Wrap Text
Listing of new financial instruments – R010, R187 and R188
REPUBLIC OF SOUTH AFRICA
Department of National Treasury
Issuer code: BIRSA
("National Treasury")
LISTING OF NEW FINANCIAL INSTRUMENTS – R010, R187 AND R188
The National Treasury refers to the announcement published on SENS on 8 February 2024 wherein bondholders
of the R186 (10.50%) 2025/26/27 government bond were notified of the option to split the bond into three new
series of bonds ("Split Option").
As previously advised, the Split Option is optional and will remain available until 11 December 2025, being the
book closed date before the first maturity date of 21 December 2025. On 11 December 2025, all remaining
outstanding R186 government bonds will automatically be split into the below three maturity legs:
• R010 – 10.5% 2025, redeemable on 21 December 2025;
• R187 – 10.5% 2026, redeemable on 21 December 2026; and
• R188 – 10.5% 2027, redeemable on 21 December 2027.
In light of the above, the JSE Limited ("JSE") has granted approval for the listing of Fixed Rate Notes ("Notes")
under series R010 (10.50%: 2025), R187 (10.50%: 2026) and R188 (10.50%: 2027), respectively, issued under
the Republic of South Africa's Domestic Multi Term Note Programme dated 9 September 2019, as updated,
supplemented and amended from time to time ("Programme Memorandum"), with effect from 15 October 2025.
Any capitalized terms not defined in this announcement shall have the meanings ascribed thereto in the section
of the Programme Memorandum headed "Terms and Conditions of the Notes".
R010
The details pertaining to the issue of the R010 Notes are as follows:
Instrument Code: R010
International Securities Identification Number ZAG000215070
(ISIN):
Instrument Type: Fixed Rate Notes
Nominal Amount: ZAR99,054,918,746.30
Issue Date: 15 October 2025
Issue Price: AIP 106.60506
CP 103.32561
Interest Rate: 10.50 percent per annum payable semi-annually in
arrears on each Interest Payment Date
Coupon Rate Indicator: Fixed Rate
Interest Commencement Date: 21 June 2025
Interest Payment Date(s): 21 June and 21 December of each year up to and
including the Maturity Date or, if such day is not a
Business Day, the Business Day on which the interest will
be paid, as determined in accordance with the applicable
Business Day Convention (as specified in the applicable
pricing supplement ("APS"))
Interest Rate Determination Date(s): 21 June and 21 December (or the first Business Day of
each Interest Period) of each year until the Maturity Date,
with the first Interest Rate Determination Date being 21
June 2025
Business Day Convention: Following Business Day
Last Day to Register: By 17h00 on 10 June and 10 December of each calendar
year until the Maturity Date or if such day is not a
Business Day, the Business Day immediately preceding
each Books Closed Period
Books Closed Period: The Register will be closed from 11th June to 20th June
and 11th December to 20th December (all dates inclusive)
of each year until the Maturity Date, or if any early
redemption occurs, 10 Days prior to the actual
Redemption Date
Maturity Date: 21 December 2025
Final Redemption Amount: 100% of nominal issued
Total Notes in Issue as at 13 October 2025: ZAR4,273,426,069,049.39 (excluding the issuance of the
R010, R187 and R188 Notes)
Other: The APS does not contain additional terms and conditions
or changes to the terms and conditions as contained in
the Programme. The APS is available on the National
Treasury's website:
https://investor.treasury.gov.za/Auction%20Information/
Forms/AllItems.aspx?RootFolder=%2FAuction%20Inform
ation%2FTerms%20and%20conditions%20of%20issue
%2FFixed%2Drate%20bonds&FolderCTID=0x01200063
A18B7D3C6F8049B5DA3C65F0DCE79E&View={74AD
58DF-A37B-4686-B839-618B7AC1674F}
R187
The details pertaining to the issue of the R187 Notes are as follows:
Instrument Code: R187
International Securities Identification Number ZAG000215088
(ISIN):
Instrument Type: Fixed Rate Notes
Nominal Amount: ZAR99,054,918,746.30
Issue Date: 15 October 2025
Issue Price: AIP 106.60506
CP 103.32561
Interest Rate: 10.50 percent per annum payable semi-annually in
arrears on each Interest Payment Date
Coupon Rate Indicator: Fixed Rate
Interest Commencement Date: 21 June 2025
Interest Payment Date(s): 21 June and 21 December of each year up to and
including the Maturity Date or, if such day is not a
Business Day, the Business Day on which the interest will
be paid, as determined in accordance with the applicable
Business Day Convention (as specified in the APS)
Interest Rate Determination Date(s): 21 June and 21 December (or the first Business Day of
each Interest Period) of each year until the Maturity Date,
with the first Interest Rate Determination Date being
21 June 2025
Business Day Convention: Following Business Day
Last Day to Register: By 17h00 on 10 June and 10 December of each calendar
year until the Maturity Date or if such day is not a
Business Day, the Business Day immediately preceding
each Books Closed Period
Books Closed Period: The Register will be closed from 11th June to 20th June
and 11th December to 20th December (all dates inclusive)
of each year until the Maturity Date, or if any early
redemption occurs, 10 Days prior to the actual
Redemption Date
Maturity Date: 21 December 2026
Final Redemption Amount: 100% of nominal issued
Total Notes in Issue as at 13 October 2025: ZAR4,273,426,069,049.39 (excluding the issuance of the
R010, R187 and R188 Notes)
Other: The APS does not contain additional terms and conditions
or changes to the terms and conditions as contained in
the Programme. The APS is available on the National
Treasury's website:
https://investor.treasury.gov.za/Auction%20Information/
Forms/AllItems.aspx?RootFolder=%2FAuction%20Inform
ation%2FTerms%20and%20conditions%20of%20issue
%2FFixed%2Drate%20bonds&FolderCTID=0x01200063
A18B7D3C6F8049B5DA3C65F0DCE79E&View={74AD
58DF-A37B-4686-B839-618B7AC1674F}
R188
The details pertaining to the issue of the R188 Notes are as follows:
Instrument Code: R188
International Securities Identification Number ZAG000215096
(ISIN):
Instrument Type: Fixed Rate Notes
Nominal Amount: ZAR99,054,918,746.30
Issue Date: 15 October 2025
Issue Price: AIP 106.60506
CP 103.32561
Interest Rate: 10.50 percent per annum payable semi-annually in
arrears on each Interest Payment Date
Coupon Rate Indicator: Fixed Rate
Interest Commencement Date: 21 June 2025
Interest Payment Date(s): 21 June and 21 December of each year up to and
including the Maturity Date or, if such day is not a
Business Day, the Business Day on which the interest will
be paid, as determined in accordance with the applicable
Business Day Convention (as specified in the APS)
Interest Rate Determination Date(s): 21 June and 21 December (or the first Business Day of
each Interest Period) of each year until the Maturity Date,
with the first Interest Rate Determination Date being
21 June 2025
Business Day Convention: Following Business Day
Last Day to Register: By 17h00 on 10 June and 10 December of each calendar
year until the Maturity Date or if such day is not a
Business Day, the Business Day immediately preceding
each Books Closed Period
Books Closed Period: The Register will be closed from 11th June to 20th June
and 11th December to 20th December (all dates inclusive)
of each year until the Maturity Date, or if any early
redemption occurs, 10 Days prior to the actual
Redemption Date
Maturity Date: 21 December 2027
Final Redemption Amount: 100% of nominal issued
Total Notes in Issue as at 13 October 2025: ZAR4,273,426,069,049.39 (excluding the issuance of the
R010, R187 and R188 Notes)
Other: The APS does not contain additional terms and conditions
or changes to the terms and conditions as contained in
the Programme. The APS is available on the National
Treasury's website:
https://investor.treasury.gov.za/Auction%20Information/
Forms/AllItems.aspx?RootFolder=%2FAuction%20Inform
ation%2FTerms%20and%20conditions%20of%20issue
%2FFixed%2Drate%20bonds&FolderCTID=0x01200063
A18B7D3C6F8049B5DA3C65F0DCE79E&View={74AD
58DF-A37B-4686-B839-618B7AC1674F}
The Notes will be dematerialised in the Central Securities Depository (CSD) and settlement will take place
electronically in terms of the JSE rules.
T Bomela-Msomi
Director: Debt Issuance & Management
012 315 5753 / +27 66 289 2492
Pretoria
14 October 2025
Debt Sponsor
One Capital
Date: 15-10-2025 07:05:00
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