Chamwe Kaira
The National Treasury of South Africa has adjusted its bond and Treasury Bill auction levels following the tabling of the 2026 Budget. The changes will take effect at the end of March.
The Treasury said the competitive fixed-rate bond auction amount will decrease by R450 million to R2.55 billion. The new level will apply from the auction scheduled for 31 March 2026, with settlement on 7 April 2026.
The inflation-linked bond auction amount will remain at R1 billion. The non-competitive fixed-rate bond allocation will stay at 75% of the amount offered. Of this, 45% will be issued on the electronic trading platform and 30% during the primary auction.
Floating rate notes and switch auctions will continue as part of the funding strategy. These will follow the published auction calendar.
The adjustments come after Finance Minister Enoch Godongwana presented the 2026 National Budget in Parliament.
Godongwana said South Africa has reached a turning point in managing its public finances. He said the domestic growth outlook is improving.
“We project real economic growth of 1.6% in 2026, an improvement from the 1.4% estimated in 2025.”
He said the improvement reflects stronger economic performance from the second half of 2025.
Over the medium term, growth is expected to average 1.8% and reach 2% by 2028.
“Persistent logistics bottlenecks, weak public infrastructure and the recent outbreak of foot-and-mouth disease continue to weigh on economic activity and pose risks to the outlook. In light of this, rapid inclusive growth remains our only durable path forward,” he said.
Godongwana said efforts to lift growth focus on four pillars: maintaining macroeconomic stability, implementing structural reforms, investing in infrastructure and building state capacity.
“These pillars are the foundation upon which inclusivity is built and how we ensure that growth is faster.”
