Maturities on these bonds range from 1 to 25 years. This allows the issuers to tap existing issues directly whenever required, without formal announcement, making the exact size of an issue at any given time uncertain. However, in general, new issues have been in sizes from less than R1 billion up to R50 billion and in maturities from 3 to 25 years. All issues exist in registered form. The percentage of trading on the BME has declined recently as foreign brokers have become more active in the market.
Bonds pay interest semiannually and are quoted on a semiannual bond-equivalent basis.
Several bonds that amortize over three periods rather than with a bullet payment are exceptions to this rule. Yields on these bonds are quoted as if they are bullet bonds that mature at the mid-year of their bullet amortization schedule. Neither stamp duty nor commissions is paid on the transfer of securities. Foreign investors are not subject to South African taxes on bond interest earnings or capital gains. When a holiday occurs on a Friday, the settlement date for that week moves from Thursday to Wednesday.