REPUBLIC OF SOUTH AFRICA - National Treasurys auction levels announcement following the tabling of the 2026 Medium-Term Budget Framework

National Treasury’s auction levels announcement following the tabling of the 2026 Medium-Term Budget Framework 

REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
(“National Treasury”)

NATIONAL TREASURY’S AUCTION LEVELS ANNOUNCEMENT FOLLOWING THE TABLING OF THE 2026 MEDIUM TERM BUDGET FRAMEWORK

Bond auction

The National Treasury hereby announces the following updates to the bond auction levels,
effective from the auction scheduled for 3 November 2026 (settling 9 November 2026) for fixed-
rate bonds and 30 October 2026 (settling 5 November 2026) for inflation-linked bonds:

   •   the competitive fixed-rate bond amount will decrease by R600 million to R1.950 billion;
   •   the inflation-linked bond amount will decrease by R100 million to R900 million; and
   •   the non-competitive fixed-rate bond amount will remain unchanged at 75 percent of the
       amount offered, which will be split in the following manner:
           o 45 percent on the electronic trading platform (ETP); and
           o 30 percent on the primary auction.

The floating rate notes and switch auctions continue to form part of the National Treasury’s funding
strategy and will be conducted in line with the auction calendars published on the National
Treasury’s investor relations website.

Introduction of a bond buyback programme

In addition, the National Treasury is introducing a bond buyback programme as an additional
liability management tool to manage the large redemptions falling due over the medium-term.

Distribution & Administration of RSA Retail Savings Bonds

Following a competitive request-for-proposal process initiated in 2025, the National Treasury has
entered into a three-year service level agreement with FirstRand Bank Limited for the distribution
and administration of RSA Retail Savings Bonds. Implementation is scheduled for June 2027.


For further enquiries contact:

Wanga Cibi
Chief Director: Liability Management
Wanga.Cibi@treasury.gov.za
012 315 5274 / +27 63 698 7846

Pretoria
21 October 2026

Debt Sponsor
One Capital
Date: 21/10/2026 02:00:00
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