Africa-Press – Eswatini. The bonds market recorded notable growth in the third quarter of 2025, with total outstanding bonds valued at E7.17 billion at the end of Q3-2025.
This represents an 8.36 per cent increase from the previous quarter’s close of E6.62 billion, according to trading statistics from the Eswatini Stock Exchange (ESE).
The quarterly growth was largely driven by the higher value of new bond issuances and re-openings, while maturities during the period under review were comparatively lower. On a year-on-year basis, the value of bonds traded/outstanding increased by 10.71 per cent, rising from E6.48 billion at the end of Q3-2024 to E7.17 billion in Q3-2025.
Government Bonds
Government bonds continued to dominate the market. In 2025, the value of outstanding Government bonds rose steadily from E6.62 billion in June to E7.23 billion in August, before moderating slightly to E7.17 billion in September.
Comparatively, Government bond values stood at E6.48 billion in September 2024 and E6.15 billion in September 2023, highlighting sustained upward growth over the three-year period. The expansion reflects continued sovereign borrowing activity and market confidence in Government-issued securities.
Corporate Bonds
Outstanding corporate bonds were valued at E1.88 billion as at Q3-2025, reflecting a slight quarterly decline of 1.73 per cent from E1.92 billion recorded in the previous quarter. During the quarter, eight new note issuances were recorded, while three bonds matured.
Despite the marginal quarterly contraction, year-on-year figures show a 2.31 per cent increase in corporate bonds trading/outstanding, from E1.84 billion at the end of Q3-2024 to E1.88 billion in the current period.
In 2025, corporate bond values fluctuated between E1.91 billion in June and E1.75 billion in August, before recovering to E1.88 billion in September. This compares favourably with September figures of E1.84 billion in 2024 and E1.70 billion in 2023, indicating gradual long-term growth in the corporate debt segment.
Overall, the Q3-2025 performance reflects a strengthening fixed-income market, underpinned by increased Government issuance and steady corporate participation, reinforcing the role of bonds in deepening Eswatini’s capital markets.
