South Africa Market Review, Q3 2023: issuance declines, FirstRand offers first self-issued note

Product issuance in Q3 dropped to 54 notes over the last quarter, a 30% decline from the previous quarter (Q2 2023: 78 products). Year-on-year (YoY),  issuance increased by 15%, but sales volumes went down 22%. Ninety-six products matured, releasing ZAR2.1 billion back onto the market for reinvestment. Most of the notes were from Standard Bank (48) and ABSA (23). Issuers Seven issuers introduced structured products during the quarter. BBVA was the most active bond provider, launching