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National Treasury's switch auction announcement-August 2023
REPUBLIC OF SOUTH AFRICA
Private Bag X115, Pretoria, 0001. Tel: (+27 12) 315 5944. Fax: (+27 12) 407 9055
NATIONAL TREASURY’S SWITCH AUCTION ANNOUNCEMENT
On the SENS announcement published on the 23rd of February 2023, the National
Treasury stated that switches will remain part of the funding strategy to manage refinancing
risk. As such, switch auctions for 2023/24 will commence and will be conducted in line with
the switch auction calendar that is available on the investor relations website, with the first
auction scheduled for the 17th of August 2023.
The source and possible destination bonds as well as the indicative switch amount on offer
will be indicated in the switch auction announcement. As outlined in the terms and
conditions, the allocated amount will not exceed the amount on offer by more than 40 per
cent. The switches will be conducted within the predetermined risk limits that are in line
with minimising government’s cost of funding.
To the extent that there are ETP obligatory bonds that are included in the switch auctions,
those obligations will be reconsidered in consultation with the Primary Dealers.
The updated terms and conditions for the switch programme for 2023/24 are available on
the National Treasury’s investor relations website.
For further enquiries contact:
Terry Bomela-Msomi
Director: Debt Issuance and Management
012 315 5753 / +27 60 969 3755
Date: 07 August 2023
Date: 07-08-2023 12:10:00
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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