Foreign holdings of nominal SAGBs increase to 35.7% in December

By RMB Research

According to the National Treasury (NT), combined holdings (fixed-rate and inflation-linked) of government bonds increased to 29.9% in December from 29.7% in November.

Nominal (fixed-rate) SAGBs: Investor holdings as at the end of December 2020 are as follows:
Non-resident investors hold 35.7% (R791.78bn).
Monetary authorities hold 22.6% (R501.79bn).
Official pension funds hold 12.6% (R280.43bn).
In absolute terms, between November and December this year, foreign holdings increased by R21.12bn and monetary institutions’ holdings increased by R5.01bn, while official pension funds’ holdings decreased by R1.40bn.
Over December, foreign holdings of the R186, R2030, R213, R2037 and R2048 increased by R5.74bn, R3.58bn, R2.95bn, R3.80bn and R5.95bn, respectively, while holdings of the R2023 decreased by R2.07bn.
Monetary institutions’ holdings of the R2035 and R2048 increased by R2.74bn and R5.74bn, respectively, while that of the R186 decreased by R4.92bn.

Inflation-linked bonds (ILBs): Regarding investor holdings of ILBs as at the end of December 2020:
Offshore investors hold 1.9% (R8.58bn).
Monetary authorities hold 19.1% (R86.62bn). Official pension funds hold 48.0% (R217.05bn).
In absolute terms, between November and December this year, non-resident, monetary institutions and official pension fund holdings of ILBs increased by R0.02bn, R10.86bn and R0.97bn, respectively.
Over December, monetary institutions’ holdings of the R212 and I2025 increased by R2.86bn and R2.97bn, respectively.



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