SA secures approval to replace JIBAR with ZARONIA on R112.9bn notes

Staff Writer

South Africa’s National Treasury has secured noteholder approval to replace the Johannesburg Interbank Average Rate (JIBAR) with the compounded South African Rand Overnight Index Average (Compounded ZARONIA) on floating-rate notes with a combined outstanding value of R112.9 billion.

The approval follows a written consent process for the RN2027 and RN2035 notes issued under the Republic of South Africa’s Domestic Multi-Term Note Programme.

For RN2027, R64.67 billion of the R71.08 billion in outstanding notes were voted, representing 90.99% of the total value of the instruments outstanding.

The resolution received approval from 90.99% of the outstanding value, with no votes against or abstentions.

For RN2035, R33.32 billion of the R41.83 billion in outstanding notes were voted, representing 79.66% of the total outstanding value.

The resolution was approved by 79.66%, with no votes against or abstentions.

The resolutions approved amendments and restatements to the applicable pricing supplements for both instruments to facilitate the benchmark transition from JIBAR to Compounded ZARONIA as the applicable reference rate.

National Treasury said the Extraordinary Written Resolution was approved by the requisite majority of noteholders for both RN2027 and RN2035.

The consent request was published on the Johannesburg Stock Exchange’s Stock Exchange News Service (SENS) on 4 September 2026.