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Introduction of infrastructure and development finance bond
REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")
INTRODUCTION OF INFRASTRUCTURE AND DEVELOPMENT FINANCE BOND
Following the announcement by the South African Minister of Finance, Mr Enoch Godongwana, in
the 2025 Medium Term Budget Policy Statement (MTBPS), and in support of the
National Treasury's initiatives to raise funds for projects under the Government Budget Facility for
Infrastructure ("BFI"), the National Treasury is pleased to announce the launch of a new
Infrastructure and Development Finance Bond (the "Infrastructure and Development Bond").
Proceeds from the Infrastructure and Development Bond will be used exclusively to finance or
refinance projects under the Government's BFI programme.
Absa Bank Limited, in partnership with Tysys Capital Group, will act as Co-Arrangers for the
transaction.
Please refer to the table below outlining salient details of the National Treasury's inaugural
issuance of the Infrastructure and Development Bond:
Issuer Details
Issuer The Republic of South Africa, acting through the
National Treasury
Issuer Local Currency LT Moody's: Ba2 (stable) / S&P Global: BB+ (positive)
Debt Credit Ratings
Issuer National Scale Moody's: Aaa.za / S&P Global: zaAAA
Credit Ratings
Programme Domestic Multi Term Note Programme
Term Sheet
Issuance Senior Unsecured
Use of Proceeds The net proceeds of the instruments will be used exclusively to
finance or refinance projects under the Government's BFI
programme
Auction Date Monday, 8 December 2025
Settlement Date Thursday, 11 December 2025 (T+3)
Targeted Issue Size ZAR 15 billion
Stock Code RI2036 RI2041
Tenor 10.3 year 15.3 year
Periodic Interest Payments Fixed with semi-annual coupon payments
Fixed Price Guidance TBC TBC
Maturity Date 31 March 2036 31 March 2041
Auction Time 09h00 to 11h00
Auction Methodology Dutch Auction (no feedback)
Auction Details and Allocation Process
Auction Details and • Bids to be submitted between 09h00 and 11h00 on Auction
Allocation Process Date.
• Bids to only be accepted if return email of acknowledgement
is sent by the Absa Fixed Income Sales team.
• The clearing price and issuance volume will be at the Issuer's
discretion.
• Bids below the final clearing fixed yield will receive full
allocation at the clearing yield.
• All successful bids to clear at one clearing yield.
• Any bids by the Arranging Bank to only be accepted between
09h00 and 09:30 on Auction Date.
• Successful bids at the clearing yield to be allocated pro-rata.
Contact Details
Contact Details: To Bid Absa Fixed Income Sales:
FIFlowSales@groups.absa.africa
+27 (11) 895 5511
Beyers Roux:
Beyers.Roux@absa.africa
For further enquiries contact:
Terry Bomela-Msomi
Director: Debt Issuance and Management
012 315 5753 / +27 66 289 2492
Pretoria
24 November 2025
Debt Sponsor
One Capital
Date: 24-11-2025 10:02:00
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