JOHANNESBURG - South Africa's National Treasury said on Tuesday ​that ⁠it would start quarterly tap issuances of ‌its infrastructure and development finance bonds from next month, ​expanding a programme that drew strong demand at its debut ​in December.

The ​auctions will cover the RI2036 and RI2041 bond series, with the first one ⁠expected to take place on July 8.

When the bonds were first issued in December 2025, bids exceeded 26 billion rand ($1.58 billion), ​against ‌a 15 billion rand ⁠target, though ⁠the Treasury chose to sell less than the targeted ​amount to contain borrowing ‌costs.

Below are more details ⁠about the tap issuances:

Auctions will be conducted quarterly through the primary dealer/automated universal debt platform.

An infrastructure bond auction calendar will be published.

The RI2036 is a 10-year bond issued at 8.575%; the RI2041 is a 15-year bond at 9.13%.

Treasury raised about 11.8 billion rand at ⁠the December 2025 debut issuance.

The ​new issuance mechanism does not amend or modify the existing terms and conditions of ​the RI2036 ‌and RI2041 notes.

($1 = 16.4930 rand)