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Abstract
The South African government securities market has gone through various phases since the late 1970s. No formal and prevailing market rate existed before this period. The government periodically issued bonds at par, when needed. As the market started to develop, the government realized the importance of creating benchmark bonds across the yield curve to increase liquidity. By the early 1990s, a debt trap was looming, and the government intensified its focus on debt management. The government’s macroeconomic framework under the growth, employment, and redistribution program was designed to, among other economic challenges, bring the total debt to manageable levels. As a result, the department of finance developed a framework of philosophies and principles to manage its debt. This led to guidelines and strategies to manage debt more actively.
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