GOVERNMENT through the Central Bank of Eswatini (CBE) maintained 30 bonds with different maturities ranging from three, five, seven, eight, nine and 10 years.
Total outstanding bonds value at the end of the first quarter was E7.673 billion. Government bonds are low-risk debt securities issued by national governments to raise capital for public projects, infrastructure and social programmes.
Investors lend money to government, receiving regular interest payments known as coupons and the principal repayment upon maturity and are considered safe investments, often offering stable income and portfolio diversification.
According to the Eswatini Stock Exchange (ESE) first quarter report (January–March), there was a 2.71% increase from the previous quarter’s close of E7.471 billion.
The increase was due to a higher value of commencing bonds and reopening compared to a lower value of bonds that matured during the period under review.
On a yearly basis, government bonds increased by 19.02%, up from E6.447 billion in March 2025 to E7.673 billion in March this year.
The ESE market capitalisation value increased by 0.51% from E6.896 billion at the end of the fourth quarter 2025 to E6.932 billion at the end of the first quarter this year.
The market capitalisation increase was due to changes in share prices in SBC Limited and the new listing of AGSPAC Limited during the period under review.
On a year-on-year basis, market capitalisation recorded a 1.12% increase from E6.855 billion in March last year to E6.932 billion at the end of March.
“The ESE All-Share Index increased by 0.35% from 491.45 at the end of the fourth quarter 2025 to 493.16 at the end of the first quarter 2026.
Trading during the quarter was moderate and there was a trade from SBC Limited that managed to influence the All-Share Index increase.
READ MORE | Governance key to safeguarding SACCO savings – Minister
The rest of the listed companies’ share prices remained unchanged over the period under review. On a year-on-year basis, the All-Share Index increased by 0.96% from 488.49 in March last year to 493.16 in March this year,” reads the report in part.
SBC Limited gained 13.89% and Nedbank Eswatini Limited gained 10% from its share price from the end of March 2025 up to March 2026.
On a yearly basis, Greystone Partners Limited share price decreased by 11.76%. The other listed companies’ share prices remained unchanged on a yearly basis.
The total turnover of E1.442 million was recorded in the period under review.
In comparison to last year’s fourth quarter, the turnover decreased by 86.27% from E10.508 million to E1.442 million this quarter.
Compared to the same period last year when the value traded was E248 289, the market activity last month was considerably high at E1.442 million.
The first quarter also realised seven new note issuances and no reopening. There were five corporate bonds that matured in the period under review.
This saw the cumulative corporate bonds outstanding at the end of the first quarter increase by 1.21% to E2.037 billion from the previous quarter’s outstanding amount of E2.013 billion.
Yearly, there was an 8.35% increase in bonds trading from E1.83 billion at the end of March 2025 to E2.037 billion at the end of March this year.
“As of the end of this year’s first quarter, four corporate bond issuers were on the ESE Debt Board; Select Limited has the highest value of listed bonds, followed by SBC Limited, FINCORP and Nkonyeni Pre-cast Limited,” further read the report.
