| Item | Detail |
|---|---|
| Instruments listed | Government, state-owned enterprise, corporate and municipal |
| Trading | Mostly over the counter, reported to the JSE |
| Settlement | T+3 |
| Quotation | By yield, not price |
| Minimum size | Institutional, typically R1 million nominal |
| Market makers | Primary dealers appointed by National Treasury |
| Route | Minimum | Liquidity | Note |
|---|---|---|---|
| RSA Retail Savings Bonds | R1,000 | Restricted | Bought direct from Treasury, fixed or inflation linked |
| Bond ETF | One share | Daily | Tracks an index, full price risk |
| Bond unit trust | Varies | Daily | Actively managed, higher fees |
| Money market fund | Varies | Daily | Short duration, low price risk |
| Direct purchase | About R1 million | Poor | Through a broker, rarely practical |
| Term | Meaning |
|---|---|
| Clean price | Price excluding accrued interest |
| Dirty price | Clean price plus accrued interest, what you pay |
| Coupon | The fixed annual rate, paid semi-annually |
| Yield to maturity | The return if held to maturity at that price |
| Modified duration | How much the price moves for a 1% yield change |
| Books closed | The period before a coupon when the register is fixed |
Data maintained by TradeAnswers · updated as the figures change