The government of Eswatini has successfully raised E1.06 billion through its bond listing on the Johannesburg Stock Exchange (JSE), marking a historic milestone in the country’s financial market development.
The issuance is part of a R4 billion Government Bond Programme launched in May 2024 to diversify Eswatini’s funding sources beyond the domestic market. The first tranche raised R400 million, and the latest issuance earlier this month brought in an additional R606 million, pushing the total to over E1 billion.
Delivering the Central Bank of Eswatini’s (CBE) 2024/25 Annual Integrated Report, the Governor of the CBE, Dr. Phil Mnisi, praised the initiative as a game-changer that not only boosts the country’s financial credibility but also provides the government access to the deeper and more liquid South African capital markets.
“This is a groundbreaking initiative that expands Eswatini’s financing options, reduces reliance on limited domestic markets, and signals investor confidence in the country’s economic reforms,” the Governor stated.
The funds raised through the JSE bond will support the government’s E32.6 billion 2025/26 national budget, themed “Transformation for Growth”.
In his budget speech, the Minister of Finance announced that the E2.9 billion deficit (3% of GDP) has been fully financed through a combination of domestic securities under the bond program, including a forthcoming infrastructure bond, external project loans, and the JSE issuance.
The successful JSE listing offers Eswatini long-term strategic benefits. Beyond immediate financing, it integrates the kingdom into regional capital flows and provides institutional investors in South Africa an opportunity to participate in the country’s growth story.
As the report states, “A Johannesburg Stock Exchange (JSE) bond will also help finance the budget gap.