Rand steady as South Africa raises R11.8bn in debut infrastructure bond sale
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South Africa’s rand was little changed on Tuesday as the government launched its first dedicated infrastructure and development finance bonds, raising 11.795 billion rand ($693 million) and signaling efforts to deepen funding channels for capital projects. By 12:58 GMT, the currency traded around 17.06 to the dollar, broadly flat from the previous session.
The National Treasury said it sold 6.996 billion rand of 10‑year notes at a yield of 8.575% and 4.799 billion rand of 15‑year paper at 9.13%, against total bids of more than 26 billion rand for a subscription ratio of 2.2 times. The issuance forms part of a government plan to mobilize over 1 trillion rand for public infrastructure investment within three years.
Traders said lingering uncertainty over global interest rates continued to cap risk appetite and limit further gains in the rand, with investors focused on upcoming U.S. economic data and the Federal Reserve’s monetary policy decision later this week.
On the Johannesburg Stock Exchange, the Top‑40 index slipped 0.3%, while yields on the benchmark 2035 government bond climbed 5.5 basis points to 8.51%.
