Chamwe Kaira
Corporate bonds listed on the Namibia Securities Exchange (NSX) and the Johannesburg Stock Exchange (JSE) increased by N$449 million at the end of 2025.
The total stock of bonds issued by Namibian corporates rose from N$7.4 billion in 2024. The NSX lists approximately 95.7% of these bonds, while the JSE lists 4.3%.
The increase was driven by new bond issuances and the maturity of existing bonds.
Commercial banks issued the largest share of corporate bonds during the year, amounting to N$6.2 billion. Other corporations issued N$1.5 billion, while state-owned enterprises issued N$130 million.
In October 2025, Namibia fully repaid the 2025 eurobond. The government used savings from its sinking fund and raised about N$6 billion from local banks through private loans to complete the repayment.
The repayment reduced external debt risks and improved the country’s debt profile.
The yield on the JSE-listed Namibian government bond, NAM04, declined during the year. It closed at 8.7% in 2025, down from 10.7% in 2024.
Investor confidence improved, supporting bond market activity.
The spread between the NAM04 and its South African counterpart widened to 188 basis points from 144 in 2024. Low trading activity also contributed to the wider spread, with only 17 trades recorded in 2025.
The stock market also recorded growth. The market capitalisation of the 30 companies listed on the NSX increased by 11%, with the overall index rising to 1 998.49 points from 1 801.18 in 2024.
The local index rose by 16.8% to 807.75 points, up from 691.32 in 2024.
Total market capitalisation increased to N$2.8 trillion at the end of 2025, up from N$2.4 trillion the previous year.
