South African Government Bonds & T-Bills
Live South African sovereign debt, daily closing yields on the R2030 and R209 benchmark bonds, plus weekly Treasury Bill tender rates across 91/182/273/364-day tenors. All data sourced from the South African Reserve Bank.
Benchmark Bond Yields
Latest closing yield (yield-to-maturity) on the two SARB-tracked benchmark fixed-rate government bonds.
Benchmark Government Bonds
R-series fixed-rate sovereign bonds. Coupon is the fixed semi-annual interest rate; YTM is the implied yield-to-maturity at the latest closing price.
| Bond | Coupon | Maturity | Yield (YTM) | As of |
|---|---|---|---|---|
RSA 8.00% 2030 (R2030) R2030 | 8.00% | Jan 2030 | 7.955% | Jun 1, 2026 |
RSA 6.25% 2036 (R209) R209 | 6.25% | Mar 2036 | 8.690% | Jun 4, 2026 |
Source: South African Reserve Bank · Daily closing yields.
Current T-Bill Tender Rates
Latest tender rates from the most recent SARB weekly Treasury Bill auction.
Treasury Bill Tenders
Weekly SARB Treasury Bill tenders. Rates shown are the average allotted rate at each weekly auction. SA T-bills trade in the JSE money market.
| Tender Date | Tenor | Tender Rate |
|---|---|---|
| Jun 4, 2026 | 182-day | 7.280% |
| Jun 4, 2026 | 273-day | 7.330% |
| Jun 4, 2026 | 91-day | 7.130% |
| Jun 3, 2026 | 182-day | 7.280% |
| Jun 3, 2026 | 273-day | 7.330% |
| Jun 3, 2026 | 91-day | 7.130% |
| Jun 2, 2026 | 182-day | 7.280% |
| Jun 2, 2026 | 273-day | 7.330% |
| Jun 2, 2026 | 91-day | 7.130% |
| Jun 1, 2026 | 182-day | 7.280% |
| Jun 1, 2026 | 91-day | 7.130% |
| Jun 1, 2026 | 273-day | 7.330% |
| May 29, 2026 | 182-day | 7.250% |
| May 29, 2026 | 273-day | 7.330% |
| May 29, 2026 | 91-day | 7.060% |
| May 28, 2026 | 182-day | 7.250% |
| May 28, 2026 | 273-day | 7.330% |
| May 28, 2026 | 364-day | 7.250% |
| May 28, 2026 | 91-day | 7.060% |
| May 27, 2026 | 91-day | 7.060% |
| May 27, 2026 | 182-day | 7.250% |
| May 27, 2026 | 273-day | 7.330% |
| May 27, 2026 | 364-day | 7.250% |
| May 26, 2026 | 182-day | 7.250% |
| May 26, 2026 | 273-day | 7.330% |
| May 26, 2026 | 364-day | 7.250% |
| May 26, 2026 | 91-day | 7.060% |
| May 25, 2026 | 273-day | 7.330% |
| May 25, 2026 | 364-day | 7.250% |
| May 25, 2026 | 182-day | 7.250% |
| May 25, 2026 | 91-day | 7.060% |
| May 22, 2026 | 273-day | 7.350% |
| May 22, 2026 | 364-day | 7.220% |
| May 22, 2026 | 182-day | 7.190% |
| May 22, 2026 | 91-day | 6.940% |
| May 21, 2026 | 91-day | 6.940% |
| May 21, 2026 | 273-day | 7.350% |
| May 21, 2026 | 364-day | 7.220% |
| May 21, 2026 | 182-day | 7.190% |
| May 20, 2026 | 91-day | 6.940% |
Source: South African Reserve Bank · Tenders weekly on Fridays.
About the South African sovereign debt market
South Africa runs one of Africa's deepest sovereign debt markets. The South African Reserve Bank (SARB) conducts weekly Treasury Bill tenders (91/182/273/364-day) on behalf of the National Treasury, and tracks daily closing yields on benchmark government bonds.
The benchmark bonds, R2030 (8.00% maturing 2030) and R209 (6.25% maturing 2036), are the reference instruments for ZAR yield expectations. Both trade in the JSE bond market, which is one of the most liquid African fixed-income venues by trading volume. Beyond the two benchmarks, the National Treasury issues a wider universe of R-series bonds, inflation-linked bonds (ILBs), and floating-rate notes.
For retail South African investors, RSA Retail Bonds offer direct access to fixed-rate, inflation-linked, and top-up bond products with no broker required. For foreign investors, R-bonds and South African Eurobonds (USD-denominated, traded on the London Stock Exchange) provide the standard sovereign exposure.
Frequently asked questions
What is the R2030 bond?
R2030 is South Africa's 8.00% government bond maturing in January 2030. It's one of the two SARB benchmark fixed-rate bonds tracked daily and is widely used as a reference for medium-tenor ZAR yields. R2030 trades on the JSE bond market.
What is the R209 bond?
R209 is the 6.25% RSA government bond maturing in March 2036. Alongside R2030, it's tracked by SARB as a benchmark for longer-dated ZAR yields. R209 is used as a reference yield by South African asset managers and pension funds.
How often does the SARB run T-bill tenders?
The South African Reserve Bank conducts Treasury Bill tenders weekly on Fridays, covering 91-day, 182-day, 273-day, and 364-day tenors. Tender rates are published the same day on SARB's Current Market Rates page.
Why are South African bond yields higher than developed markets?
South African government bonds typically yield 7 to 10% in ZAR, well above developed-market sovereigns. The spread reflects inflation expectations (SARB targets 3 to 6% CPI), sovereign credit risk, and the ZAR's emerging-market FX volatility. For USD-based investors, returns also depend on rand stability.
How do I buy South African government bonds?
Through any JSE-licensed stockbroker (EasyEquities, Standard Bank Online Share Trading, Investec Securities, PSG Wealth). Retail investors can also access RSA Retail Bonds directly at rsaretailbonds.gov.za, which offers fixed-rate, inflation-linked and top-up bond products for South African residents.
What is the difference between R-bonds and RSA Retail Bonds?
R-bonds (R2030, R209 etc.) are wholesale fixed-rate government bonds issued for the institutional market and traded on the JSE. RSA Retail Bonds are sold directly to individuals through the National Treasury, smaller minimum, locked-in interest rates, and no secondary-market trading.