 28-Feb-33 16 89.9 173

BAW28 Barloworld Ltd AA- New Sr Unsecured Floating 3m Jibar 06-Jun-17 06-Jun-22 5 500 205

FRI33 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2033 07-Jun-17 28-Feb-33 16 394 173


Ltd

AA- Tap Sr Unsecured Floating 3m Jibar 09-Jun-17 05-Apr-20 3 470 180

SBS54 Standard Bank of

South Africa Ltd/The

AA- New Sr Unsecured Floating 3m Jibar 12-Jun-17 12-Jun-20 3 1004 130






AA- New Sr Unsecured Fixed R2023 12-Jun-17 12-Jun-22 5 533 113







EPF011 Emira Property Fund

Ltd

A New Sr Unsecured Floating 3m Jibar 12-Jun-17 12-Jun-20 3 200 195

PMM38 Premium Properties

Ltd


IPF22 Investec Property

Fund Ltd


FRJ27 FirstRand Bank Ltd AA- Tap Sr Unsecured Floating 3m Jibar 15-Jun-17 25-Jan-27 10 200 192.5

IV046 Investec Bank Ltd AA- New Sr Unsecured Floating 3m Jibar 21-Jun-17 21-Jun-27 10 1200 390


Ltd

AA+ Tap Sr Unsecured Floating 3m Jibar 22-Jun-17 05-Oct-22 5 100 200


Ltd

AA+ Tap Sr Unsecured Floating 3m Jibar 23-Jun-17 05-Oct-22 5 150 200

SNT04 Santam Ltd AA- New Sr Unsecured Floating 3m Jibar 27-Jun-17 27-Sep-27 10 1000 210

DV2021 Development Bank

of Southern Africa

Ltd

AA+ Tap Sr Unsecured Fixed R208 28-Jun-17 18-Jun-21 4 200 157

BID07 Bidvest Group

Ltd/The

AA+ New Sr Unsecured Floating 3m Jibar 30-Jun-17 30-Jun-20 3 450 160

BID08 Bidvest Group

Ltd/The

AA+ New Sr Unsecured Floating 3m Jibar 30-Jun-17 30-Jun-22 5 300 180

NGLT1A Nedbank Group Ltd B+ New Jr

Subordinated

Unsecured

Floating 3m Jibar 30-Jun-17 01-Jul-22 Perp,

NC5

600 565

RDFB09 Redefine Properties

Ltd

AA+ Tap Sr Unsecured Floating 3m Jibar 06-Jul-17 02-Dec-21 4 330 185


Ltd

AA+ New Sr Unsecured Floating 3m Jibar 10-Jul-17 10-Jul-20 3 200 180


Ltd

AA+ New Sr Unsecured Floating 3m Jibar 10-Jul-17 10-Oct-22 5 1000 200

EMM07 Ekurhuleni

Metropolitan

Municipality

AAA New Sr Unsecured Fixed R186 10-Jul-17 10-Jul-27 10,

(sink)

500 175

FRI33 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2033 10-Jul-17 28-Feb-33 16 100 155

FRI33 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2033 10-Jul-17 28-Feb-33 16 176 155


FRBI25 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2025 12-Jul-17 31-Jan-25 8 50 120

KST01 PSG Konsult

Treasury Ltd

A- New Sr Unsecured Floating 3m Jibar 12-Jul-17 12-Jul-20 3 100 218

MTN06 Mobile Telephone

Networks Holdings

Pty Ltd

AA- New Sr Unsecured Floating 3m Jibar 13-Jul-17 13-Jul-20 3 1500 180

MTN07 Mobile Telephone

Networks Holdings

Pty Ltd

AA- New Sr Unsecured Floating 3m Jibar 13-Jul-17 13-Jul-22 5 1000 200

EMM07P Ekurhuleni

Metropolitan

Municipality

AAA New Sr Unsecured Fixed R2032 17-Jul-17 17-Jul-32 15,

(sink)

800 175

IBL104 Investec Bank Ltd AA- New Sr Unsecured Variable 17-Jul-17 17-Jul-20 3 200 152.5

CCT04 City of Cape Town

South Africa

AAA New Sr Unsecured Fixed R186 17-Jul-17 17-Jul-27 10 1000 133



AA- Tap Sr Unsecured Floating 3m Jibar 19-Jul-17 03-May-27 10 1000 197.5

CGR32 Calgro M3

Development Ltd

NR New Sr Unsecured Floating 3m Jibar 21-Jul-17 21-Jul-20 3 38 390

VKE10 Vukile Property Fund

Ltd

AA+ Tap Secured Floating 3m Jibar 26-Jul-17 08-Jul-22 5 72 180

FRBI25 FirstRand Bank Ltd AA- Tap Sr Unsecured Fixed I2025 27-Jul-17 31-Jan-25 8 128 134

NTC20 Clindeb Investments

Pty Ltd

A+ New Sr Unsecured Floating 3m Jibar 27-Jul-17 27-Jul-20 3 477 160

NTC21 Clindeb Investments

Pty Ltd

A+ New Sr Unsecured Floating 3m Jibar 27-Jul-17 24-Mar-22 5 523 180

FRBI29 FirstRand Bank Ltd AA- New Sr Unsecured Fixed I2029 27-Jul-17 31-Mar-29 12 231 133

EQS10 Eqstra Corp Ltd BBB New Sr Unsecured Floating 3m Jibar 28-Jul-17 28-Jul-22 5 50 300



CP

Despite the ready appetite for short-term paper in the market, traditional issuers

have been shy to return to the CP market. Notably, SOC issuance continues to

struggle (when compared to historical norms).

Year-to-date, banks and property sector issuance have continued to supply the

majority of short-term paper, with slim pickings from the other corporate sectors.

Chart 8: Monthly CP Issuance Trend


Table 3: June/July CP Issuance

Issuer Bond code Date Amount

(Mil.)

Tenor (Days) Coupon Type Floating Spread

(bps)

Corporates

Redefine Properties Limited RDFC38 02-Jun-17 250 367 Floating 100

Growthpoint Properties Limited GPT41 06-Jun-17 400 92 Fixed

Calgro M3 Developments Limited CGR31 27-Jun-17 16 365 Floating 170

Investec Property Fund Limited IPFC15 26-Jul-17 267 92 Fixed

Redefine Properties Limited RDFC39 27-Jul-17 100 365 Floating 100

Financials

Investec Bank Limited IBL103 09-Jun-17 150 364 Floating 88

Macquarie Securities South Africa

Limited

MAQ103 15-Jun-17 148 92 Zero Coupon


Limited

MAQ104 27-Jul-17 300 28 Zero Coupon

SOE

Transnet SOC Limited TSP225 08-Jun-17 20 182 Zero Coupon





Ratings

S&P recalibrates its South African national scale following its downgrade of

the sovereign. We expect Moody’s to affirm ratings on its 11 August 2017

pre-scheduled review.

Following-on from the sovereign downgrade, S&P Global Ratings published its

revised South African mapping guidelines for national and regional credit rating

scales (corresponding to their global rating scale denominated in local currency).

The agency has placed their ‘za’ national scale ratings under criteria observation

(UCO). The UCO identifier is not an ‘Outlook’ or a ‘CreditWatch’ indicator, as these

can only be assigned by a credit committee. Instead, UCO is simply a regulatory

disclosure which informs the market that certain ratings will be reviewed by a

committee in the near future (as a consequence of the criteria update). Once

reviewed by the committee, a number of things could happen: the national scale

ratings could be affirmed, changed or placed on a CreditWatch. S&P typically does

not assign outlooks to South African national scale ratings.

Essentially, the recalibrated scale anchors “zaAAA” to “BBB- and above” on the

global scale (local currency scale). This is the part of the global scale which still

remains in investment grade and is a qualifying parameter for South Africa’s

inclusion in the Citi World Government Bond Index (WGBI). In order to reduce the

sensitivity of a rating transition on the scale, S&P has decided to limit the number of

national scale options to one or two choices, corresponding to a global scale rating

level. In the past, there would be two or three and it was more apparent that a

transition along the national scale was sensitive to outlook changes on the global

scale. On the new scale, an entity rated “B+/Positive” or “B+/Stable” for instance

could be rated “zaBBB+”. Alternatively, if the entity has a weaker credit trend, and

is assigned “B+/Stable” or “B+/Negative” then the appropriate corresponding

national scale rating would be “zaBBB”. In other words, a change in outlook may

not necessarily induce an immediate change in the national scale, making it less

sensitive. However, at the same time, it allows for greater distinction in credit

quality between entities based on the agencies analytical interpretation (rather than

on the mechanistic operation of outlook trends).

On the short-term rating scale side, S&P have now introduced a “zaA-1+” rating

class. This is distinct from “zaA-1” used previously as the highest short-term or

prime rating class. This should also enhance counterparty credit quality

distinctions.

S&P expects the recalibration to impact 90% of the current national scale long-term

issuer and issue ratings. The transitions are all expected to be upgrades: 65% on

long-term national scale ratings by three notches, with 15% by four or more

notches and 10% by one or two notches. All short-term ratings are expected to be

revised by at least one notch.

For the sample of ratings that Nedbank covers in the appendix, we present

histograms of the relative distribution of national scale ratings across sectors and

between rating agencies.


Chart 9 : Senior Unsecured Ratings Distributions

Source: Moody’s Investors Service, Nedbank CIB


Chart 10: National Scale Mapping Tables – South Africa, July 2017

Source: Fitch Ratings, GCR, Moody’s Investors Service, S&P Global

DCM Review |DCM DCM Review | 1 August 2017 Page 26 of 81

CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type

Issue Date Exp. Maturity

Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank

Guarantor Coupon MTM

Benchmark Spread (bps)

(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Accelerate

Property Fund

APF01 416 63% AA- Floating 2014/09/26 2017/09/26 3.0 0.2 5% 3m Jibar Secured 9.025 170 55 55




Adcorp ADCB01 400 100% A Floating 2013/03/08 2018/03/08 5.0 0.6 12% 3m Jibar Secured 9.815 249 300 300

ADCB04 209 100% A Floating 2014/11/27 2017/11/27 3.0 0.3 11% 3m Jibar Secured 9.933 260 248 248

ADCB05 150 67% A Floating 2015/12/04 2018/12/04 3.0 1.3 45% 3m Jibar Secured 9.825 250 250 250

Anglo American

SA Finance

AA05 1 400 100% A+ Fixed 2012/03/22 2019/03/22 7.0 1.6 23% R204 Sr Unsecured Anglo American

PLC

9.270 8.600 149 180 152 184

AA06 400 100% A+ Floating 2014/04/15 2021/04/15 7.0 3.7 53% 3m Jibar Sr Unsecured Anglo American

PLC

8.812 147 230 230

AA07 650 100% A+ Fixed 2014/04/15 2021/04/15 7.0 3.7 53% R208 Sr Unsecured Anglo American

PLC

9.490 9.485 147 210 210 257

Barloworld BAW3 334 100% AA- Floating 2010/09/15 2017/10/02 7.0 0.2 2% 3m Jibar Sr Unsecured 9.950 260 115 115

BAW8 91 100% AA- Fixed 2010/09/15 2017/10/02 7.0 0.2 2% R203 Sr Unsecured 9.940 7.860 238 80 80 74


BAW17 714 100% AA- Floating 2013/12/05 2018/12/05 5.0 1.3 27% 3m Jibar Sr Unsecured 8.805 148 167 167









CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Basil Read BSR17 50 100% BBB- Floating 2015/06/19 2018/06/19 3.0 0.9 30% 3m Jibar Sr Unsecured Basil Read

Holdings ltd

11.817 450 300 300

Bidvest BID04 1 425 100% AA+ Floating 2012/11/23 2017/11/23 5.0 0.3 6% 3m Jibar Sr Unsecured Bidvest Group

Ltd/The

8.642 130 120 120

BID05 260 100% AA+ Floating 2014/06/30 2019/07/01 5.0 1.9 38% 3m Jibar Sr Unsecured Bidvest Group

Ltd/The

8.592 125 170 170

BID06 1 240 100% AA+ Fixed 2014/06/30 2019/06/30 5.0 1.9 38% R204 Sr Unsecured Bidvest Group

Ltd/The

8.855 8.480 130 140 140 169


Ltd/The

8.925 160 160 160


Ltd/The

9.125 180 180 180

Calgro M3

Developments

CGR14 30 100% N/R Floating 2014/02/13 2018/02/13 4.0 0.5 14% 3m Jibar Sr Unsecured 12.092 475 200 200

CGR16 49 100% N/R Floating 2014/09/23 2017/09/22 3.0 0.1 5% 3m Jibar Sr Unsecured Calgro M3

Holdings Ltd

10.725 340 340 340






Holdings Ltd

11.325 400 400 400


Holdings Ltd

11.333 400 400 400


Holdings Ltd

9.042 170 170 170


Holdings Ltd

11.692 435 435 435


Holdings Ltd

11.242 390 #N/A 390


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Clindeb (Netcare) NTC16 600 100% A+ Floating 2013/03/22 2018/03/22 5.0 0.6 13% 3m Jibar Sr Unsecured Netcare Ltd 8.935 161 161 127

.5

NTC18 550 100% A+ Floating 2014/02/27 2019/02/27 5.0 1.6 32% 3m Jibar Sr Unsecured Netcare Ltd 8.833 150 120 120

NTC19 600 100% A+ Floating 2015/07/27 2020/07/27 5.0 3.0 60% 3m Jibar Sr Unsecured Netcare Ltd 8.933 185 185 185

NTC20 477 100% A+ Floating 2017/07/27 2020/07/27 3.0 3.0 100% 3m Jibar Sr Unsecured Netcare Ltd 8.683 160 #N/A 160

NTC21 523 100% A+ Floating 2017/07/27 2022/03/24 4.7 4.6 100% 3m Jibar Sr Unsecured Netcare Ltd 8.883 180 #N/A 180

Consolidated

Infrastructure

Group

CIG04 134 100% A- Floating 2014/06/30 2018/07/01 4.0 0.9 23% 3m Jibar Sr Unsecured 10.442 310 310 310







CPV Power Plant

No.1 Bond SPV

(RF)

CPV01 1 000 92% BBB Fixed 2013/04/29 2029/06/30 16.2 11.9 74% R208 Sr Unsecured 11.000 11.160 486 378 377

.5

394

Curro Holdings COH001 150 100% A Floating 2013/11/26 2018/11/26 5.0 1.3 27% 3m Jibar Secured Embury

Institute for

Teacher

Education;

Woodhill

College

Property

Holdings Pty

Ltd; Aurora

College;

Subsidiaries

10.083 275 250 250

COH002 125 100% A Floating 2014/04/15 2019/04/15 5.0 1.7 34% 3m Jibar Secured Embury

Institute for

Teacher

Education;

Woodhill

College

9.942 260 260 260


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Property

Holdings Pty

Ltd; Aurora

College;

Subsidiaries

Delta Property

Fund

DLTB03 125 100% BBB+ Floating 2014/10/09 2017/10/09 3.0 0.2 6% 3m Jibar Sr Unsecured 9.412 207 207 207

Emira Property

Fund

EPF002 300 100% A Floating 2014/05/30 2018/05/28 4.0 0.8 21% 3m Jibar Sr Unsecured 8.933 160 160 160


EPF006 430 100% AA Floating 2015/08/19 2018/08/20 3.0 1.1 35% 3m Jibar Secured 8.802 146 146 146

EPF007 70 100% AA Floating 2015/08/19 2020/09/02 5.0 3.1 61% 3m Jibar Secured 8.983 165 165 165





Eqstra EQS05 900 67% B Floating 2012/04/25 2019/04/25 7.0 1.7 25% 3m Jibar Sr Unsecured Mutual

Construction

Co Ltd; eXtract

Group Ltd;

MCC Contracts

Pty Ltd; Saficon

Industrial

Equipment Pty

Ltd; Eqstra NH

Equipment Pty

Ltd; Eqstra TA

Equipment Pty

Ltd;

Subsidiaries

9.783 270 270 270

EQS06 340 100% B Floating 2013/04/09 2020/04/09 7.0 2.7 38% 3m Jibar Sr Unsecured Mutual

Construction

Co Ltd; eXtract

Group Ltd;

MCC Contracts

Pty Ltd; Saficon

9.862 252 500 500


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Industrial

Equipment Pty

Ltd; Eqstra NH

Equipment Pty

Ltd; Eqstra TA

Equipment Pty

Ltd;

Subsidiaries

EQS07 106 100% B Fixed 2013/04/09 2018/04/09 5.0 0.7 14% R204 Unsecured Mutual

Construction

Co Ltd; eXtract

Group Ltd;

MCC Contracts

Pty Ltd; Saficon

Industrial

Equipment Pty

Ltd; Eqstra NH

Equipment Pty

Ltd; Eqstra TA

Equipment Pty

Ltd;

Subsidiaries

8.655 12.080 242 500 500 492

EQS08A 465 100% B Floating 2013/10/04 2018/10/04 5.0 1.2 24% 3m Jibar Sr Unsecured Mutual

Construction

Co Ltd; eXtract

Group Ltd;

MCC Contracts

Pty Ltd; Saficon

Industrial

Equipment Pty

Ltd; Eqstra NH

Equipment Pty

Ltd; Eqstra TA

Equipment Pty

Ltd;

Subsidiaries

9.350 200 310 310

EQS10 50 100% B Floating 2017/07/28 2022/07/28 5.0 5.0 100% #N/A Sr Unsecured Mutual

Construction

Co Ltd; eXtract

Group Ltd;

MCC Contracts

Pty Ltd; Saficon

Industrial

Equipment Pty

Ltd; Eqstra NH

Equipment Pty

Ltd; Eqstra TA

Equipment Pty

Ltd;

Subsidiaries

10.083 #N/A 300 #N/A


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Exxaro

Resources

EXX02 520 100% BB+ Floating 2014/05/19 2019/05/20 5.0 1.8 36% 3m Jibar Sr Unsecured Exxaro Coal

Pty Ltd; Exxaro

Coal

Mpumalanga

Pty Ltd

9.292 195 290 290

Fortress Income

Fund

FIFB04 121 100% AA- Floating 2014/11/21 2017/11/21 3.0 0.3 10% 3m Jibar Sr Unsecured 9.042 170 170 170



FIFB08 250 100% AA- Floating 2016/05/31 2019/05/31 3.0 1.8 61% 3m Jibar Sr Unsecured Fortress

Income 2 Pty

Ltd; Fortress

Income 3 Pty

Ltd; Capital

Propfund Pty

Ltd

9.173 184 184 184


Income 2 Pty

Ltd; Fortress

Income 3 Pty

Ltd; Capital

Propfund Pty

Ltd

9.165 184 184 184


Income 2 Pty

Ltd; Fortress

Income 3 Pty

Ltd; Capital

Propfund Pty

Ltd

9.167 185 170 170


Income 2 Pty

Ltd; Fortress

Income 3 Pty

Ltds; Capital

Propfund Pty

Ltd

9.092 175 175 175


Income 2 Pty

Ltd; Fortress

Income 3 Pty

Ltd; Capital

9.142 180 180 180


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Propfund Pty

Ltd

Growthpoint

Properties

GRT06 500 100% AAA Floating 2012/12/11 2017/12/11 5.0 0.4 7% 3m Jibar Sr Unsecured Paramount

Properties Fund

Ltd; Metboard

Properties Ltd

8.817 150 100 70


Properties Fund

Ltd; Metboard

Properties Ltd

9.242 190 183 190


Properties Fund

Ltd; Metboard

Properties Ltd

8.775 145 145 110


Properties Fund

Ltd; Metboard

Properties Ltd

8.842 150 100 92


Properties Fund

Ltd; Metboard

Properties Ltd

8.892 155 155 155


Properties Fund

Ltd; Metboard

Properties Ltd

9.122 178 179 179


Properties Fund

Ltd; Metboard

Properties Ltd

9.025 170 158 157

.5


Properties Fund

Ltd; Metboard

Properties Ltd

8.822 148 148 148


Properties Fund

Ltd; Metboard

Properties Ltd

9.047 173 173 172

.5


Properties Fund

Ltd; Metboard

Properties Ltd

8.842 150 145 145


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17


Properties Fund

Ltd; Metboard

Properties Ltd

9.082 174 174 174


Properties Fund

Ltd; Metboard

Properties Ltd

8.712 140 140 139

.5


Properties Fund

Ltd; Metboard

Properties Ltd

9.017 170 165 165


Properties Fund

Ltd; Metboard

Properties Ltd

9.200 185 185 185

GRT21 220 100% AAA Fixed 2017/03/23 2024/04/03 7.0 6.7 95% R186 Sr Unsecured Paramount

Properties Fund

Ltd; Metboard

Properties Ltd

9.780 10.060 155 155 155 262

Hospitality

Property Fund

HPF06 60 100% A+ Floating 2015/02/20 2020/02/20 5.0 2.6 51% 3m Jibar Secured 10.142 280 280 280


HPF08 80 100% BBB+ Floating 2016/04/15 2019/04/15 3.0 1.7 57% 3m Jibar Sr Unsecured 10.342 300 300 300


Hyprop

Investments

HILB02 300 100% AA- Floating 2012/09/13 2017/09/13 5.0 0.1 2% 3m Jibar Sr Unsecured 8.817 150 150 150






Imperial Group IPL6 1 500 67% AA- Fixed 2010/09/28 2017/09/28 7.0 0.2 2% R203 Sr Unsecured Imperial 9.780 8.010 210 95 95 90


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Holdings Ltd

IPL7 750 100% AA- Floating 2013/04/05 2018/04/05 5.0 0.7 14% 3m Jibar Sr Unsecured Imperial

Holdings Ltd

8.842 150 150 150

IPL8 1 500 100% AA- Floating 2013/10/10 2020/10/10 7.0 3.2 46% 3m Jibar Sr Unsecured Imperial

Holdings Ltd

9.092 175 170 162


Holdings Ltd

8.972 163 170 165

IPL10 750 100% AA- Fixed 2014/05/20 2021/05/20 7.0 3.8 54% R208 Sr Unsecured 9.370 9.215 170 183 183 230


Holdings Ltd

9.392 205 205 205

Investec

Property Fund

IPF08 50 100% A Floating 2014/07/01 2018/07/02 4.0 0.9 23% 3m Jibar Sr Unsecured 8.930 158 158 158



IPF12 100 100% AA Floating 2015/04/15 2018/04/16 3.0 0.7 24% 3m Jibar Secured 8.842 150 150 150











Jasco

Electronics

JAS01 100 60% BB- Floating 2015/01/30 2017/07/31 2.5 0.0 0% 3m Jibar Sr Unsecured Jasco Trading

Pty Ltd; Jasco

Cables

Investments Pty

Ltd

10.333 325 325 325


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

KAP Industrial

Holdings

KAP002 428 100% A Floating 2014/06/13 2019/06/13 5.0 1.9 37% 3m Jibar Sr Unsecured 9.357 204 204 204

KAP003 250 100% A Floating 2014/06/25 2019/06/06 4.9 1.9 37% 3m Jibar Sr Unsecured Kap Automotive

Pty Ltd; Kap

Raw materials

Pty Ltd; PG

Bison Holdings

Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

Solutions Pty

Ltd

9.365 204 204 204


Pty Ltd; PG

Bison Southern

Cape Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

Solutions Pty

Ltd

9.033 170 170 170


Pty Ltd; PG

Bison Southern

Cape Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

Solutions Pty

Ltd

9.583 225 225 225

KAP007 420 100% A Fixed 2016/10/26 2021/10/26 5.0 4.2 85% R208 Sr Unsecured Kap Automotive

Pty Ltd; PG

Bison Southern

Cape Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

10.228 9.355 197 197 197 243


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Solutions Pty

Ltd


Pty Ltd; KAP

Bedding Pty

Ltd; Kap

Diversified

Industrial Pty

Ltd; PG Bison

Southern Cape

Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

Solutions Pty

Ltd

9.333 200 200 200


Pty Ltd; KAP

Bedding Pty

Ltd; Kap

Diversified

Industrial Pty

Ltd; PG Bison

Southern Cape

Pty Ltd;

Unitrans

Passenger Pty

Ltd; Unitrans

Supply Chain

Solutions Pty

Ltd

9.292 195 195 195

Mercedes-Benz

SA

MBF030 500 100% AAA Floating 2012/10/01 2017/10/01 5.0 0.2 3% 3m Jibar Sr Unsecured Daimler AG 8.700 135 75 75

MBSA01 500 100% AAA Fixed 2012/04/16 2019/04/16 7.0 1.7 24% R204 Sr Unsecured Daimler AG 9.035 8.480 135 140 140 170

MBSA02 750 100% AAA Fixed 2014/04/15 2019/04/15 5.0 1.7 34% R204 Sr Unsecured Daimler AG 8.905 8.530 145 145 174

MBF042 1 300 100% AAA Floating 2014/08/07 2017/08/07 3.0 0.0 1% 3m Jibar Sr Unsecured Daimler AG 8.392 105 40 40





CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

.5







MBP34 2 000 100% AAA Floating 2015/04/29 2018/04/30 3.0 0.8 25% 3m Jibar Sr Unsecured Daimler AG 8.283 120 120 120




MTN MTN06 1 500 100% AA- Floating 2017/07/13 2020/07/13 3.0 3.0 98% 3m Jibar Sr Unsecured MTN Group

Ltd; MTN

International

Mauritius Ltd;

Mobile

Telephone

Networks Pty

Ltd

9.142 180 #N/A 180

MTN07 1 000 100% AA- Floating 2017/07/13 2022/07/13 5.0 5.0 99% 3m Jibar Sr Unsecured MTN Group

Ltd; MTN

International

Mauritius Ltd;

Mobile

Telephone

Networks Pty

Ltd

9.342 200 #N/A 200

Northam

Platinum

NHM002 175 100% BBB+ Fixed 2016/05/13 2021/05/12 5.0 3.8 76% 0 Sr Unsecured Khumama

Platinum Pty

Ltd;

Booysendal

Platinum Pty

Ltd

13.500 13.500 478 0 0 644

NHM003 250 100% BBB+ Floating 2016/06/10 2019/06/10 3.0 1.9 62% 3m Jibar Sr Unsecured Khumama

Platinum Pty

Ltd;

Booysendal

11.225 390 390 390


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Platinum Pty

Ltd

Premium

Properties

PMM38 155 100% A Floating 2017/06/14 2020/06/12 3.0 2.9 96% 3m Jibar Sr Unsecured Octodec

Investments Ltd

9.175 185 185 185

PPC PPC002 750 3% BB- Floating 2013/12/04 2018/12/31 5.1 1.4 28% 3m Jibar Sr Unsecured 8.842 150 400 400

PPC003 750 15% BB- Floating 2014/07/10 2019/10/31 5.3 2.3 42% 3m Jibar Sr Unsecured 8.563 148 300 300

Rebosis Property

Fund

REB01 230 100% A- Floating 2015/05/21 2018/05/21 3.0 0.8 27% 3m Jibar Sr Unsecured 9.192 185 175 175

REB02 100 100% A- Floating 2016/07/22 2018/05/21 1.8 0.8 44% 3m Jibar Sr Unsecured 9.342 200 200 200

Redefine

Property

RDFB02 614 100% AA Floating 2013/03/11 2018/03/12 5.0 0.6 12% 3m Jibar Sr Unsecured 8.917 160 160 160






.5




Resilient REIT RES15 294 100% AA- Floating 2012/11/12 2017/11/13 5.0 0.3 6% 3m Jibar Sr Unsecured Resilient

Properties Pty

Ltd

9.042 170 140 140

RES18 190 100% AA- Floating 2013/02/05 2018/02/05 5.0 0.5 10% 3m Jibar Sr Unsecured Resilient

Properties Pty

Ltd

9.042 170 170 170


Properties Pty

9.075 175 175 175


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Ltd


Properties Pty

Ltd

8.892 155 143 143


Properties Pty

Ltd

9.113 178 116 116

.1


Properties Pty

Ltd

9.233 190 190 190


Properties Pty

Ltd

8.863 178 178 178

RES38 650 100% AA- Floating 2017/02/01 2020/08/03 3.5 3.0 86% 3m Jibar Sr Unsecured 8.883 180 180 180

SABSA BEER02 1 000 100% AAA Fixed 2013/03/28 2018/03/28 5.0 0.7 13% R204 Sr Unsecured Abi Sab Group

Holding Ltd

7.125 7.830 90 65 75 87

Sappi SA SSA05 500 100% A- Floating 2013/04/16 2018/04/16 5.0 0.7 14% 3m Jibar Sr Unsecured 8.842 150 120 117

.5

SSA06 745 100% A- Fixed 2013/04/16 2020/04/16 7.0 2.7 39% R208 Sr Unsecured 8.060 9.085 183 170 170 225

Steinhoff SHS06 580 100% AA+ Floating 2012/12/12 2017/12/12 5.0 0.4 7% 3m Jibar Sr Unsecured Steinhoff

International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd

9.517 220 135 135

SHS19 247 100% AA+ Fixed 2014/08/13 2017/09/10 3.1 0.1 4% R203 Sr Unsecured Steinhoff

International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

10.160 8.660 309 160 160 163


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Investment

Holdings Ltd

SHS22 250 100% AA+ Floating 2015/02/23 2020/02/24 5.0 2.6 51% 3m Jibar Sr Unsecured Steinhoff

International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd

9.342 200 185 185


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

8.983 165 165 165


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.283 195 195 195

SHS25 250 100% AA+ Fixed 2015/06/29 2020/06/29 5.0 2.9 58% R208 Sr Unsecured Steinhoff

International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.830 9.285 190 190 190 251


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.283 195 195 195


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.372 203 128 127

.5

SHS30 2 017 100% AA+ Floating 2017/04/05 2020/04/06 3.0 2.7 89% 3m Jibar Sr Unsecured Steinhoff

International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.142 180 180 180


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.342 200 200 200


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.142 180 #N/A 180


International

Holdings Ltd;

Steinhoff Africa

Holdings Pty

Ltd; Steinhoff

Investment

Holdings Ltd;

Ainsley

Holdings Pty

Ltd; Pepkor

Holdings Ltd

9.342 200 #N/A 200

Super Group SPG002 50 100% A+ Floating 2016/09/09 2019/09/09 3.0 2.1 70% 3m Jibar Sr Unsecured Super Group

Holdings Pty

Ltd; Super

Group Trading

Pty Ltd

9.625 230 230 230

SPG003 154 100% A+ Floating 2016/10/31 2019/10/31 3.0 2.3 75% 3m Jibar Sr Unsecured Super Group

Holdings Pty

Ltd; Super

Group Trading

Pty Ltd

9.333 225 225 225

Telkom TL20 2 500 100% AA- Fixed 2000/02/22 2020/02/24 20.0 2.6 13% R207 Sr Unsecured 6.000 8.925 79 167 167

Toyota TFS117 800 100% AAA Floating 2013/09/02 2018/09/03 5.0 1.1 22% 3m Jibar Sr Unsecured 8.483 115 115 115

TFS123 592 100% AAA Floating 2014/03/20 2019/03/20 5.0 1.6 33% 3m Jibar Sr Unsecured Toyota Motor

Finance

Netherlands BV

8.417 110 130 130


Finance

8.652 131 131 131


CORPORATES

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Netherlands BV


Finance

Netherlands BV

8.842 150 150 150


Finance

Netherlands BV

8.783 145 130 130


Finance

Netherlands BV

8.433 135 135 135


Finance

Netherlands BV

8.773 165 165 165


Finance

Netherlands BV

8.557 124 124 124


Finance

Netherlands BV

8.817 150 150 150

Vukile VKE05 100 100% A Floating 2013/03/28 2018/03/28 5.0 0.7 13% 3m Jibar Sr Unsecured 8.825 150 110 110

VKE06 380 100% AA+ Floating 2015/05/08 2018/05/08 3.0 0.8 26% 3m Jibar Secured 8.762 142 142 142


VKE08 110 100% A Floating 2016/03/29 2019/03/29 3.0 1.7 55% 3m Jibar Sr Unsecured 9.133 180 180 180





FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Absa Bank AB010 1 805 100% A Floating 2012/11/21 2017/11/21 10NC5 0.3 6% 3m Jibar Subordinated 9.292 195 140 140

AB011 2 007 100% A Floating 2012/11/21 2018/11/21 11NC6 1.3 22% 3m Jibar Subordinated 9.392 205 200 200

AB013 1 188 100% A Fixed 2012/11/21 2018/11/21 11NC6 1.3 22% R204 Subordinated 8.295 9.080 206 200 200 166

ABCPI3 845 100% A Step cpn,

(inflation-

linked)

2009/12/10 2023/12/07 19NC14 6.4 45% R197 Subordinated 5.500 4.530 66 206 206

ABS6 1 826 92% AA- Fixed 2007/06/18 2020/06/01 13.0 2.8 22% R207 Sr Unsecured 8.200 8.485 90 118.5 125 168

ABS7 3 600 100% AA- Fixed 2007/09/11 2026/09/11 19.0 9.1 48% R186 Sr Unsecured 8.800 9.860 80 135 135 204

ABS10 928 100% AA- Fixed 2011/03/17 2018/03/17 7.0 0.6 9% R203 Sr Unsecured 9.880 8.360 130 130 130 139







ABS17 427 100% AA- Fixed 2015/11/11 2027/11/11 12.0 10.3 86% R186 Sr Unsecured 10.635 9.795 225 128.5 128.5 205

ABS18 125 100% AA- Fixed 2016/09/26 2023/09/26 7.0 6.2 88% R2023 Sr Unsecured 9.840 9.285 156 146 203

ABFN07 1 176 89% AA- Floating 2011/03/17 2018/03/17 7.0 0.6 9% 3m Jibar Sr Unsecured 8.767 145 95.8 95.8

ABFN08 1 550 100% AA- Floating 2011/03/17 2020/03/17 9.0 2.6 29% 3m Jibar Sr Unsecured 9.067 175 126 122

ABFN09 135 100% AA- Floating 2011/03/17 2026/03/17 15.0 8.6 58% 3m Jibar Sr Unsecured 9.267 195 195 195


ABFN12 631 100% AA- Floating 2014/04/09 2019/04/09 5.0 1.7 34% 3m Jibar Sr Unsecured 8.392 105 121.5 121.5



ABFN15 320 100% AA- Floating 2015/11/11 2020/11/11 5.0 3.3 66% 3m Jibar Sr Unsecured 8.792 145 132.5 132.5


ABFN17 312 100% AA- Floating 2016/05/17 2019/05/17 3.0 1.8 60% 3m Jibar Sr Unsecured 8.742 125 125


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

ABFN18 195 100% AA- Floating 2016/09/26 2023/09/26 7.0 6.2 88% 3m Jibar Sr Unsecured 9.155 183 183




ABFN22 1 078 100% AA- Floating 2017/05/30 2024/05/30 7.0 6.8 98% 3m Jibar Sr Unsecured 9.183 103 185 185


ABSI4 98 100% AA- Fixed,

(inflation-

linked)

2011/03/17 2022/01/31 10.9 4.5 41% R212 Sr Unsecured 2.750 2.950 212 50 50

African Bank ABKS1 1 485 100% B+ Floating 2016/04/04 2021/04/05 10NC5 3.7 74% 3m Jibar Subordinated 14.600 725 1260 1260

ABK1 360 100% BB Fixed 2016/04/04 2018/11/07 2.6 1.3 49% R204 Sr Unsecured 11.500 11.080 400 400 426

ABK2 420 100% BB Fixed 2016/04/04 2018/05/24 2.1 0.8 38% R204 Sr Unsecured 9.500 10.030 295 295 309

ABK3 400 100% BB Floating 2016/04/04 2018/11/07 2.6 1.3 49% 3m Jibar Sr Unsecured 10.492 315 400 400




ABK7 567 100% BB Floating 2016/04/04 2019/06/03 3.2 1.8 58% 3m Jibar Sr Unsecured 9.325 200 440 412.5






ABKI01 600 100% BB Fixed 2016/04/04 2018/11/07 2.6 1.3 49% R212 Sr Unsecured 5.100 6.450 400 400 645

ABKI02 522 100% BB Fixed 2016/04/04 2020/06/05 4.2 2.9 68% R212 Sr Unsecured 4.000 6.450 400 400 624

ABKI03 1 600 100% BB Fixed 2016/04/04 2021/10/13 5.5 4.2 76% R212 Sr Unsecured 3.200 7.710 525 525 744

ABKI04 480 100% BB Fixed 2016/04/04 2024/03/13 7.9 6.6 83% I2025 Sr Unsecured 5.750 8.495 599 599 892


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Bank of China BCJ12 2 200 100% AAA Fixed 2017/03/22 2018/03/23 1.0 0.6 64% 0 Sr Unsecured 8.650 8.650 33 0 0 167

Bank Windhoek BWZJ18 600 100% A Floating 2013/11/19 2018/11/19 5.0 1.3 26% 3m Jibar Sr Unsecured 9.142 180 180 180

BWZ18B 180 100% A Floating 2015/03/27 2018/03/27 3.0 0.7 22% 3m Jibar Sr Unsecured 9.175 185 185 185

BWZJ19 160 100% A Floating 2016/11/10 2019/11/11 3.0 2.3 76% 3m Jibar Sr Unsecured 9.392 215 205 205

BWZ20A 299 100% A Floating 2015/03/27 2020/03/27 5.0 2.7 53% 3m Jibar Sr Unsecured 9.475 215 215 215

BWZJ21 60 100% A Floating 2016/11/10 2021/11/10 5.0 4.3 86% 3m Jibar Sr Unsecured 9.642 215 230 230

Barclays Africa

Group

BGL01 370 100% BBB Floating 2014/11/18 2019/11/19 10NC5 2.3 46% 3m Jibar Subordinated 10.642 330 277 277

BGL02 130 100% BBB Fixed 2014/11/18 2019/11/19 10NC5 2.3 46% R207 Subordinated 10.835 10.185 354 295 295 345

BGL03 1 693 100% BBB Floating 2015/02/04 2020/02/05 10NC5 2.5 50% 3m Jibar Subordinated 10.842 350 257 257




BGL07 737 100% BBB Fixed 2015/09/03 2022/09/03 12NC7 5.1 73% R2023 Subordinated 11.810 11.430 365 363 360.5 432





BGL12 1 510 100% BBB Floating 2016/08/19 2021/08/20 10NC5 4.1 81% 3m Jibar Subordinated 11.342 400 350 350

BGL13 140 100% BBB Fixed 2016/08/19 2021/08/20 10NC5 4.1 81% R208 Subordinated 11.740 11.205 382 382 427




"BNP Paribas

Personal Finance

South Africa Ltd.


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

(Previously RCS

Investment

Holdings Ltd.)"

RCSB05 170 100% AAA Floating 2013/04/12 2018/04/12 5.0 0.7 14% 3m Jibar Sr Unsecured RCS Personal

Finance Pty

Ltd; RCS Cards

Pty Ltd; BNP

Paribas SA

10.942 360 275 275

RCSB07 50 100% AAA Floating 2014/12/10 2017/12/11 3.0 0.4 12% 3m Jibar Sr Unsecured RCS Personal

Finance Pty

Ltd; RCS Cards

Pty Ltd; BNP

Paribas SA

9.917 260 200 200

RCG01B 550 100% AAA Floating 2016/10/24 2019/10/24 3.0 2.2 75% 3m Jibar Sr Unsecured RCS Personal

Finance Pty

Ltd; RCS Cards

Pty Ltd; BNP

Paribas SA

8.733 165 165 165

BPPF02 300 100% AAA Floating 2017/03/22 2020/03/22 3.0 2.6 88% 3m Jibar Sr Unsecured RCS Cards Pty

Ltd; BNP

Paribas SA

8.975 165 165 165

Capitec Bank CBL12 250 100% BBB+ Fixed 2011/09/06 2018/09/06 7.0 1.1 16% R204 Subordinated 11.320 14.780 391 770 770 763

CBL13 150 100% BBB+ Floating 2012/02/01 2019/02/01 7.0 1.5 22% 3m Jibar Subordinated 11.583 450 375 375

CBL14 175 100% BBB+ Fixed 2012/02/01 2019/02/01 7.0 1.5 22% R204 Subordinated 11.550 12.580 416 550 550 567


CBL18 350 100% BBB+ Fixed 2012/08/23 2019/08/23 7.0 2.1 29% R204 Subordinated 11.060 12.080 460 500 500 517


CBL22 450 100% A Fixed 2013/05/06 2020/05/06 7.0 2.8 40% R208 Sr Unsecured 8.500 9.485 250 210 210 266

CBL23 500 100% A Floating 2015/05/18 2018/05/18 3.0 0.8 27% 3m Jibar Sr Unsecured 9.792 245 245 245


CBL25 250 100% A Floating 2016/05/06 2019/05/06 3.0 1.8 59% 3m Jibar Sr Unsecured 9.542 220 221.5 221.5

CBL26 500 100% A Fixed 2016/05/06 2021/05/06 5.0 3.8 75% R208 Sr Unsecured 11.110 9.785 240 240 240 295


FirstRand FRB05 2 110 100% A Variable 2006/06/23 2018/12/21 17.5NC12.5 1.4 11% R204 Subordinated 8.500 8.880 110 180 180

FRB11 1 500 100% A Floating 2012/12/11 2017/12/11 10NC5 0.4 7% 3m Jibar Subordinated 10.217 290 160 160


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

FRB12 1 727 100% BBB Floating 2014/06/02 2019/06/02 10NC5 1.8 37% 3m Jibar Subordinated 9.583 225 200 200

FRB13 148 100% BBB Floating 2014/06/02 2021/06/02 12NC7 3.8 55% 3m Jibar Subordinated 9.723 239 340 340

FRB14 125 100% BBB Fixed 2014/06/02 2021/06/02 12NC7 3.8 55% R208 Subordinated 10.000 10.385 250 300 300 269



FRB17 601 100% BBB Floating 2015/07/08 2022/01/08 11.5NC6.5 4.4 68% 3m Jibar Subordinated 10.992 365 366.5 366.5


FRB19 500 100% A Variable 2016/04/14 2021/04/14 10NC5 3.7 74% R208 Subordinated 12.345 11.085 370 370 370

FRB20 645 100% A Floating 2016/04/15 2021/04/15 10NC5 3.7 74% 3m Jibar Subordinated 11.342 400 350 350



FRBC21 628 100% BBB Fixed 2008/04/21 2018/12/21 10.7, (ext) 1.4 13% R204 Subordinated 12.000 9.890 375 281 281 315

FRBC22 440 100% BBB Floating 2008/04/22 2018/12/21 10.7, (ext) 1.4 13% 3m Jibar Subordinated 10.325 300 155 135

FRBI22 758 100% AA- Fixed,

(inflation-

linked)

2010/08/20 2022/01/31 11.4 4.5 39% R212 Sr Unsecured 2.750 3.250 104 80 80

FRBI23 1 570 95% AA- Fixed,

(inflation-

linked)

2010/04/14 2023/12/07 13.6 6.4 47% R197 Sr Unsecured 5.500 3.670 100 120 120

FRBI25 1 247 100% AA- Fixed 2013/10/01 2025/01/31 11.3 7.5 66% I2025 Sr Unsecured 2.000 3.715 65 120 120 278

FRBI28 1 927 100% AA- Fixed,

(inflation-

linked)

2010/08/06 2028/03/31 17.7 10.7 60% R210 Sr Unsecured 2.600 4.110 100 161 161

FRBI29 231 100% AA- Fixed 2017/07/27 2029/03/31 11.7 11.7 100% #N/A Sr Unsecured 1.875 3.870 133 #N/A 133 -293

FRBI33 1 511 100% AA- Fixed,

(inflation-

linked)

2010/08/06 2033/12/07 23.3 16.4 70% R202 Sr Unsecured 3.450 4.360 145 179 179

FRBI46 491 100% AA- Fixed 2016/04/14 2046/03/31 30.0 28.7 96% I2046 Sr Unsecured 2.500 4.370 177 184 184 571

FRBI50 130 100% AA- Fixed,

(inflation-

linked)

2017/01/26 2050/12/31 33.9 33.4 99% I2050 Sr Unsecured 2.500 4.410 185 185 185

FRI33 959 100% AA- Fixed 2017/01/27 2033/02/28 16.1 15.6 97% I2033 Sr Unsecured 1.875 4.090 173 155 155 -222


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

FRI38 278 100% AA- Fixed 2017/02/02 2038/01/31 21.0 20.5 98% I2038 Sr Unsecured 2.250 175 170 170 -85

FRJ18 701 100% AA- Floating 2011/02/21 2018/02/21 7.0 0.6 8% 3m Jibar Sr Unsecured 8.832 149 67 60

FRJ19 2 386 100% AA- Floating 2013/04/04 2019/04/04 6.0 1.7 28% 3m Jibar Sr Unsecured 8.500 150 105 99

FRJ20 223 100% AA- Floating,

(inflation-

linked)

2013/10/01 2020/09/20 7.0 3.1 45% 3m Jibar Sr Unsecured 8.317 105 127 120

FRJ21 422 100% AA- Floating 2014/05/16 2021/09/15 7.3 4.1 56% 3m Jibar Sr Unsecured 8.517 120 144 142



FRJ27 1 243 100% AA- Floating 2017/02/03 2027/01/25 10.0 9.5 95% 3m Jibar Sr Unsecured 9.008 192.5 189 189

FRX17 1 087 100% AA- Fixed 2012/04/04 2017/09/15 5.4 0.1 2% R203 Sr Unsecured 8.500 6.920 125 -3 -14 -19

FRX18 1 581 98% AA- Fixed,

(inflation-

linked)

2010/04/14 2018/04/14 8.0 0.7 9% R204 Sr Unsecured 10.500 7.560 165 48 48

FRX19 1 766 100% AA- Fixed 2012/04/04 2019/11/15 7.6 2.3 30% R207 Sr Unsecured 9.000 7.885 130 77 65 115

FRX20 596 100% AA- Fixed 2013/10/01 2020/10/01 7.0 3.2 45% R208 Sr Unsecured 8.750 8.155 123 91 77 132




FRX27 894 100% AA- Fixed,

(inflation-

linked)

2017/03/07 2027/03/07 10.0 9.6 96% R186 Sr Unsecured 10.190 145 135 126



FRX32 287 100% AA- Fixed 2017/03/07 2032/03/31 15.1 14.7 97% R2032 Sr Unsecured 10.520 125 92 85 217

FRX45 425 100% AA- Fixed 2010/04/14 2045/04/14 35.0 27.7 79% R214 Sr Unsecured 8.000 10.855 135 125 114 233

FNB Namibia FBJ20Z 343 100% AA Floating 2017/03/20 2020/03/20 3.0 2.6 88% 3m Jibar Sr Unsecured 9.167 185 185 185

FBJ22Z 334 100% AA Floating 2017/03/20 2022/03/20 5.0 4.6 93% 3m Jibar Sr Unsecured 9.467 215 215 215


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Grindrod Bank GBL02 260 100% BBB+ Floating 2015/10/15 2018/10/15 3.0 1.2 40% 3m Jibar Sr Unsecured Grindrod Ltd 9.542 220 220 220

Investec Bank IBL22 70 100% AA- Fixed 2011/03/15 2018/03/15 7.0 0.6 9% R203 Sr Unsecured 9.990 8.060 145 100 100 110

IBL36 231 100% AA- Fixed,

(inflation-

linked)

2011/11/04 2022/01/31 10.2 4.5 44% R212 Sr Unsecured 2.750 3.020 57 57 57

IBL39 193 100% AA- Fixed 2012/04/02 2018/04/02 6.0 0.7 11% R203 Sr Unsecured 8.765 8.180 142 112 112 117



IBL49 1 169 100% AA- Fixed 2013/04/02 2018/04/02 5.0 0.7 13% R203 Sr Unsecured 7.335 8.370 138 131 131 131


IBL53 290 100% AA- Floating 2013/07/31 2018/07/31 5.0 1.0 20% 3m Jibar Sr Unsecured 8.233 115 115 115






IBL63 993 100% AA- Floating 2014/07/29 2017/07/31 3.0 0.0 0% 3m Jibar Sr Unsecured 8.392 105 67.5 67.5




IBL67 250 100% AA- Fixed,

(inflation-

linked)

2015/03/17 2022/01/31 6.9 4.5 66% R212 Sr Unsecured 2.750 3.750 130 130 130







FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17





IBL86 1 385 100% AA- Floating 2016/05/20 2021/05/20 5.0 3.8 76% 3m Jibar Sr Unsecured 9.192 185 140 140













IBL100 1 020 100% AA- Floating 2017/05/24 2020/05/24 3.0 2.8 94% 3m Jibar Sr Unsecured 8.742 118 140 140

IBL101 72 100% AA- Fixed 2017/05/24 2022/05/24 5.0 4.8 96% R2023 Sr Unsecured 9.075 8.840 119 101.5 101.5 177


IBL103 150 100% AA- Floating 2017/06/09 2018/06/08 1.0 0.9 86% 3m Jibar Sr Unsecured 8.200 87.5 87.5 87.5

IBL104 200 100% AA- Variable 2017/07/17 2020/07/17 3.0 3.0 99% Variable Sr Unsecured 8.705 8.705 0 0

IV08 200 100% BBB Fixed 2008/04/30 2018/04/30 Perp, NC10 0.8 8% R204 Jr

Subordinated

13.735 8.780 450 170 170 205

IV09 200 100% BBB Floating 2008/04/30 2018/04/30 Perp, NC10 0.8 8% 3m Jibar Jr

Subordinated

10.833 375 300 300

IV015 1 350 100% BBB+ Floating 2010/09/20 2017/09/20 7, (ext) 0.1 2% 3m Jibar Subordinated 9.967 265 200 200

IV019 64 100% BBB+ Fixed,

(inflation-

2012/04/02 2023/04/03 16NC11 5.7 52% R210 Subordinated 2.600 5.750 190 325 325


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

linked)

IV19A 230 100% BBB+ Fixed,

(inflation-

linked)

2012/05/28 2023/04/03 15.9NC10.8 5.7 52% R210 Subordinated 2.600 4.500 200 200 200

IV025 1 000 100% BBB+ Floating 2012/09/12 2019/09/12 12NC7 2.1 30% 3m Jibar Subordinated 9.817 250 306 306

IV026 750 100% BBB+ Floating 2012/09/27 2019/09/27 12NC7 2.2 31% 3m Jibar Subordinated 9.775 245 306 306

IV030 324 100% BBB+ FIXED,

(inflation-

linked)

2012/10/18 2020/01/31 12.3NC7.3 2.5 34% I2025 Subordinated 2.000 4.515 200 200 200

IV030A 350 100% BBB+ Fixed,

(inflation-

linked)

2012/10/26 2020/01/31 12.3NC7.3 2.5 34% I2025 Subordinated 2.000 4.515 200 200 200




IV034 101 100% BBB+ Fixed 2016/02/11 2021/02/11 10NC5 3.5 71% R208 Subordinated 12.470 11.085 370 370 370 429

IV035 1 468 100% BBB+ Floating 2016/03/17 2022/04/07 11.1NC6.1 4.7 77% 3m Jibar Subordinated 11.992 465 400 400

IV036 32 100% BBB+ Floating 2016/04/22 2021/07/22 10.3NC5.2 4.0 76% 3m Jibar Subordinated 11.333 425 425 425


IV039 119 100% BBB+ Variable 2016/09/29 2022/01/31 10.3NC5.3 4.5 84% R212 Subordinated 2.750 5.200 425 275 275


IV041 190 100% BBB+ Variable 2016/09/29 2021/09/29 10NC5 4.2 83% R208 Subordinated 11.970 11.435 405 405 405


IV043 150 100% BBB+ Variable 2016/11/21 2021/11/21 10NC5 4.3 86% R208 Subordinated 12.500 11.325 411 394 394


IV045 1 160 100% BBB+ Variable 2017/01/31 2022/01/31 10NC5 4.5 90% R212 Subordinated 2.750 5.450 300 300 300

IV046 1 200 100% BBB+ Floating 2017/06/21 2022/06/21 10NC5 4.9 98% 3m Jibar Subordinated 11.217 390 390 390

Investec Limited INLV01 550 100% BB- Floating 2014/08/12 2024/08/12 Perp, NC10 7.0 70% 3m Jibar Jr

Subordinated

11.592 425 424 424

INLV02 276 100% BBB Floating 2015/10/20 2020/10/20 10NC5 3.2 64% 3m Jibar Subordinated 11.042 370 325 325


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

INLV03 94 100% BBB Floating 2016/02/11 2021/02/11 10NC5 3.5 71% 3m Jibar Subordinated 11.692 435 435 435

INLV04 225 100% BBB Fixed 2016/02/11 2021/02/11 10NC5 3.5 71% R208 Subordinated 12.770 11.185 400 380 380 441

Kagiso Sizanani

Capital

KSB007 250 100% N/R Floating 2012/08/31 2017/08/31 5.0 0.1 2% 3m Jibar Sr Unsecured Kagiso Tiso

Holdings Pty

Ltd

10.075 275 275 275


Holdings Pty

Ltd

10.383 330 330 330


Holdings Pty

Ltd

11.192 385 385 385

Letshego

Holdings

LHL17 335 100% BBB- Floating 2015/12/14 2018/11/14 2.9 1.3 44% 3m Jibar Secured Fedrox Pty Ltd 12.842 550 550 550

LHL18 180 100% BBB- Fixed 2015/12/14 2018/11/14 2.9 1.3 44% R204 Secured Fedrox Pty Ltd 13.320 12.580 550 550 550 577

LHL19 175 100% BBB- Fixed 2015/12/14 2019/11/14 3.9 2.3 58% R207 Secured Fedrox Pty Ltd 14.300 13.435 620 620 620 672



Liberty LGL02 1 000 100% AA Fixed 2012/08/13 2017/08/13 5.0 0.0 1% R203 Subordinated 7.670 7.460 180 126 40 22

LGL03 1 000 100% AA Fixed 2012/10/03 2018/04/03 5.5 0.7 12% R203 Subordinated 7.640 8.960 185 190 190 188

LGL04 1 000 100% AA Fixed 2013/08/14 2020/08/14 7.0 3.0 43% R207 Subordinated 9.165 9.135 180 190 190 232

LGL05 500 100% AA Floating 2014/12/12 2021/12/13 7.0 4.4 62% 3m Jibar Subordinated 9.817 250 245 245

LGL06 400 100% AA- Fixed 2016/10/04 2022/10/04 6.0 5.2 86% R2023 Subordinated 10.200 9.675 185 185 185 256

LGL07 600 100% AA- Floating 2016/10/04 2022/10/04 6.0 5.2 86% 3m Jibar Subordinated 9.630 228 228 228

Lombard

Insurance

Company

LOM01 200 100% BBB+ Floating 2014/11/25 2019/11/25 5.0 2.3 46% 3m Jibar Subordinated 12.083 475 400 400

MAQ0A2 500 100% AAA Floating 2014/06/23 2017/08/31 3.2 0.1 3% 6m Jibar Sr Unsecured Macquarie 7.947 3 3 3


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Group Ltd

MAQ0A3 300 100% AAA Floating 2015/06/29 2018/08/31 3.2 1.1 34% 6m Jibar Sr Unsecured 8.272 35.5 35.5 35.5

MAQ0A4 300 100% AAA Floating 2015/06/29 2018/08/31 3.2 1.1 34% 3m Jibar Sr Unsecured Macquarie

Group Ltd

8.100 77.5 77.5 77.5

MAQ0J1 225 100% AAA Floating 2016/12/13 2017/08/28 3.2,Putable-

Call,0.7

0.1 11% 3m Jibar Sr Unsecured Macquarie

Group Ltd

7.775 45 45 45

MAQ0J2 75 100% AAA Floating 2016/12/13 2017/08/28 3.2,Putable-

Call,0.7

0.1 11% 3m Jibar Sr Unsecured Macquarie

Group Ltd

7.533 45 45 45

0 0

MMI Group MMIG01 1 500 100% AA Floating 2014/03/17 2019/03/17 10NC5 1.6 33% 3m Jibar Subordinated 8.777 146 180 180

MMIG02 750 100% AA Fixed 2014/03/17 2021/03/17 12NC7 3.6 52% R208 Subordinated 10.065 9.085 170 170 170 224

MMIG03 750 100% AA Floating 2014/12/01 2020/06/01 10.5NC5.5 2.8 52% 3m Jibar Subordinated 9.633 230 250 250



Nedbank NBK3A 1 273 100% AA- Fixed 2009/09/09 2019/09/09 10.0 2.1 21% R204 Sr Unsecured 11.390 8.150 265 107 107 141

NBK4 130 100% AA- Zero

coupon

2009/10/28 2024/10/28 15.0 7.2 48% R186 Sr Unsecured 0.000 11.085 257.5 257.5

NBK7B 80 100% AA- Floating 2010/04/19 2020/04/20 10.0 2.7 27% 3m Jibar Sr Unsecured 9.492 215 215 215

NBK11A 1 888 100% AA- Fixed 2013/11/28 2020/11/28 7.0 3.3 48% R207 Sr Unsecured 8.920 8.400 152 116.5 116.5 156

NBK12A 855 100% AA- Fixed 2014/03/19 2021/03/19 7.0 3.6 52% R208 Sr Unsecured 9.380 9.110 115 172.5 172.5 223

NBK13A 391 100% AA- Fixed 2014/03/19 2024/03/19 10.0 6.6 66% R2023 Sr Unsecured 9.730 9.225 140 140 140 189



NBK16A 2 607 100% AA- Fixed 2015/02/12 2025/02/12 10.0 7.5 75% R186 Sr Unsecured 9.440 10.210 200 170 170 259

NBK17A 800 100% AA- Fixed 2015/04/22 2026/04/22 11.0 8.7 79% R186 Sr Unsecured 9.950 9.745 218 123.5 123.5 210





FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

















NBK25B 1 980 100% AA- Floating 2015/02/12 2025/02/12 10.0 7.5 75% 3m Jibar Sr Unsecured 9.342 200 201 201








NBK33B 2 484 100% AA- Floating 2016/05/10 2019/05/10 3.0 1.8 59% 3m Jibar Sr Unsecured 8.792 145 132.5 132.5




FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17








NED13 1 800 100% A Floating 2013/07/24 2018/07/25 10NC5 1.0 20% 3m Jibar Subordinated 9.833 275 200 200


NED15 450 100% A Fixed 2014/04/07 2019/04/08 10NC5 1.7 34% R204 Subordinated 10.490 9.030 263 195 195 228

NED16 1 737 100% A Floating 2014/04/07 2019/04/08 10NC5 1.7 34% 3m Jibar Subordinated 9.892 255 247.5 247.5

NED17 300 100% A Floating 2014/10/13 2019/10/14 10NC5 2.2 44% 3m Jibar Subordinated 10.092 275 275 275

NED18 225 100% A Floating 2015/01/15 2020/01/16 10NC5 2.5 49% 3m Jibar Subordinated 10.092 275 275 275


NED20 407 100% A Fixed 2015/06/30 2020/07/01 10NC5 2.9 58% R207 Subordinated 11.290 10.485 355 325 325 372

NEDT1A 1 500 100% BB- Floating 2016/05/20 2021/05/21 Perp, NC5 3.8 76% 3m Jibar Jr

Subordinated

14.342 700 625 625

NEDT1B 500 100% BB- Floating 2016/11/25 2021/11/26 Perp, NC5 4.3 86% 3m Jibar Jr

Subordinated

13.583 625 625 625

NILB11 46 100% AA- Fixed 2014/10/23 2025/01/31 10.3 7.5 73% I2025 Sr Unsecured 2.000 3.375 86 86 86 231

NILB12 50 100% AA- Fixed 2015/02/20 2033/12/07 18.8 16.4 87% R202 Sr Unsecured 3.450 3.940 137 137 137 618

NILB13 80 100% AA- Fixed 2015/03/23 2025/01/31 9.9 7.5 76% I2025 Sr Unsecured 2.000 3.765 125 125 125 285



NILB17 145 100% AA- Fixed 2017/02/15 2038/01/31 21.0 20.5 98% I2038 Sr Unsecured 2.250 3.920 147 147 147 -212

Nedbank Group NGL01 2 000 100% BBB Floating 2016/09/21 2021/09/22 10NC5 4.1 83% 3m Jibar Subordinated 11.325 400 335 335

NGL02 2 000 100% BBB Floating 2017/03/14 2022/03/15 10NC5 4.6 92% 3m Jibar Subordinated 11.117 11.142 380 357 357


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

NGL03 500 100% BBB Floating 2017/05/25 2022/05/26 10NC5 4.8 96% 3m Jibar Subordinated 11.092 11.142 375 375 375

NGLT1A 600 100% B+ Floating 2017/06/30 2022/07/01 Perp, NC5 4.9 98% 3m Jibar Jr

Subordinated

12.975 11.142 565 565 565

Old Mutual Life

Co. SA

OML02 700 100% AA- Floating 2014/11/27 2019/11/27 10NC5 2.3 47% 3m Jibar Subordinated 9.533 220 193.5 193.5

OML03 300 100% AA- Fixed 2014/11/27 2019/11/27 10NC5 2.3 47% R207 Subordinated 9.255 9.435 220 220 220 197

OML04 537 100% AA- Floating 2015/03/19 2020/03/19 10NC5 2.6 53% 3m Jibar Subordinated 9.617 230 225 225


OML06 409 100% AA- Step cpn 2015/03/19 2022/03/19 12NC7 4.6 66% R2023 Subordinated 10.320 10.405 258 258 258

OML07 1 150 100% AA- Fixed 2015/03/19 2025/03/19 15NC10 7.6 76% R186 Subordinated 10.955 11.410 300 290 290 331

OML08 1 288 100% AA- Floating 2015/09/14 2020/09/14 10NC5 3.1 63% 3m Jibar Subordinated 9.567 225 215 215



PSG Konsult KST01 100 100% A- Floating 2017/07/12 2020/07/12 3.0 3.0 98% 3m Jibar Sr Unsecured 9.522 218 #N/A 218

Real People RP014 100 79% CCC Floating 2012/09/27 2019/09/27 7.0 2.2 31% 3m Jibar Sr Unsecured Real People

Pty Ltd;

Subsidiaires

13.575 625 1893 1893

RPS001 220 86% CCC Floating 2012/11/16 2022/11/16 10.0 5.3 53% 3m Jibar Subordinated Real People

Pty Ltd;

Subsidiaires

17.883 1000 1000 1000

RPS002 100 25% CCC Floating 2013/04/30 2025/04/30 12.0 7.8 65% 3m Jibar Subordinated Real People

Pty Ltd;

Subsidiaires

17.083 625 3316 3316


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Sanlam SLI3 1 160 100% AA- Fixed 2013/08/15 2018/08/15 10NC5 1.0 21% R204 Subordinated 8.700 8.330 160 125 125 149

SLI4 1 000 100% AA- Floating 2016/08/15 2021/08/15 10NC5 4.0 81% 3m Jibar Subordinated 9.542 220 220

Santam SNT01 1 000 100% AA- Fixed 2007/05/11 2017/09/15 15.4NC10.3 0.1 1% R203 Subordinated 8.250 8.260 106 120 120 101

SNT02 500 100% AA- Floating 2016/04/12 2021/04/12 10NC5 3.7 74% 3m Jibar Subordinated 9.792 245 245 245

SNT03 500 100% AA- Fixed 2016/04/12 2023/04/12 12NC7 5.7 81% R2023 Subordinated 11.770 10.425 270 260 260 329

SNT04 1 000 100% AA- Fixed 2017/06/27 2022/06/27 10NC5 4.9 98% 3m Jibar Subordinated 9.425 210 210 210 187

Shisa

Investments

SHI02 1 268 28% NR Zero

coupon

2007/01/03 2021/10/01 14.7, (sink) 4.2 28% 0 Unsecured 0.000 552.3 0 0

Standard Bank SBK9 1 500 100% A Variable 2006/04/10 2018/04/10 17NC12 0.7 6% R204 Subordinated 8.400 8.430 88 135 135

SBK14 1 780 100% A Fixed 2011/12/01 2017/12/01 6, (ext) 0.3 6% R203 Subordinated 9.660 8.160 205 98 110 104

SBK16 2 000 100% A Floating 2012/03/15 2018/03/15 11NC6 0.6 10% 3m Jibar Subordinated 9.417 210 180 180



SBK19 500 100% A Floating 2012/10/24 2019/10/24 12NC7 2.2 32% 3m Jibar Subordinated 9.283 220 220 220


SBK21 750 100% A Floating 2015/01/28 2020/01/28 10NC5 2.5 50% 3m Jibar Subordinated 10.383 330 345 345


SBK23 1 000 100% A Fixed 2015/05/28 2022/05/28 12NC7 4.8 69% R2023 Subordinated 11.560 11.125 360 330 330 406



SBK26 500 100% A Fixed 2016/04/25 2021/04/25 10NC5 3.7 75% R208 Subordinated 12.250 11.125 380 374 374 430

SBS3 750 100% AA- Fixed 2006/05/25 2026/05/25 20.0 8.8 44% R186 Sr Unsecured 8.200 9.855 80 142 134.5 201

SBS4 500 100% AA- Fixed 2006/11/16 2021/11/16 15.0 4.3 29% R208 Sr Unsecured 8.600 8.705 57 177 132 171


SBS16 456 100% AA- Floating 2011/09/22 2018/09/22 7.0 1.1 16% 3m Jibar Sr Unsecured 8.825 150 120 120


FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

SBS18 1 395 100% AA- Floating 2011/06/23 2021/06/23 10.0 3.9 39% 3m Jibar Sr Unsecured 9.075 175 154.5 154.5

SBS19 2 100 100% AA- Fixed 2011/06/23 2021/06/23 10.0 3.9 39% R208 Sr Unsecured 10.180 8.685 170 130 130 182

SBS20 1 894 100% AA- Fixed 2012/05/15 2026/05/15 14.0 8.8 63% R186 Sr Unsecured 10.050 9.675 175 124 116.5 203


SBS24 1 641 100% AA- Floating 2012/05/24 2019/05/24 7.0 1.8 26% 3m Jibar Sr Unsecured 8.942 160 140 117



SBS29 500 100% AA- Fixed 2014/06/12 2019/06/12 5.0 1.9 37% R204 Sr Unsecured 8.690 7.885 105 80.5 80.5 111


SBS31 1 420 100% AA- Fixed 2014/06/12 2027/06/12 13.0 9.9 76% R186 Sr Unsecured 9.785 9.910 165 144.5 140 211

SBS32 465 100% AA- Floating 2014/09/19 2017/09/19 3.0 0.1 5% 3m Jibar Sr Unsecured 8.417 110 146.5 146.5





SBS37 1 215 100% AA- Fixed 2015/01/29 2020/01/29 5.0 2.5 50% R207 Sr Unsecured 7.975 8.110 140 95 87.5 135

SBS38 2 814 100% AA- Fixed 2015/01/29 2025/01/29 10.0 7.5 75% R186 Sr Unsecured 9.090 9.525 192 107.5 101.5 197


SBS40 1 504 100% AA- Floating 2015/11/12 2020/11/12 5.0 3.3 66% 3m Jibar Sr Unsecured 8.892 155 137.5 135

SBS41 451 100% AA- Fixed 2015/11/12 2022/11/12 7.0 5.3 76% R2023 Sr Unsecured 9.980 8.930 164 117 110.5 183





SBS46 168 100% AA- Fixed 2016/02/15 2023/02/15 7.0 5.5 79% R2023 Sr Unsecured 10.650 8.925 155 116.5 110 182




FINANCIALS

Issuer Bond

Code

Issue

Size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmark Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17





SBS53 1 900 100% AA- Floating 2017/05/02 2027/05/03 10.0 9.8 98% 3m Jibar Sr Unsecured 9.317 197.5 197.5 197.5



SBS56 533 100% AA- Fixed 2017/06/12 2022/06/12 5.0 4.9 97% R2023 Sr Unsecured 8.950 113 113 186



SBSI11 2 150 100% AA- Fixed,

(inflation-

linked)

2010/03/03 2023/12/07 13.8 6.4 46% R197 Sr Unsecured 5.500 3.920 145 145

SBSI14 877 100% AA- Fixed,

(inflation-

linked)

2016/02/19 2033/12/07 17.8 16.4 92% R202 Sr Unsecured 3.450 4.120 155 155 155

SBT101 1 744 100% BB- Floating 2017/03/30 2022/03/31 Perp, NC5 4.7 93% 3m Jibar Jr

Subordinated

12.992 565 565 565

TUHF TUHF01 280 100% BBB+ Floating 2017/01/26 2020/01/27 3.0 2.5 83% 3m Jibar Secured TUHF Holdings 10.333 325 325 325



STATE-OWNED ENTITIES and MUNICIPALITIES Issuers Bond

Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Airports

Company SA

AIR01 2 000 100% AA+ Fixed 2007/03/15 2019/03/15 12.0 1.6 14% R204 Sr Unsecured 8.580 8.430 92 150 135 166

AIR02 1 712 100% AA+ Fixed 2008/04/30 2023/04/30 15.0 5.7 38% R186 Sr Unsecured 11.680 10.050 240 154 154 293

AIR04 544 100% AA+ Fixed 2014/05/29 2024/05/29 10.0 6.8 68% R2023 Sr Unsecured 9.250 9.175 135 135 135 178

AIR05 232 100% AA+ Fixed 2014/05/29 2030/05/29 16.0 12.8 80% R213 Sr Unsecured 10.000 10.580 140 140 140 250

AIRL01 1 191 83% AA+ Fixed,

(inflation-

linked)

2008/04/30 2028/04/30 20.0 10.8 54% R210 Sr Unsecured 3.640 3.510 126 101 101 342

City of Cape

Town

CCT01 1 000 100% AAA Fixed 2008/06/23 2023/06/23 15.0 5.9 39% R186 Sr Unsecured 12.570 10.335 220 182.5 182.5 325

CCT02 1 200 100% AAA Fixed 2009/06/12 2024/06/12 15.0 6.9 46% R186 Sr Unsecured 11.615 10.335 260 182.5 182.5 302

CCT03 2 000 100% AAA Fixed 2010/03/15 2025/03/15 15.0 7.6 51% R186 Sr Unsecured 11.160 10.410 208 190 190 295

CCT04 1 000 100% AAA Fixed 2017/07/17 2027/07/17 10, (sink) 10.0 100% R186 Sr Unsecured 10.170 9.840 133 133 232

City of

Johannesburg

COJ04 1 733 100% AA+ Fixed 2006/06/05 2018/06/05 12.0 0.8 7% R203 Sr Unsecured 9.000 8.200 110 105 114 125


COJ07 850 100% AA+ Fixed 2011/03/23 2021/03/23 10.0 3.6 36% R208 Unsecured 10.780 9.395 195 201 201 257


COJG01 1 458 100% AA+ Fixed 2014/06/09 2024/06/09 10.0 6.9 69% R2023 Sr Unsecured 10.180 9.785 185 196 196 241

City of Tshwane COT01 830 100% A+ Fixed 2013/04/03 2023/04/03 10.0 5.7 57% R2023 Sr Unsecured 9.110 9.960 220 213.5 213.5 267

COT02 560 100% A+ Fixed 2013/04/03 2028/04/03 15.0 10.7 71% R186 Sr Unsecured 10.200 11.240 275 273 273 320

COT03 750 100% A+ Fixed 2013/06/05 2028/06/05 15.0 10.9 72% R186 Unsecured 9.460 11.260 275 275 275 308

Denel DENG44 585 100% AAA Fixed 2013/01/28 2017/09/29 4.7 0.2 4% R203 Sr Unsecured Republic of

South Africa

6.860 7.835 105 77.5 77.5 44



Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Development

Bank of SA

DV22 9 228 100% AA+ Fixed 2008/02/07 2020/02/07 12.0 2.5 21% R207 Sr Unsecured 9.450 8.455 122 122 173

DV23 9 453 100% AA+ Fixed 2003/02/27 2023/02/27 20.0 5.6 28% R2023 Sr Unsecured 10.000 9.415 96 159 159 224


DV29 534 98% AA+ Fixed 2014/02/18 2029/02/18 15.0 11.6 77% R213 Sr Unsecured 10.100 10.980 95 180 180 290

DVF18 1 295 100% AA+ Floating 2014/09/30 2018/03/30 3.5 0.7 19% 3m Jibar Sr Unsecured 8.442 110 115 115


DVF20 367 100% AA+ Floating 2016/11/29 2019/11/29 3.0 2.3 78% 3m Jibar Sr Unsecured 8.783 145 145 145

DVF20B 271 100% AA+ Floating 2017/03/28 2020/03/28 3.0 2.7 89% 3m Jibar Sr Unsecured 8.625 130 130 130


DVF22 795 100% AA+ Floating 2017/03/28 2022/03/28 5.0 4.7 93% 3m Jibar Sr Unsecured 8.925 160 157 157


Ekurhuleni EMM01 815 100% AAA Fixed 2010/07/28 2020/07/28 10.0 3.0 30% R208 Sr Unsecured 10.560 8.985 209 160 160 225

EMM02 800 100% AAA Fixed 2011/03/11 2021/03/11 10.0 3.6 36% R208 Sr Unsecured 10.720 9.065 185 168 168 225

EMM03 800 100% AAA Fixed 2012/05/04 2024/05/04 12.0 6.8 56% R186 Sr Unsecured 10.050 10.310 185 180 180 286

EMM04 800 73% AAA Fixed 2013/05/16 2028/05/16 15, (sink) 10.8 72% R213 Sr Unsecured 9.155 10.765 180 158.5 158.5 394

EMM05 785 80% AAA Fixed 2014/04/17 2029/04/17 15, (sink) 11.7 78% R213 Sr Unsecured 10.670 11.030 180 185 185 403

EMM06 750 80% AAA Fixed 2015/06/23 2025/06/23 10, (sink) 7.9 79% R186 Sr Unsecured 10.250 10.410 190 190 190 350

EMM07 500 100% AAA Fixed 2017/07/10 2027/07/10 10, (sink) 9.9 99% R186 Sr Unsecured 10.520 10.260 175 175 278

EMM07P 800 100% AAA Fixed 2017/07/17 2032/07/17 15, (sink) 15.0 100% R2032 Sr Unsecured 11.320 11.055 175 175 329

Eskom E170 8 835 100% BB+ Fixed 1992/07/09 2021/08/01 29.1,

(sink/ext)

4.0 14% R207 1st lien 13.500 8.125 89 89 116

EL28 4 169 100% AAA Fixed,

(inflation-

linked)

2012/05/02 2028/05/02 16.0 10.8 67% R210 Sr Unsecured Republic of

South Africa

2.550 3.220 30 72 72 217

EL29 3 684 100% AAA fixed,

(inflation-

linked)


South Africa

1.900 3.230 28 73 73 216



Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

EL30 3 716 98% AAA Fixed,

(inflation-

linked)


South Africa

2.300 3.250 31 75 75 216

EL31 4 203 95% AAA Fixed 2014/06/02 2031/06/02 17.0 13.8 81% R202 Sr Unsecured Republic of

South Africa

2.100 3.320 30 75 75 -300

ES18 2 479 98% AAA Fixed 2009/04/20 2018/04/20 9.0 0.7 8% R204 Sr Unsecured Republic of

South Africa

9.250 7.950 66 87 87 100


South Africa

10.000 8.855 65 100 103 173


South Africa

7.850 9.670 114 116 184


South Africa

7.500 10.730 121 121 214

EL36 3 750 100% AAA Fixed 2014/12/03 2036/01/31 21.2 18.5 87% I2038 Sr Unsecured Republic of

South Africa

2.250 3.210 50 76 76 213

EL037 3 650 100% AAA Fixed 2014/12/03 2037/01/31 22.2 19.5 88% I2038 Sr Unsecured Republic of

South Africa

2.250 3.220 52 77 77 -268


South Africa

8.500 11.015 71.5 126 130 248

ECN20 5 000 100% BB+ Fixed 2015/09/14 2020/03/14 4.5 2.6 58% R207 Sr Unsecured 9.650 8.845 160 161 161 210




International

Finance

Corporation

IFC01 1 000 100% AAA Fixed 2015/12/10 2024/12/10 9.0 7.4 82% R186 Sr Unsecured 8.720 8.760 25 25 25 126

IFC02 500 100% AAA Fixed 2016/04/28 2021/04/14 5.0 3.7 75% R208 Sr Unsecured 8.765 7.535 15 15 66

Industrial

Development

Corporation of

SA

IDCP04 500 100% AA+ Fixed 2012/10/19 2017/10/19 5.0 0.2 4% Sr Unsecured 5.000 5.000 0 0 -236

IDCP05 500 100% AA+ Fixed 2013/03/14 2018/03/14 5.0 0.6 12% Unsecured 4.000 4.000 0 0 -300

IDCP06 500 100% AA+ Fixed 2014/10/17 2019/10/17 5.0 2.2 44% Sr Unsecured 4.000 4.000 0 0 -283



Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

IDCG02 1 201 100% AA+ Floating 2013/10/22 2018/10/22 5.0 1.2 25% 3m Jibar Sr Unsecured 8.283 120 120 120

IDCG03 1 084 100% AA+ Fixed 2013/10/22 2020/10/22 7.0 3.2 46% R208 Sr Unsecured 8.340 9.145 115 176 176 228

IDCG04 790 100% AA+ Floating 2014/11/24 2017/11/24 3.0 0.3 11% 3m Jibar Sr Unsecured 8.592 125 130 130


IDCG06 830 100% AA+ Fixed 2014/11/24 2024/11/24 10.0 7.3 73% R186 Sr Unsecured 9.550 10.360 175 185 185 276






Komati River

Basin Authority

KW01 380 100% AAA Fixed 1997/10/31 2027/10/31 30.0 10.3 34% R186 Unsecured Republic of

South Africa

13.500 8.910 40 40 140

Land and

Agricultural Bank

LBK05 752 100% AA+ Floating 2014/02/28 2019/02/28 5.0 1.6 32% 3m Jibar Sr Unsecured 8.863 153 190 190



LBK11 490 100% AA+ Fixed 2014/11/28 2019/11/28 5.0 2.3 47% R207 Sr Unsecured 9.620 9.435 265 220 220 268

LBK15 1 375 100% AA+ Floating 2016/10/12 2021/10/12 5.0 4.2 84% 3m Jibar Sr Unsecured 10.342 300 300 300





LBK20 150 100% AA+ Fixed 2017/06/08 2022/06/08 5.0 4.9 97% R2023 Sr Unsecured 10.200 231.5 231.5 231.5 304

Nampower NMP20N 500 100% AAA Fixed 2007/07/24 2020/07/24 13.0 3.0 23% R207 Sr Unsecured Republic of

Namibia

9.350 8.285 105 105 105 153



Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

Rand Water RW21 1 724 100% AAA Fixed 2011/04/21 2021/04/21 10.0 3.7 37% R208 Sr Unsecured 9.970 9.055 167 167 220

RW23 1 231 100% AAA Fixed 2013/12/10 2023/12/10 10.0 6.4 64% R2023 Sr Unsecured 9.510 9.505 125 168 168 218

RW28 1 439 100% AAA Fixed 2013/12/10 2028/12/10 15.0 11.4 76% R213 Sr Unsecured 10.245 10.880 115 172 170 285

SANRAL SZ25 4 242 99% AAA Fixed 2003/09/16 2025/09/30 22.0 8.2 37% R186 Sr Unsecured Republic of

South Africa

9.000 9.460 30 95 95 182

HWAY20 7 782 100% AAA Fixed 2009/08/11 2020/07/31 11.0 3.0 27% R207 Sr Unsecured Republic of

South Africa

9.750 8.165 80 90 93 142

HWAY23 2 929 100% AAA Fixed,

(inflation-

linked)


South Africa

5.500 3.120 34 65 65 424


(inflation-

linked)


South Africa

5.500 2.830 25 36 36 347


(inflation-

linked)

2015/10/12 2033/02/28 17.4 15.6 90% I2033 Sr Unsecured Republic of

South Africa

2.360 3.170 48 63 63 189


South Africa

9.250 10.610 80 109 109 233


South Africa

9.250 10.580 52 106 106 230

HWF08 1 000 100% AAA Floating 2016/07/15 2019/07/15 3.0 2.0 65% 3m Jibar Sr Unsecured Republic of

South Africa

8.782 144 144 144

HWF09 1 838 100% AAA Floating 2016/09/19 2019/09/19 3.0 2.1 71% 3m Jibar Sr Unsecured Republic of

South Africa

8.747 143 140 140

NRA018 2 556 100% AA- Fixed 2008/07/15 2018/11/30 10.4 1.3 13% R204 Sr Unsecured 12.250 8.260 235 118 118 153

NRA022 2 987 100% AA- Fixed 2008/07/15 2022/10/31 14.3 5.3 37% R208 Sr Unsecured Republic of

South Africa

12.250 9.085 235 170 170 214

NRA023 910 100% AA- Fixed,

(inflation-

linked)


South Africa

5.000 3.670 110 120 120 329

NRA028 4 107 100% AA- Fixed 2008/07/15 2028/11/30 20.4 11.3 56% R186 Sr Unsecured 12.250 11.010 220 250 250 328

TCTA WS05 3 525 100% AAA Fixed,

(inflation-

linked)


South Africa

5.000 3.030 58 58 245



Code

Issue

size

Outstanding

Amount

Standardized

Rating

Coupon

Type


Date

Pricing

Tenor

Term Remaining

To Maturity/Call

Benchmar

k

Payment

Rank



(Rm) (%) (yrs) (yrs) (%) (%) (%) at

issue

30

Jun’

17

27

Jul’

17

ASW

27

Jul’

17

WSP3 400 11% AAA Fixed 2003/05/28 2019/05/28 16.0 1.8 11% R204 Secured Republic of

South Africa

9.000 7.640 56 56 88

WSP4 400 25% AAA Fixed 2003/05/28 2020/05/28 17.0 2.8 17% R207 Sr Unsecured Republic of

South Africa

9.000 7.875 64 64 112

WSP5 9 499 100% AAA Fixed 2003/05/28 2021/05/28 18.0 3.8 21% R208 Sr Unsecured Republic of

South Africa

9.000 8.135 75 75 125

Transnet TN17 7 000 100% AA+ Fixed 2007/11/14 2017/11/14 10.0 0.3 3% R203 Sr Unsecured 9.250 7.750 110 71 69 67

TN20 7 000 100% AA+ Fixed 2009/09/17 2020/09/17 11.0 3.1 28% R208 Sr Unsecured 10.500 8.665 172 128 128 191




TN30 3 671 100% AA+ Fixed 2014/10/09 2030/10/09 16.0 13.2 82% R2030 Sr Unsecured 10.500 11.190 178.5 210 210 306

TN40 3 430 100% AA+ Fixed 2014/10/09 2040/10/09 26.0 23.2 89% R214 Sr Unsecured 10.750 11.845 200.5 213 213 353

TNF18 1 500 100% AA+ Floating 2013/08/22 2018/08/22 5.0 1.1 21% 3m Jibar Sr Unsecured 8.642 130 125 125

Umgeni UG21 600 100% AA+ Fixed 2010/03/02 2021/03/02 11.0 3.6 33% R208 Sr Unsecured 10.700 8.985 160 160 160 218

UG26 935 100% AA+ Fixed 2016/03/09 2026/03/09 10.0 8.6 86% R186 Sr Unsecured 11.310 10.480 195 197 197 291



Selected African Eurobonds Issuers Security

Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank

Guarantor Coupon Mid

YTM

Spread

(bps)

F/M/SP (Mil.) (yrs) (yrs) (yrs) (%) (%) (%) (Z-

Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

Angola ANGOL 7

08/17/19

-- / B1 / B USD 1 000 56% Fixed 2012/08/17 2019/08/17 7, (sink) 2.0 29% Secured 7.000 5.025 220 198 221.248

ANGOL 0

07/01/23

-- / -- / -- USD 250 95% Floating 2015/07/01 2023/07/01 8, (sink) 5.9 74% Secured 8.948

ANGOL 9 1/2

11/12/25

B / B1 / -- USD 1 500 100% Fixed 2015/11/12 2025/11/12 10 8.3 83% Sr Unsecured 9.500 8.358 624 641 644.878

Cameroon REPCAM 9 1/2

11/19/25

B / -- / B USD 750 100% Fixed 2015/11/19 2025/11/19 10, (sink) 8.3 83% Sr Unsecured 9.500 6.685 417 433 437.969

Ethiopia ETHOPI 6 5/8

12/11/24

B / B1 / B USD 1 000 100% Fixed 2014/12/11 2024/12/11 10 7.4 74% Sr Unsecured 6.625 6.501 448 449 451.586

Gabon GABON 6 3/8

12/12/24

B+ / -- / NR USD 1 500 100% Fixed 2013/12/12 2024/12/12 11, (sink) 7.4 67% Unsecured 6.375 6.736 455 495 500.770

GABON 6.95

06/16/25

B+ / B3 / NR USD 500 100% Fixed 2015/06/16 2025/06/16 10 7.9 79% Sr Unsecured 6.950 6.990 471 504 507.567

GABON 8.2

12/12/17

B+ / -- / NR USD 1 000 16% Fixed 2007/12/12 2017/12/12 10 0.4 4% Unsecured 8.200 4.093 86 178 198.069

Ghana GHANA 9 1/4

09/15/22

B / B3 / B- USD 750 100% Fixed 2016/09/15 2022/09/15 6, (sink) 5.1 85% Sr Unsecured 9.250 7.029 486 478 492.189

GHANA 7 7/8

08/07/23

B / B3 / B- USD 1 000 100% Fixed 2013/08/07 2023/08/07 10 6.0 60% Sr Unsecured 7.875 7.208 513 519 526.470

GHANA 8 1/2

10/04/17

B / B3 / B- USD 750 27% Fixed 2007/10/04 2017/10/04 10 0.2 2% Sr Unsecured 8.500 1.048 -98 -198 -177.090

GHANA 10 3/4

10/14/30

BB- / B1 / -- USD 1 000 100% Fixed 2015/10/14 2030/10/14 15, (sink) 13.2 88% Sr Unsecured International

Development

Association

10.750 7.731 524 528 532.083

GHANA 8 1/8

01/18/26

B / B3 / B- USD 1 000 100% Fixed 2014/09/18 2026/01/18 11.3,

(sink)

8.5 75% Sr Unsecured 8.125 7.594 540 544 548.177

Ivory Coast IVYCST 5 3/4

12/31/32

B+ / -- / -- USD 2 519 78% Step cpn 2010/04/16 2032/12/31 22.7,

(call/sink)

15.4 68% Sr Unsecured 5.750 6.035 402 388 364.325

IVYCST 6 3/8

03/03/28

B+ / Ba3 / -- USD 1 000 100% Fixed 2015/03/03 2028/03/03 13, (sink) 10.6 81% Sr Unsecured 6.375 6.030 385 382 384.849



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

IVYCST 5 3/8

07/23/24

B+ / Ba3 / -- USD 750 67% Fixed 2014/07/23 2024/07/23 10 7.0 70% Sr Unsecured 5.375 5.641 355 360 354.261

Kenya KENINT 6 7/8

06/24/24

B+ / -- / B+ USD 2 000 100% Fixed 2014/06/24 2024/06/24 10 6.9 69% Sr Unsecured 6.875 6.465 419 456 459.050

KENINT 5 7/8

06/24/19

B+ / -- / B+ USD 750 100% Fixed 2014/06/24 2019/06/24 5 1.9 38% Sr Unsecured 5.875 4.310 246 270 293.772

Mozambique MOZAM 10 1/2

01/18/23

-- / Caa3u / -- USD 727 100% Flat

trading

2016/04/06 2023/01/18 7 5.5 81% Sr Unsecured 10.500 17.257 1744 1501 1503.560

Nigeria NGERIA 6 3/8

07/12/23

B+ / -- / B USD 500 100% Fixed 2013/07/12 2023/07/12 10 5.9 60% Sr Unsecured 6.375 5.503 352 356 363.313

NGERIA 6 3/4

01/28/21


NGERIA 5 1/8

07/12/18


NGERIA 7 7/8

02/16/32

B+ / B1 / B USD 1 500 100% Fixed 2017/02/16 2032/02/16 15 14.5 97% Sr Unsecured 7.875 6.714 445 438 442.424

Namibia REPNAM 5 1/4

10/29/25

BBB- / Baa3 / -- USD 750 100% Fixed 2015/10/29 2025/10/29 10 8.2 82% Sr Unsecured 5.250 4.783 257 259 261.919

REPNAM 5 1/2

11/03/21


Rwanda RWANDA 6 5/8

05/02/23


Senegal SENEGL 6 1/4

07/30/24

-- / Ba3 / B+ USD 500 100% Fixed 2014/07/30 2024/07/30 10 7.0 70% Sr Unsecured 6.250 5.113 303 300 302.523

SENEGL 8 3/4

05/13/21

-- / Ba3 / B+ USD 500 100% Fixed 2011/05/13 2021/05/13 10 3.8 38% Sr Unsecured 8.750 4.465 256 262 279.384

South Africa SOAF 6 1/4

03/08/41

BB+ / Baa3 / BB+ USD 750 100% Fixed 2011/03/08 2041/03/08 30 23.6 79% Sr Unsecured 6.250 5.507 299 304 298.917



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

SOAF 8 1/2

06/23/17

NR / Baa3 / NR USD 500 0% Fixed 1997/06/23 2017/06/23 20 -0.1 -1% Sr Unsecured 8.500

SOAF 4.3

10/12/28

BB+ / Baa3 / BB+ USD 2 000 100% Fixed 2016/10/12 2028/10/12 12 11.2 93% Sr Unsecured 4.300 4.824 249 200 202.776

SOAF 5 7/8

09/16/25


SOAF 5

10/12/46


SOAF 5 7/8

05/30/22


SOAF 4 7/8

04/14/26


SOAF 5 3/8

07/24/44


SOAF 4.665

01/17/24


SOAF 6 7/8

05/27/19


SOAF 5 1/2

03/09/20


SOAF 3 3/4

07/24/26

BB+ / Baa3 / BB+ EUR 500 100% Fixed 2014/07/24 2026/07/24 12 9.0 75% Sr Unsecured 3.750 3.262 245 253 283.086

SOAFSK 3.903

06/24/20

BB+ / Baa3 / BB+ USD 500 100% Fixed 2014/09/24 2020/06/24 6 2.9 50% Sr Unsecured 3.903 3.027 144 112 132.670

Tanzania TNZNIA 0

03/09/20

-- / -- / -- USD 600 67% Floating 2013/03/08 2020/03/09 7, (sink) 2.6 37% Sr Unsecured 7.421 5.476

Zambia ZAMBIN 8.97

07/30/27

B / -- / B USD 1 250 100% Fixed 2015/07/30 2027/07/30 12, (sink) 10.0 83% Sr Unsecured 8.970 7.769 551 571 574.348

ZAMBIN 8 1/2

04/14/24

B / -- / B USD 1 000 100% Fixed 2014/04/14 2024/04/14 10 6.7 67% Sr Unsecured 8.500 7.279 526 548 552.062

ZAMBIN 5 3/8

09/20/22

B / -- / B USD 750 100% Fixed 2012/09/20 2022/09/20 10 5.1 51% Unsecured 5.375 6.522 447 477 486.451

African

Supranationals



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

Afrexim AFREXI 3 7/8

06/04/18

BBB- / Baa1 / NR USD 500 100% Fixed 2013/06/04 2018/06/04 5 0.8 17% Sr Unsecured 3.875 4.051 244 245 268.920

AFREXI 4 3/4

07/29/19


AFREXI 4

05/24/21

-- / Baa1 / -- USD 900 100% Fixed 2016/05/24 2021/05/24 5 3.8 76% Sr Unsecured 4.000 3.562 171 173 184.598

PTA Bank PTABNK 6 3/8

12/06/18

BB / Ba1 / -- USD 300 100% Fixed 2013/12/06 2018/12/06 5 1.4 27% Sr Unsecured 6.375 3.331 485 486 508.477

PTABNK 5 3/8

03/14/22

BB / Ba1 / -- USD 700 100% Fixed 2017/03/14 2022/03/14 5 4.6 92% Sr Unsecured 5.375 4.895 291 297 303.091

Africa Finance

Corporation

AFRFIN 4 3/8

04/29/20

-- / A3 / -- USD 750 100% Fixed 2015/04/29 2020/04/29 5 2.7 55% Sr Unsecured 4.375 3.152 266 269 285.695

Banque Ouest

Africaine de

Developpement

(BOAD)

BOAD 5 1/2

05/06/21

BBB / Baa1 / -- USD 750 100% Fixed 2016/05/06 2021/05/06 5 3.8 75% Sr Unsecured 5.500 3.783 184 196 207.530

SA Banks

African Bank AFRIBK 6

02/08/20

-- / -- / B+ USD 280 44% Fixed 2016/04/04 2020/02/08 4 2.5 66% Sr Unsecured 6.000 6.248 376 399 416.409

AFRIBK 8 1/8

10/19/20

-- / -- / B+ USD 280 45% Fixed 2016/04/04 2020/10/19 5 3.2 71% Sr Unsecured 8.125 6.090 433 427 441.863

FirstRand Bank FSRSJ 4 1/4

04/30/20

BB+u / Baa3 / BB+ USD 500 100% Fixed 2015/04/30 2020/04/30 5 2.8 55% Sr Unsecured 4.250 3.218 253 256 273.152

Investec Bank INTSJ 3 7/8

07/24/17

NR / WR / -- USD 300 0% Fixed 2012/07/24 2017/07/24 5 0.0 0% Sr Unsecured 3.875

ICBC Standard

Bank

ICBCST 8 1/8

12/02/19

BBB / Ba1 / -- USD 500 100% Fixed 2009/12/02 2019/12/02 10 2.3 23% Subordinated 8.125 3.402 161 162 180.954

SA Corporates



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

AngloGold

Ashanti Holdings

ANGSJ 5 3/8

04/15/20

-- / Baa3 / BB+ USD 700 100% Fixed 2010/04/28 2020/04/15 10 2.7 27% Sr Unsecured AngloGold

Ashanti Ltd

5.375 3.208 366 369 390.501

ANGSJ 5 1/8

08/01/22

-- / Baa3 / BB+ USD 750 100% Fixed 2012/07/30 2022/08/01 10 5.0 50% Sr Unsecured AngloGold

Ashanti Ltd

5.125 4.345 227 322 331.334

Cell C CELLSA 8 5/8

07/01/18

-- / WR / D EUR 640 63% Flat

trading

2005/07/13 2017/09/11 13NC12.

2

0.1 1% 1st lien Cell C Service

Provider Co Pty

Ltd

8.625 136.44

8

1358 960 928.339

EDCON Holdings EDCON 13 3/8

06/30/19

-- / -- / -- EUR 241 100% Pay-in-

kind

2015/07/29 2017/08/28 3.9NC2.1 0.1 4% Sr

Subordinated

13.375

EDCON

(K2013470219

South Africa Ltd)

EDCONR 3

12/31/22

-- / -- / -- USD 667 100% Pay-in-

kind

2017/02/01 2022/12/31 6 5.4 92% Secured 3.000 65.631 5997.146

EDCONR 8

12/31/22

-- / -- / -- EUR 172 100% Pay-in-

kind

2017/02/01 2022/12/31 6 5.4 92% Secured 8.000 45.117 4332.291

EDCONR 25

12/31/22

-- / -- / -- USD 172 100% Pay-in-

kind

2017/02/01 2022/12/31 6 5.4 92% Secured 25.000 24.172 2145.208

Eskom Holdings ESKOM 5 3/4

01/26/21

-- / Ba3 / B+ USD 1 750 100% Fixed 2011/01/26 2021/01/26 10 3.5 35% Sr Unsecured 5.750 5.585 352 371 384.164

ESKOM 6 3/4

08/06/23


ESKOM 7 1/8

02/11/25


Gold Fileds

Orogen Holdings

GFISJ 4 7/8

10/07/20

-- / Ba1 / BB+ USD 1 000 85% Fixed 2010/10/07 2020/10/07 10 3.2 32% Sr Unsecured Gold Fields Ltd;

Gold Fields

Operations Ltd;

Gold Fields

Holdings Co

BVI Ltd

4.875 3.910 311 233 248.194

Impala Platinum

Holdings

IMPALA 1

02/21/18

-- / -- / -- USD 200 15% Fixed 2013/02/21 2018/02/21 5,

(convertib

le)

0.6 11% Sr Unsecured Gold Fields Ltd;

Gold Fields

Operations Ltd;

Gold Fields

1.000 4.168 325 146



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

Holdings Co

BVI Ltd

MTN Mauritius

Investments

MTNSJ 5.373

02/13/22

-- / Ba1 / BB+ USD 500 100% Fixed 2016/10/13 2022/02/13 5 4.5 85% Sr Unsecured MTN Group

Ltd; Mobile

Telephone

Networks

Holdings Pty

Ltd; MTN

Intenrational

PTY Ltd;

Mobile

Telephone

Networks Pty

Ltd; MTN

Treasury

Ltd;MTN

International

Mauritius Ltd

5.373 4.689 257 266 272.347

MTNSJ 4.755

11/11/24


Ltd; Mobile

Telephone

Networks

Holdings Pty

Ltd; MTN

Intenrational

PTY Ltd;

Mobile

Telephone

Networks Pty

Ltd; MTN

Treasury

Ltd;MTN

International

Mauritius Ltd

4.755 5.351 315 316 310.641

MTNSJ 6 1/2

10/13/26


Ltd; Mobile

Telephone

Networks

Holdings Pty

Ltd; MTN

Intenrational

PTY Ltd;

Mobile

Telephone

Networks Pty

Ltd; MTN

Treasury

Ltd;MTN

International

6.500 5.862 354 364 358.580



Descrip.

Global Scale

Ratings

Issue

Currency

Issue

Size

Outstanding

Amount

Coupon

Type

Issue Date Exp.

Maturity

Date

Pricing

Tenor

Term

Remaining To

Maturity/Call

Payment

Rank


YTM

Spread

(bps)


Spread)

30

Jun’17

(Z-

Spread)

27 Jul’17

(OAS)

27 Jul’17

Mauritius Ltd

Myriad

International

Holdings BV

(NASPERS)

NPNSJ 6 3/8

07/28/17

WD / WR / NR USD 700 100% Fixed 2010/07/28 2017/07/28 7 0.0 0% Sr Unsecured Mobile

Telephone

Networks Pty

Ltd

6.375 -

27.816

NPNSJ 6

07/18/20

WD / Baa3 / BBB- USD 1 000 100% Fixed 2013/07/18 2020/07/18 7 3.0 42% Sr Unsecured Mobile

Telephone

Networks Pty

Ltd

6.000 3.013 125 119 140.201

NPNSJ 5 1/2

07/21/25

WD / Baa3 / BBB- USD 1 200 100% Fixed 2015/07/21 2025/04/21 10NC9.8 7.7 79% Sr Unsecured MTN Treasury

Ltd

5.500 4.246 211 214 214.688

Old Mutual PLC OLDMUT 8

06/03/21

BB / Ba2 / -- GBP 500 100% Fixed 2011/06/03 2021/06/03 10 3.8 38% Subordinated 8.000 3.394 263 260 288.984

OLDMUT 7 7/8

11/03/25

BB / Ba2 / -- GBP 450 100% Fixed 2015/11/03 2025/11/03 10 8.3 83% Subordinated 7.875 5.024 387 392 405.728

Redefine

Properties

RDFSJ 1 1/2

09/16/21

-- / Baa3 / -- EUR 150 100% Fixed 2016/09/16 2021/09/16 5,

(conv/put)

4.1 83% Secured 1.500 2.177 173 269

Steinhoff Europe

AG

SHFSJ 1 7/8

01/24/25

-- / Baa3 / -- EUR 800 100% Fixed 2017/07/24 2024/10/24 7.5NC7.3 7.2 100% Sr Unsecured Steinhoff

International

Holdings NV

1.875 1.905 128 132 164.737

Sasol Financing

International

SASOL 4 1/2

11/14/22

-- / Baa3 / BBB- USD 1 000 100% Fixed 2012/11/14 2022/11/14 10 5.3 53% Sr Unsecured Sasol Ltd 4.500 3.872 183 184 192.446

Transnet SAFTRA 4

07/26/22

BB+u / Baa3 / BB+ USD 1 000 100% Fixed 2012/07/26 2022/07/26 10 5.0 50% Sr Unsecured 4.000 4.371 205 255 257.945

Source: Bloomberg, Nedbank CIB


Fitch GCR Moody's S&P

Issuer Issue Foreign

Currency Local

Currency National Scale International

Scale National Scale Foreign

Currency Local

Currency National Scale Foreign

Currency Local Currency National Scale

(*UCO)

Republic of South Africa Senior Unsecured

BB+/Stable/B BB+/Stable/B

Baa3/Neg/P-3 Baa3/Neg/P-3

BB+/Neg/B BBB-/Neg/A-3 zaAA-/--/zaA-1

Republic of South Africa

SA Country Ceiling or Transfer & Convertibility Assessment:

BBB-/--/-

A3/--/- A2/--/-

BBB-/--/-

Republic of South Africa Deposit Ratings

Baa3/--/- A3/--/-

Republic of South Africa RSA Sukuk No.1 Trust

BB+/--/-

Absa Bank Senior Unsecured

BB+/Stable/B (Unsolic.)


AA(zaf)/Stable/F1+(zaf) (Unsolic.)

BB+/Neg/- (Unsolic.)

AA+(za)/Neg/A1+(za) (Unsolic.)

Baa3/Neg/P-3 Baa3/Neg/P-3 Aa1.za/--/P-1.za

zaA/--/zaA-1

Accelerate Property Fund Senior Secured

AA-(za)/Stable/-

Accelerate Property Fund Senior Unsecured

BBB+(za)/Stable/A2(za)

Adcorp Holdings Senior Secured

A(za)/Stable/-

Adcorp Holdings Senior Unsecured

BBB-(za)/Watch /A3(za)

AECI Senior Unsecured

A(za)/Stable/A1(za)

African Bank Senior Unsecured

B+/Stable/B B+/Stable/B zaBB/--/zaB

African Oxygen Senior Unsecured

A-(za)/Pos/A1-(za)

Airports Company of South Africa Senior Unsecured

Baa3/Neg/- Baa3/Neg/- Aa1.za/--/-

Anglo American Plc Senior Unsecured

BB+/Pos/B (Unsolic.)

Ba1/Pos/NP

BB+/Pos/B BB+/Pos/B zaA+/--/zaA-1

Anglo American SA Finance Senior Unsecured

Ba1/Pos/NP Aa2.za/--/P-1.za

zaA+/--/-

AngloGold Ashanti Senior Secured

zaA/--/zaA-1

AngloGold Ashanti Senior Unsecured

Baa3/Pos/-

BB+/Stable/- BB+/Stable/- zaA/--/zaA-1

AngloGold Ashanti Subordinated

zaA-/--/zaA-1

Bank of China - Jhb Branch Senior Unsecured

A1/Stable/- A1/Stable/P-1 Aaa.za/--/P-1.za

Bank Windhoek (South Africa) Senior Unsecured

A+(za)/--/-

Barclays Africa Group Senior Unsecured



AA(zaf)/Stable/F1+(zaf) (Unsolic.)

Ba1/Neg/NP Ba1/Neg/NP Aa3.za/--/P-1.za

zaBB+/--/zaB

Barclays Africa Group Tier II Subordinated

AA-(zaf)/--/-

Barloworld Senior Unsecured

Baa3/Neg/P-3 Aa1.za/--/P-1.za

Basil Read Senior Unsecured

BBB-(za)/Stable/A3(za)

Bidvest Group Senior Unsecured


Bidvest Bank Senior Unsecured

Ba1/Neg/NP Aa2.za/--/P-1.za

BNP Paribas (ZAR DMTN) Senior Unsecured

zaA/--/zaA-1




Currency Local



Currency Local



(*UCO)

BNP Paribas Personal Finance South Africa Guaranteed Senior

Unsecured

zaA/--/zaA-1

BMW Finance N.V. Senior Unsecured

A1/Stable/P-1 A1/Stable/P-1

Capitec Bank Senior Unsecured

BB+/Neg/B BB+/Neg/B zaA/--/zaA-2

Cell C Senior Secured

D/(45% Recovery)/-

Cell C Senior Unsecured

Caa1/Developing/-

D/NM/- D/NM/-

City of Cape Town Senior Unsecured

Baa3/Neg/P-3 Aaa.za/--/P-1.za

City of Johannesburg Senior Unsecured


City of Tshwane Senior Unsecured

Ba2/Neg/NP A1.za/--/P-1.za

Consolidated Infrastructure Group

Senior Unsecured

Ba2/Stable/NP A1.za/--/P-1.za

CPV Power Plant No.1 Bond SPV (RF)

Senior Unsecured

Ba3/Stable/- Baa1.za/--/-

Curro Holdings Senior Secured

A(za)/Stable/-

Curro Holdings Senior Unsecured

BBB(za)/Stable/A3(za)

Denel Senior Unsecured

AAA(zaf)/Stable/F1+(zaf)

Delta Property Fund Senior Unsecured


Development Bank of Southern Africa (DBSA)

Senior Unsecured

AA+(zaf)/Stable/F1+(zaf)

Baa3/Neg/P-3

Aa1.za/--/P-1.za BB+/Neg/B BBB-/Neg/A-3

Dipula Income Fund Senior Unsecured


Educor Holdings Senior Unsecured

B+/Neg/- BBB-(za)/Stable/A3(za)

Ekurhuleni Municipality Senior Unsecured


Emira Property Fund Senior Secured

AA(za)/Stable/-

Emira Property Fund Senior Unsecured

A(za)/Stable/A1(za)

Eqstra Corporation Ltd Senior Unsecured


Eskom Senior Secured

B+/--/-

Eskom Senior Unsecured

BB+/Stable/- AAA(zaf)/Stable/F1+(zaf)

Ba3/Neg/- Ba2/Neg/- A2.za/--/- B+/Neg/- B+/Neg/- zaBB-/--/zaB

eThekwini Municipality Senior Unsecured

AA(za)/Pos/A1+(za)

Exxaro Resources Senior Unsecured

zaBB-/--/zaB

FirstRand Limited Senior Unsecured


BB+/Stable/B (Unsloc.)

AA(zaf) /Stable/F1+(zaf)

BB-/Neg/B BB-/Neg/B zaBB+/--/zaB




Currency Local



Currency Local



(*UCO)

FirstRand Bank Limited Senior Unsecured


BB+/Stable/B (Unsloc.)

AA(zaf) /Stable/F1+(zaf) BB+/Neg/- (Unsolic.)

AA(za)/Pos/A1+(za) (Unsolic.)

Baa3/Neg/P-3 Baa3/Neg/P-3 Aaa.za/--/P-1.za BB+/Neg/B BB+/Neg/B zaA/--/zaA-1

FirstRand Bank Limited Upper Tier II Subordinated

BB/--/-

Ba2/--/- Ba1/--/- Aa2.za/--/-

BB-/--/- zaBBB+/--/-

FirstRand Bank Limited Lower Tier II Subordinated

Ba2/--/- A1.za/--/-

zaBB+/--/-

FirstRand Bank Limited

Hybrid/Junior Subordinated/Prefs.

Ba2/--/- A1.za/--/-

First National Bank of Namibia Senior Unsecured

AA-(za)/Stable/-

Fortress Income Fund Senior Unsecured

AA-(za)/Stable/A1+(za)


Gold Fields Senior Unsecured

Ba1/Pos/-

BB+/Stable/B BB+/Stable/B zaA/--/zaA-1

Grindrod Bank Senior Secured

A-(za)/Stable/-

Grindrod Bank Senior Unsecured

BB-/Neg/- BBB+(za)/Stable/A2(za)

Group Five Construction Senior Unsecured


Growthpoint Properties Senior Unsecured


HomeChoice Holdings Senior Unsecured


Hospitality Property Fund Senior Secured

A+(za)/Stable/-

Hospitality Property Fund Senior Unsecured


Hyprop Investments Senior Unsecured


Imperial Group Guaranteed Senior Unsecured

Baa3/Neg/- Baa3/Neg/P-3 Aa1.za/--/P-1.za

Imperial Group Guaranteed Subordinated

Ba1/--/- Aa3.za/--/-

Industrial Development Corp. of South Africa (IDC)

Senior Unsecured


AA+(za)/Stable/A1+(za) Baa3/Neg/-

Investec Limited Senior Unsecured

BB+/Stable/B BB+/Stable/B AA(zaf)/Stable/F1+(zaf)

Investec Bank Limited Senior Unsecured

BB+/Stable/B BB+/Stable/B AA(zaf)/Stable/F1+(zaf) BB+/Neg/- AA(za)/Stable/A1+(za) Baa3/Neg/P-3 Baa3/Neg/P-3 Aa1.za/--/P-1.za BB+/Neg/B BB+/Neg/B zaA/--/zaA-1

Investec Bank Limited Tier III Subordinated

Ba1/--/-

Investec Property Fund Senior Secured

AA(za)/Stable/-

Investec Property Fund Senior Unsecured

A(za)/Stable/A1(za)

Jasco Electronics Senior Unsecured

BB-(za)/Pos/B(za)

Kap Industrial Holdings Senior Unsecured

A(za)/Stable/A1(za)




Currency Local



Currency Local



(*UCO)

Land and Agricultural Development Bank (Landbank)

Senior Unsecured


Letshego Holdings Senior Unsecured

Ba3/Stable/NP Ba3/Stable/NP

Lewis Group Senior Unsecured

A(za)/Stable/A1(za)

Liberty Group Senior Unsecured

zaAA-/--/zaA-1

Liberty Group Tier II Subordinated (non-deferrable)

zaA+/--/-

Liberty Group Tier II Subordinated (deferrable)

zaA/--/-

Lion of Africa Insurance Co. Senior Unsecured (CPA)

BBB(za)/Stable/-

Lombard Insurance Co. Senior Unsecured (CPA)

A+(za)/Stable/-

Lombard Insurance Co. Tier II Subordinated

BBB+(za)/Stable/-


Senior Unsecured

BBB/--/A-2 BBB/--/A-2 zaAAA/--/zaA-1

Mauritius Commercial Bank Senior Unsecured

Baa3/Stable/P-3 Baa3/Stable/P-3 Aa3.za/--/-

Mauritius Commercial Bank Subordinated

Baa1.za/--/-

Mercantile Bank Senior Unsecured

Ba3/Stable/NP Baa1.za/--/P-2.za

Mercedes-Benz South Africa

Guaranteed Senior Unsecured

A2/Stable/P-1 Aaa.za/--/P-1.za

MMI Group Senior Unsecured (IFS)

Baa2/Neg/- Baa3/Neg/- Aaa.za/--/-

MMI Group Subordinated

Ba1/--/- Aa2.za/--/-

Mondi Plc Senior Unsecured

Baa2/Stable/-

BBB/Pos/- BBB/Pos/-

MTN Group Senior Unsecured

BB+/Stable/-

AA(zaf)/Stable/F1+(zaf)

Ba1/Stable/-

Aa3.za/--/- BB+/Neg/- BB+/Neg/- zaA/--/-

Murray & Roberts Holdings Senior Unsecured

A-(za)/Neg/A1-(za)

Namibia Power Corp Senior Unsecured

BBB-/Neg/F3

AAA(zaf)/Neg/F1+(zaf)

Nampak Senior Unsecured

A(za)/Neg/A1(za)

Nampak Products Senior Unsecured

A(za)/Neg/A1(za)

Naspers Senior Unsecured

Baa3/Stable/-

BBB-/Neg/A-3 BBB-/Neg/A-3

National Housing Finance Corp. Senior Unsecured

BB/Neg/- A+(za)/Neg/A1(za)

Nedbank Group Senior Unsecured



AA(zaf)/Stable/F1+(zaf)

Nedbank Limited Senior Unsecured



AA(zaf)/Stable/F1+(zaf) BB+/Neg/- (Unsolic.)

AA(za)/Stable/A1+(za) (Unsolic.)

Baa3/Neg/P-3 Baa3/Neg/P-3 Aa1.za/--/P-1.za BB+/Neg/B BB+/Neg/B zaA/--/zaA-1

Nedbank Limited Tier II Subordinated

BB/--/-

Ba1/--/- Ba1/--/- Aa3.za/--/-




Currency Local



Currency Local



(*UCO)

Nedbank Limited Hybrid/Junior Subordinated/Prefs.

Baa1.za/--/-

Nedbank Private Wealth Senior Unsecured/Deposit

Baa3/Stable/P-3 Baa3/Stable/P-3

Netcare (Clindeb Investments Ltd) Senior Unsecured

A+(za)/Stable/A1+(za)

Northam Platinum Senior Unsecured

BBB+(za)/Pos/A1-(za)

Octodec Investments (Premium Properties)

Senior Unsecured

A(za)/Stable/A1(za)

Omnia Group Senior Unsecured

A-(za)/Stable/A1-(za)

Old Mutual Insure (formerly Mutual & Federal Insurance Co.)

Senior Unsecured (IFS)

BB+/Stable/-

Old Mutual Life Assurance Company SA (OMLACSA)

Senior Unsecured (IFS)

AAA(zaf)/Stable/-

Baa2/Neg/-

BBB-/Neg/- zaAA-/--/zaA-1

Old Mutual Life Assurance Company SA (OMLACSA)

Tier II Subordinated

AA(zaf)/--/-

zaA/--/-

PPC Senior Unsecured

zaBB-/--/zaB

PSG Financial Services Senior Unsecured

A+(za)/Stable/A1(za)

PSG Konsult Senior Unsecured

A-(za)/Stable/A1-(za)

Quince Capital Senior Unsecured

BB-/Neg/- A(za)/Stable/A1(za)

Rand Water Senior Unsecured


BB+/Neg/- BBB-/Neg/- zaAA-/--/-

Real People Investment Holdings Senior Unsecured

CCC(za)/Neg/C(za)

Ca/Neg/NP Ca.za/--/NP.za

Rebosis Property Fund Senior Unsecured

A-(za)/Evolving/A1-(za)

Redefine Properties Senior Secured

Baa3/--/-

Redefine Properties Senior Unsecured


Resilient REIT Senior Unsecured

AA-(za)/Stable/A1+(za)

SA Corporate Real Estate Fund Senior Unsecured

A(za)/Stable/A1(za)

Sanlam Limited Senior Unsecured

AA+(zaf)/Stable/-

zaBBB/--/-

Sanlam Capital Markets Senior Unsecured

zaA/--/zaA-1

Sanlam Life Insurance Co. Senior Unsecured (IFS)

AAA(zaf)/Stable/F1+(zaf)

zaAA-/--/-

Sanlam Life Insurance Co. Tier II Subordinated

AA(zaf)/--/-

zaA/--/-

Santam Senior Unsecured (IFS)

AAA(zaf)/Stable/- BBB-/Neg/- AAA(za)/Stable/-

BBB-/Neg/- zaAA-/--/-




Currency Local



Currency Local



(*UCO)

Santam Tier II Subordinated

AA(zaf)/--/-

AA-(za)/--/-

zaA/--/-

Santam Structured Insurance Senior Unsecured (IFS)

BB+/Neg/- zaA/--/-

Santam Structured Reinsurance Senior Unsecured (IFS)

BB+/Neg/-

Sappi Limited Senior Unsecured

Ba2/Pos/- Ba2/Pos/-

BB/Stable/B BB/Stable/B

Sappi Southern Africa Senior Unsecured

A(za)/Stable/A1(za)

Sasfin Bank Senior Unsecured

BB-/Neg/- BBB+(za)/Stable/A1-(za)

Sasol Senior Unsecured

Baa3/Neg/P-3 Baa3/Neg/P-3 Aaa.za/--/P-1.za BBB-/Stable/A-3

South African National Roads Agency Ltd (SANRAL)

Senior Unsecured

Ba1/Neg/NP Ba1/Neg/NP Aa3.za/--/P-1.za

Standard Bank of SA Senior Unsecured

BB+/Stable/B BB+/Stable/B AA(zaf)/Stable/F1+(zaf) BB+/Neg/- (Unsolic.)

AA+(za)/Stable/A1+(za) (Unsolic.)


Steinhoff International Holdings Ltd.

Senior Unsecured

Baa3/Stable/- Aa1.za/--/-

Super Group Ltd. Senior Unsecured

zaA+/--/zaA-1

TCTA - Berg Water Project Term Loan


TCTA - Komati Water Scheme Augmentation Project

Term Loan/Bond


TCTA - Mokolo Crocodile Water Augmentation Project Phase 1

Term Loan/Bond


TCTA - Mooi-Mgeni Transfer Scheme 2

Term Loan/Bond


TCTA - Vaal River Eastern Sub-System Augmentation Project

Senior Unsecured


Telkom SA Senior Unsecured

Baa3/Neg/- Baa3/Neg/- Aa1.za/--/- BBB-/Neg/- BBB-/Neg/-

Toyota Financial Services SA

Guaranteed Senior Unsecured

Aa3/Watch Neg/- Aaa.za/--/-

Transaction Capital Senior Unsecured

BB-/Neg/- A-(za)/Stable/A1-(za)

Transnet Guaranteed Senior Unsecured

AAA(zaf)/--/-

Transnet Senior Unsecured/RCF

BB+/Stable/B BB+/Stable/B AA(zaf)/Stable/F1+(zaf)

Baa3/Neg/P-3 Baa3/Neg/P-3 Aa1.za/--/P-1.za BB+/Neg/- BBB-/Neg/- zaAA-/--/zaA-1

Transnet Subordinated

Ba1/--/- Aa3.za/--/-




Currency Local



Currency Local



(*UCO)

Trust for Urban Housing Finance (TUHF)

Senior Secured

BBB+(za)/--/-

Trust for Urban Housing Finance (TUHF)

Senior Unsecured

B+/Neg/- BBB(za)/Stable/A3(za)

Umgeni Water Senior Unsecured


zaAA-/--/zaA-1

Vukile Property Fund Senior Secured

AA+(za)/Stable/-

Vukile Property Fund Senior Unsecured

A(za)/Pos/A1(za)

Source: Fitch Ratings; GCR; Moody’s Investors Service; S&P Global

*UCO – Under Criteria Observation. S&P Global Ratings will assign the UCO identifier as an early indication that such change may affect specified Credit Ratings. The UCO identifier is not equivalent to a CreditWatch as it offers neither an estimate of the likelihood of a rating change nor the timescale over which such change might occur. The UCO identifier will continue to be on Credit Ratings until the Credit Rating is reviewed in one of the following surveillance review types: Committee Review, Periodic Review, or Portfolio Review. The addition of the UCO identifier to a Credit Rating does not change that rating's definition or S&P’s opinion about the Issue's or Issuer's creditworthiness.


Disclaimer

The information furnished in this report, brochure, document, material, or communication (‘the Commentary’), has been prepared by Nedbank Limited (acting through its Nedbank Capital division), a registered bank in the Republic of South Africa, with registration number: 1951/000009/06 and having its registered office at 135 Rivonia Road, Sandton, Johannesburg (‘Nedbank’). The information contained herein may include facts relating to current events or prevailing market conditions as at the date of this Commentary, which conditions may change and Nedbank shall be under no obligation to notify the recipient thereof or modify or amend this Commentary. The information included herein has been obtained from various sources believed by Nedbank to be reliable and expressed in good faith, however, Nedbank does not guarantee the accuracy and/or completeness thereof and accepts no liability in relation thereto. Nedbank does not expressly, or by implication represent, recommend or propose that any securities and/or financial or investment products or services referred to in this Commentary are appropriate and or/or suitable for the recipient’s particular investment objectives or financial situation. This Commentary should not be construed as ‘advice’ as contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002 in relation to the specified products. The recipient must obtain its own advice prior to making any decision or taking any action whatsoever.

This Commentary is neither an offer to sell nor a solicitation of an offer to buy any of the products mentioned herein. Any offer to purchase or sell would be subject to Nedbank’s internal approvals and agreement between the recipient and Nedbank. Any prices or levels contained herein are preliminary and indicative only and do not represent bids or offers and may not be considered to be binding on Nedbank. All risks associated with any products mentioned herein may not be disclosed to any third party and the recipient is obliged to ascertain all such risks prior to investing or transacting in the product or services. Products may involve a high degree of risk including but not limited to a low or no investment return, capital loss, counterparty risk, or issuer default, adverse or unanticipated financial markets fluctuations, inflation and currency exchange. As a result of these risks, the value of the product may fluctuate. Nedbank cannot predict actual results, performance or actual returns and no guarantee, assurance or warranties are given in this regard. Any information relating to past financial performance is not an indication of future performance.

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DCM Credit Review 170801 - Nedbank sovereign ratings, comparing the absolute size of peers’ contingent liabilities is not necessarily the goal. Instead, the aim is to make an idiosyncratic