EDITORIAL: Bond market reforms a long time coming

About a decade after it acquired the Bond Exchange of SA and became what it now proudly calls the largest regulator of the continent’s listed debt market, the JSE is finally hammering out a new set of standards that will improve the listings requirements for such instruments.

The total value of the local debt market is about R1.8-trillion, according to the JSE, and more than half of that is placed by the government, with the rest issued by by state-owned institutions such as Eskom; local companies and other African countries. What they want is hardly controversial, a level of disclosure similar to that required from equity instruments, for a start. In short, more transparency. Stronger listings rules should make the bond market a better place for investors.

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