- Government opened a E200 million Government Infrastructure Bond to public investors less than a month ago
BY THEMBA ZWANE
MBABANE – Government, through the Central Bank of Eswatini (CBE), is seeking to raise an additional E400 million from the domestic market through a fresh Government Bond issuance, with the latest information posted on the Eswatini Stock Exchange website on August 17, 2026.
The new bond offer comes less than a month after Government opened a E200 million Government Infrastructure Bond to public investors, as reported by Eswatini Positive News on July 20, 2026, under the headline “GOVT OPENS E200 MILLION BOND TO PUBLIC INVESTORS.”
The latest CBE announcement confirms that the E400 million Government Bond will be auctioned on August 25, 2026, with settlement scheduled for August 28.
The issuance consists of six Government securities with fixed coupon rates ranging from 10 per cent to 12.75 per cent, and maturities extending from 2029 to 2046.
The bonds are SG144, SG145, SG146, SG147, SG150 and SG156, collectively amounting to E400 million. The CBE says the auction is open to individuals, corporate investors and institutional investors, with applications submitted through the country’s four local commercial banks acting as Primary Dealers.
SECOND BOND OFFER IN WEEKS
The latest development is significant because it follows the E200 million infrastructure bond announced in July.
The July 20 report by Eswatini Positive News stated that Government had opened a E200 million bond to public investors, with the proceeds intended for infrastructure development.
The new announcement means that at least E600 million in Government bond offerings has now been placed before investors in the space of weeks — E200 million through the July infrastructure bond and another E400 million through the latest CBE issuance.
However, the two offers should not be conflated. The July instrument was specifically an Infrastructure Bond, while the latest E400 million issuance comprises six Government securities issued under the E5 billion Note Programme, 2021. The CBE says the latest issuance is intended, among other objectives, to meet Government’s budgetary requirements, develop the secondary market, establish fair market pricing and facilitate financial intermediation.
PUBLIC CAN INVEST
The latest bond is open to ordinary members of the public, in addition to corporate and institutional investors.
Individual non-competitive bidders can participate with a minimum bid of E10,000, while institutional direct bidders have a minimum bid size of E5 million. Applications must be made through the Primary Dealers.
The six securities carry fixed coupons of 10 per cent, 10.25 per cent, 10.50 per cent, 11 per cent, 12.25 per cent and 12.75 per cent respectively.
The CBE further states that interest income is not subject to withholding tax.
The auction will be conducted through a competitive multiple-bid model, while the securities will be issued electronically through the Central Securities Depository system.
Interestingly, the CBE reserves the right to allocate an additional amount of up to 100 per cent of the amount on offer on each bond, subject to the auction process.
The bonds are being issued in Emalangeni under Government’s E5 billion Note Programme, 2021, and are listed on the Eswatini Stock Exchange.
The latest notice therefore signals another significant mobilisation of domestic financing by Government, while simultaneously providing investors with an opportunity to invest in sovereign securities offering fixed returns over different periods.
The E400 million auction is scheduled for August 25, 2026.
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