BY MBONO MDLULI
MBABANE – Government has been able to raise E4 billion by issuing bonds at the Johannesburg Stock Exchange (JSE).
This is according to the information sourced from Eswatini Government social media pages. According to the government, the listing will help the Eswatini administration to raise the necessary funds that will be used to fund different development projects in the country.
This publication reported that Eswatini Government would be listed at the JSE from today morning (Thursday, May 24, 2024) at the JSE in Sandton, Johannesburg, South Africa. The event, known as the ‘ringing of the bell,’ which was live streamed on You Tube, started at 8:30am. The ‘ringing of the bell’ signified the welcoming of Eswatini Government to be part of the traders in Africa’s biggest stock market. The listing of Eswatini Government was characterised by the blow of vuvuzelas at about 9am.
Present during the ringing of the bell was Minister of Finance Neal Rijkenberg and Central Bank of Eswatini (CBE) Governor Dr Phil Mnisi, who led the delegation from Eswatini to witness the event. Also present were executives from the JSE, as well as international investors. Both Minister Rijkenberg and Governor Dr Mnisi blew their own vuvuzelas.
Refilwe Rakale, who is part of the marketing team, was the programme director of the event. She extended a very warm welcome to Eswatini Government, especially to Minister Rijkenberg and Governor Mnisi.
JSE Head of Origination and Deals Sam Mokorosi, in his remarks, extended congratulatory messages to Eswatini Government for the issuance of what he termed as the protea bonds at the JSE.
He said the listing marked the start of a new chapter for growth of the Kingdom of Eswatini. Mokorosi said the listing did not only give Eswatini an opportunity to raise funds for infrastructural development, but it also gave an opportunity for international investors to participate in growing Eswatini’s economy.
He further mentioned that this step showcased Eswatini’s commitment to grow its economy. He said this step also highlighted the nation’s commitment to uphold financial accountability. Mokorosi said they were honoured, as the JSE, to be identified by Eswatini Government as a platform which it could use to fast track its economic growth.
Minister Rijkenberg said the country was honoured to be welcomed by the JSE and that signified its commitment to help African countries to meet their developmental needs. He also thanked the ABSA Bank for having helped Eswatini Government to issue its first bind on May 8, 2024. He said Government took a bold step to allow its money to flow into the region and find various sources where it could raise capital for infrastructural development.
The minister also thanked the CBE, Absa Bank Group, the JSE and others for making the event a success. He said this event would make Government to be able to diversify funding sources. He said the fact that the South African market was vast gave Government an opportunity to raise funds through the issuance of various securities.
Speaking during the event, CBE Governor Dr Mnisi described the step taken by Eswatini Government as a good one because it was making itself visible to international investors. He said the CBE was the one that recommended that Government should use the JSE to source funds, as opposed to Euro bond markets, which had already been tapped by most African countries.
He said he was excited to have reached this milestone, as it was a journey that was not easy to travel. He wished that every Liswati could understand the meaning of this development. He congratulated Minister Rijkenberg and the entire country for this momentous occasion.
According to online sources, JSE Limited (which has previously been known as the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 the JSE had an estimated 473 listed companies and a market capitalisation of US$182.6 billion (about E3 354 349 218 000), as well as an average monthly traded value of US$6.399 billion (about E117 549 182 070). As of March 2022, the market capitalisation of the JSE was at US$1.36 trillion (about E24 983 104 800 000).
