The National Treasury will, subject to market appetite, switch the R153 government bond with a coupon of 13.0% maturing on 31 August 2010.
The date of the auction is 27 June 2008.
Methodology: The switch auction will be on a cash neutral basis and an All-In-Pricing method is applicable. However, bids will be submitted in terms of yield.
The National Treasury reserves the right to decide the maximum amount to be switched.
The source bond for the auctions is the R153 (13.
Participants have the option to switch from the source bond into any of the applicable destination bonds mentioned above.
The switch auction will be conducted on a multiple yield basis (American style).
Offers to switch out of the source bond (R153) should be for a minimum nominal amount of R10 million and thereafter in multiples of R5 million.
Results : 11h30 14.