Capital Markets Statistical Bulletin Q1 - 2020

MAY 2020
2020
CAPITAL MARKETS
QUARTERLY
STATISTICAL BULLETIN
FIRST QUARTER 2020 (Q1 - 2020)
CAPITAL MARKETS DEVELOPMENT DIVISION
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MAY 2020
FSRA
The Financial Services Regulatory Authority (FSRA) is an integrated

regulatory and supervisory authority for all non-bank financial
services providers in Eswatini. It was established in terms of Section
3 of the FSRA Act, 2010. The FSRA regulates and supervises credit &
savings institutions, insurance companies, retirement funds and
capital markets along with other non-bank financial institutions.
FSRA MISSION
We regulate and supervise financial services to protect

stakeholders and foster a stable financial system in Eswatini.
FSRA VISION
To be a world class regulator of financial services.
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MAY 2020
Contents
1. Introduction ..................................................................................................................... 4
1.2 Evolution of Total Assets ............................................................................................ 4
Figure 1 – Evolution of Total Assets .................................................................................... 0
1.3 Geographical Allocation of Total Assets ................................................................. 0
Figure 2 – Geographical Allocation of Total Assets ......................................................... 0
1.4 Source of Funds Managed in Eswatini Capital Markets ......................................... 0
Figure 3 – Capital Markets Source of Funds...................................................................... 7
2. Collective Investment Schemes .................................................................................... 8
2.1 Overview .................................................................................................................... 8
2.2 CIS Source of Funds ................................................................................................... 8
Figure 4 – CIS Source of Funds ........................................................................................... 9
2.3 CIS Geographic Allocation ...................................................................................... 9
Figure 5 - CIS Geographic Allocation ............................................................................... 9
2.4 CIS Asset Allocation .................................................................................................. 9
Figure 6 – CIS Asset Allocation ......................................................................................... 10
Figure 7 – CIS Money Markets .......................................................................................... 10
3. Investment Advisory...................................................................................................... 11
3.1 Overview .................................................................................................................. 11
3.2 Evolution of Assets under Advisory ......................................................................... 11
Figure 8 – Evolution of Assets Under Advisory ................................................................. 11
3.3 Geographical Allocation of Assets under Advisory .............................................. 11
Figure 9 - Geographical Breakdown of Assets Under Advisory..................................... 11
3.4 Investment Adviser Source of Funds ...................................................................... 11
Figure 10 – Investment Adviser Source of Funds ............................................................ 11
4. Domestic Listed Securities ............................................................................................ 12
4.1 Market Capitalisation.............................................................................................. 12
Figure 11 – Market Capitalisation ’19 vs ‘20.................................................................... 12
4.2 ESE All Share Index................................................................................................... 12
4.3 Capital Gains ........................................................................................................... 12
4.4 Equity Turnover ........................................................................................................ 14
4.5 Corporate Bonds ..................................................................................................... 14
4.6 Government Bonds ................................................................................................. 14
4.7 Corporate Events on ESE ........................................................................................ 14
Annexure 1 – Licensed Entities ........................................................................................... 0
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MAY 2020
Annexure 2 .......................................................................................................................... 2
Table 1 - Capital Gains ....................................................................................................... 2
Table 2 – Value Traded ...................................................................................................... 2
Table 3 – Corporate Bonds ................................................................................................ 2
Table 4 – Government Bonds ............................................................................................ 4
Disclaimer: While reasonable care has been taken to prepare the Capital Markets Statistical
Bulletin, the Authority accepts no responsibility or liability whatsoever resulting from the use of
information contained herein. Further note that the FSRA has no objection to the material
contained herein being referenced, provided an acknowledgement of the same is made.
Any comments and/or suggestions on any of the statistics provided herein may be sent to
cmd@fsra.co.sz
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MAY 2020
1. Introduction
Financial data reported in the Financial 1.1 Overview of the Eswatini Capital
Services Regulatory Authority (“FSRA”) Market
Capital Markets Quarterly Statistical
The Eswatini capital markets industry
Bulletin has been sourced from
comprises a total of twenty-six (26)
licensees’ statutory returns to the FSRA
licensed entities. Licensees fall under
for the first quarter(“Q1-2020) ended 31
the categories listed below and
March 2020.
Annexure 1 of this document:
All the figures reported in the statutory
Collective Investment Scheme
returns and in this Bulletin are in
Managers – seven (7)
Lilangeni currency.
Investment Advisers – sixteen
This document is divided into 4 (13)
chapters. Chapter 1 is an introductory Trustees – two (2)
section that provides the overview of Exempt Dealers – one (1)
the Eswatini capital markets industry as Stockbrokers – two (2)
a whole; Chapter 2 delves into the Securities Exchanges – one (1)
details regarding the activities of
collective investment schemes during
the quarter under review; Chapter 3 The aggregate value of assets that
describes activities in the investment were managed on behalf of
advisory space; and finally, Chapter 4 is clients/investors during the period
a synopsis of activity of the Eswatini under review was E23,83 billion1. This
Stock Exchange, the sole securities indicated a 14.44% decrease from the
exchange in Eswatini, as at the end of figure of E27,86 billion reported in
Q1-2020. December 2019.
1.2 Evolution of Total Assets

The evolution of total assets managed
by Eswatini capital markets entities from
period beginning 31 March 2017 to 31
March 2020 is depicted by diagram in
figure 1 below.
1
E 23,834,125,782.33
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MAY 2020
Figure 1 – Evolution of Total Assets
Evolution of Total assets

28,000,000,000.00
27,000,000,000.00
26,000,000,000.00
25,000,000,000.00
24,000,000,000.00
23,000,000,000.00
22,000,000,000.00
21,000,000,000.00
Q1 - Q2 -
Q3 - Q4 -
2017 2017 Q1 - Q2 -
2017 2017 Q3 - Q4 -
2018 2018 Q1 - Q2 -
2018 2018
2019 2019 Q3 - Q4 - Q1 -
2019 2019
2020
The total assets managed in the Figure 2 – Geographical Allocation of

Eswatini capital markets in Q1-2020 Total Assets
realised a plunge of 14.44% due to the
second largest investment adviser Geographical Allocation of
failing to renew its licence for the Total Assets
calendar year 2020.
1.3 Geographical Allocation of Total

Assets
The total assets managed by Eswatini
capital markets entities are invested in
three (3) geographical regions as
shown below:
Domestic (40%) Domestic - 40% CMA - 51%

Common Monetary Area (51%) Offshore - 9%
Offshore (9%)
1.4 Source of Funds Managed in
Eswatini Capital Markets
Below is a list of the type of investors in
the Eswatini capital markets. under
review as shown below:
Institutional – Retirement Funds

(58%)
Collective Investment Schemes
(12%)
Companies (10%)
Politically Exposed Persons (8%)
Institutional Long-term insurance
(6%)
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MAY 2020
Institutional – SACCO (1%)

Institutional – Other (1%)
Institutional – Medical Aid (<1%)
Institutional – Short-term
Insurance (<1%)
The above is depicted

diagrammatically below:
Figure 3 – Capital Markets Source of

Funds
Capital Markets Source of

Funds
Retail - 4%
Politically Exposed Persons - 8%
Institutional-Retirement Funds - 58%
Institutional-Medical Aid Scheme - 0%
Institutional-Insurance short term - 0%
Institutional-Insurance long term - 6%
Collective Investment Schemes - 12%
Companies - 10%
Institutional-SACCO - 1%
Institutional-Other - 1%
Retirement funds were the dominant

source of funds during the quarter,
accounting for almost 60% of the
market.
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MAY 2020
2. Collective Investment
Schemes
2.1 Overview Institutional – Retirement Funds
The total value of assets held in (37%)
collective investment schemes (CIS) in Companies (25%)
Eswatini was E7,14 billion2 as at 31 Collective Investment Schemes
March 2020. This is represented a 5.55% (15%)
decrease from the figure of E7,56 Retail Investors (15%)
billion3 reported in December 2019 this Institutional – Long-term
could be attributed in part to the slump Insurance (3%)
of global financial markets at the wake Institutional – Other (3%)
of the COVID-19 pandemic. The most Politically Exposed Persons (1%)
affected assets were those invested in Institutional – Short-term
the CMA region which fell by 6.54% insurance (1%)
during the quarter. Institutional SACCOs – (1%)
CIS assets were held in 19 portfolios Institutional - Medical Aid
managed between six (6) duly licensed Schemes (<1%)
collective investment scheme The above is depicted
managers . Total units in issue were
4
diagrammatically below:
above 4,94 billion.
During the period under review, the

total value of units sold amounted to
E1.46 billion5 and redemptions were to
the value of E1.77 billion6. CIS portfolios
paid a total of E15.85 million7 in
management fees and E574 thousand8
in trustee fees - a 20.16% increase when
compared to the previous quarter.
2.2 CIS Source of Funds

The participants in Eswatini collective
investment schemes are classified into
ten broad categories. Below is a list of
the categories of investors in collective
investment schemes arranged in
descending order by proportion
contributed to total assets under
management during the quarter under
review:
2 5
E 7,142,421,011.10 E 1,459,001,548.03
3 6
E 7,562,139,613.20 E 1,772,929,092.18
4 7
African Alliance Eswatini Management Company, E 15,849,450.77
8
Sanlam Investment Management Eswatini, Stanlib E 574,480.18
Investment Management Eswatini, Inhlonhla Old
Mutual Unit Trust Eswatini and Ecsponent Limited.
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MAY 2020
Figure 4 – CIS Source of Funds million11 in collective investment

schemes, respectively.
CIS Source of Funds 2.3 CIS Geographic Allocation

The collective investment schemes
were compliant with the provisions of
section 71(2) of the Securities Act,
201012 and maintained an allocation in
excess of 57% domestically during the
period under review. This allocation
was maintained from that reported in
the previous quarter.
An allocation of 34% was directed to

Retail - 15%
the common monetary area (CMA)
and the remaining 9% was invested
Politically Exposed Persons - 1%
offshore. A total of E3,05 billion was
Institutional-Retirement Fund - 37% invested in foreign assets during the
quarter under review. Diagrammatic
representation of CIS geographic
Institutional-Insurance short term - allocation during the period under
1%
Institutional-Insurance long term - 3% review is depicted below:
Collective Investment Schemes - 15%
Companies - 25% Figure 5 - CIS Geographic Allocation

Institutional-SACCO - 1% CIS Geographical Allocation
Institutional-Other - 3%
As depicted in the figure above,

Retirement Funds were the largest
single contributor to funds held in
collective investment schemes in Domestic - 57% CMA -34% Offshore - 9%
Eswatini during the quarter under
review. Retirement Funds invested over
2.4 CIS Asset Allocation
E2 billion9 in collective investment
Below is a list of preferred investment
schemes, the majority of which was
instruments in which Eswatini collective
held with the two largest CIS managers.
investment schemes were invested
The next two largest investors, during the period under review.
Companies and Collective Investment
Other portfolio assets (18%)
Schemes, held E1,5 billion10 and E974
Unlisted Securities – Debt (7%)
9 12
E2,369,347,467.10 Securities Act, s. 71(2): Notwithstanding
10
E1,580,241,988.37 subsection (1), a manager may not invest assets of
11
E974,736,041.59 a portfolio in excess of fifty (50) per cent of the
total assets of that portfolio.
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MAY 2020
Units in associated collective and debt. This could be caused by the

investment schemes (9%) worldwide extreme volatility of the
Equity with Primary Listing (10%) stock and bond markets due to the
Bonds/Debentures (9%) COVID-19 Pandemic. However, other
Units in other collective portfolio assets are generally liquid in
investment schemes (5%) nature, which indicates a strong
Corporate Bonds (3%) preference of CIS managers to hold
Listed Securities – Debt (0%) short-term instruments rather than long-
Equity with Secondary Listing term instruments. There were no
(<1%) Eswatini collective investment schemes
Index-linked Securities (<1%) that were invested in land during the
Unlisted Equity (0%) quarter. An insignificant amount (<1%)
Property - Shares (<1%) was invested in Real Estate Investment
Property – Land (0%) Trusts (REITs). Unlisted equity and index
Property Buildings (<1%) linked securities constituted less than
1% of assets held by Eswatini collective
During the period under review,
investment schemes. Below is a
collective investment schemes
diagram depicting CIS asset allocation
invested 18% in assets other than equity
during the period under review:
Figure 6 – CIS Asset Allocation
CIS Asset Allocation
Other Portfolio Assets - 18%
Property - Land - 0%
Collective Investment Schemes (Associated Entity) - 9%
Unlisted Securities: Debt - 7%
Listed Securities: Debt - 0%
Equity with Secondary Lisiting - 0%
Bonds/Debentures - 9%
Treasury Bill - 9%
Banker's Acceptance - 1%
Cash - 10%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18%
The total value of assets invested in depicted below, together with a

money market instruments were E2,53 diagrammatic representation.
billion13 during the period under review.
Treasury Bills (27%)
31% of the money market assets were
Negotiable Certificates of
held in banks as cash. A
Deposit (28%)
comprehensive list of money market
Cash (31%)
investments during the quarter is
Bankers’ Acceptances (4%)
13
E 2,533,042,545.24
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MAY 2020
Commercial Paper (9%)
Figure 7 – CIS Money Markets
CIS Money Markets
Cash - 31%
Negotiable Certificate of Deposit - 28%
Banker's Acceptance - 4%
Commercial Paper - 9%
Treasury Bill - 27%
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MAY 2020
3. Investment Advisory
3.1 Overview There were thirteen (13)16 duly licensed
Investment advisers advised on total investment advisers that advised during
assets to the value of E16,69 billion14 as the period under review.
at 31 March 2020. This represented a
3.2 Evolution of Assets under Advisory
17,75% decrease from the figure of
The general trend of assets under
E20,29 billion15 reported in December
advisory in local capital markets is an
2019. This is the first decrease since Q4-
upward trend over the periods
2018 and it was due to the second
beginning in the first quarter of 2017 up
largest investment adviser not
to Q4-2019 as shown diagrammatically
renewing its licence for calendar year
in the figure below:
2020.
Figure 8 – Evolution of Assets Under Advisory
Evolution of Assets Under Advisory

25,000,000,000.00
20,000,000,000.00
15,000,000,000.00
10,000,000,000.00
5,000,000,000.00
-
Q1 - Q2 -
Q3 - Q4 -
2017 2017 Q1 - Q2 -
2017 2017 Q3 - Q4 -
2018 2018 Q1 - Q2 -
2018 2018 Q3 - Q4 -
2019 2019 Q1 -
2019 2019
2020
3.3 Geographical Allocation of Assets

under Advisory
Aggregated segregated mandate
data shows that Investment advisers
allocated 33% of assets domestically;
with 58% and 9% allocations for the
CMA and Offshore geographic regions
respectively. This is depicted
diagrammatically below.
14 16
E 16,691,704,771.23 See Annexure 1
15
E 20,294,683,625.18
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MAY 2020
Figure 9 - Geographical Breakdown of Figure 10 – Investment Adviser Source

Assets Under Advisory of Funds
Geographical Breakdown Investment Adviser Source

of Assets of Funds
Domestic - 33% CMA - 58% Offshore - 9%
3.4 Investment Adviser Source of Funds

The bulk of assets managed through
segregated mandates in Eswatini was
on behalf of Retirement Funds, Retail - 0%
constituting at least 66% of total assets Professional Investors/High Net Worth - 11%
under advisory, a 9-percentage point Institutional-Retirement Fund - 66%
decrease from the previous period.
A comprehensive list of the type of Institutional-Insurance short term - 0%
investors that utilised the services of Institutional-Insurance long term - 7%
locally licensed investment advisers is Collective Investment Schemes - 10%
shown below.
Companies - 4%
Institutional – Retirement Funds Institutional-SACCO - 0%
(66%) Institutional-Other - 0%
Professional Investors and High
Net Worth Individuals (11%)
Collective Investment Schemes
(10%)
Institutional – Long Term
Insurance (7%)
Companies (4%)
Retail (<1%)
Institutional Medical Aid Scheme
(<1%)
Institutional – Other (<1%)
Institutional – SACCO (<1%)
Institutional – Insurance Short
Term (0%)
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MAY 2020
4. Domestic Listed Securities

The FSRA had only licensed one (1)
securities exchange17 during the period Royal Swazispa Holdings
under review. The securities exchange (1.08%) – Hospitality
had a total of 8 listed companies on its Inala Capital (2.22%) – Emerging
main board during the period: Markets
RSSC Limited (34.71%) - Sugar 4.1 Market Capitalisation

and ethanol products ESE Market Capitalisation ended Q1-
SBC Limited (20.36%) – Holding 2020 with a value of E3.89 billion,
Company reflecting an increase of 1.43% from
Swaziland Empowerment the previous quarter’s close of E3.83
Limited (16.66%) – Holding billion. The increase in the market
Company capitalisation was due to share price
Greystone Partners (12.67%) – increases from Nedbank, SEL,
Private Equity Greystone and Inala Capital in the
Nedbank (7.57%) – Banking quarter. Year-on-year, the Market
SWAPROP (4.73%) – Real Estate Capitalisation realised a 6.54% gain
from E3.65 billion in Q1-2019 to E3.89
billion at the end of Q1-2020.
Figure 11 – Market Capitalisation ’19 vs ‘20
ESE MARKET CAPITALISATION

3,950,000,000
3,900,000,000
3,850,000,000
3,800,000,000
3,750,000,000
3,700,000,000
3,650,000,000
3,600,000,000
3,550,000,000
3,500,000,000
Dec Jan Feb Mar
ESE Market Capitalisation 2020 ESE Market Capitalisation 2019
4.2 ESE All Share Index share index increased from 422.97 to
The ESE All Share Index increased to 450.65 reflecting a 6.54% increase.
450.65, representing a 1.43% increase
4.3 Capital Gains
from the previous quarter’s close of
Four stocks had movements during the
444.29. Trading during the first quarter
period under review. Nedbank (NED),
increased, as evidenced by the share
Swaziland Empowerment Limited (SEL)
price in Nedbank, SEL, Greystone, and
Greystone Partners (GRYS), and Inala
Inala Capital. Year on year, the all
Capital (INALA) appreciated by 4.24%,
17
Eswatini Stock Exchange (ESE)
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MAY 2020
2.40%, 5.15% and 4.35% respectively outstanding bonds as at March 31,

during the period under review. Table 1 2020 stood at E4.90 billion and two
in Annexure 2 to this document depicts bond matured during the period under
total capital gains during the period review. Year-on-year, total government
under review. bonds outstanding increased by
62.81%. The total outstanding
4.4 Equity Turnover
government bonds as at March 31,
A total turnover of E575 thousand18 was
2020 were as outlined in Table 4 of
recorded from a sale of 346,598 shares
Annexure 2 to this document.
over a total of nine (9) trades
concluded over Q1-2020. In 4.7 Corporate Events on ESE
comparison to Q1-2019, turnover Corporate bond SML500 worth
increased by 23.85%, from E465 E50 million matured in January
thousand19 in the previous quarter to 2020.
E575 thousand. The list of all trades Corporate bond FIN110 worth
conducted in Q1-2020 can be found in E7,743,750 matured in January
Table 2 of Annexure 2 to this document. 2020.
Corporate bond FIN300 worth
4.5 Corporate Bonds
E5,119,375 commenced trading
The first quarter of 2020 realised 5 new
on 29 January 2020.
note issuances (FIN300, FIN301, FIN302,
SML800 and SML801) worth E5,119,375,
E70,200,000 commenced
E20,584,658, E20,584,658, E50,000,000
trading on the 10th February
and E50,000,000 respectively. On the
2020.
other hand, two (2) bonds matured in
the quarter (SML500 worth E50 million
E20,584,658 commenced
and Fin110 at E7,743,750.) This saw the
trading on the 10th February
cumulative corporate bonds
2020.
outstanding as of March 31, 2020
Corporate bond SML800 worth
increase to E1.29 Billion, from the
E50 million commenced trading
previous quarter’s outstanding amount
on the 31st March 2020.
of E1.17 Billion. This marked a 9.99%
Corporate bond SML 801 worth
increase in total bonds outstanding.
E50 million commenced trading
Year-on-year, total corporate bonds
on 27 March 2020.
outstanding increased by 10.35%. Table
The Market Committee
3 in Annexure 2 to this document shows
convened a meeting to
the listed corporate bonds as at March
consider SELECT LIMITED E600
31, 2020.
million Medium Term Note (MTN)
4.6 Government Bonds application to list on the ESE. This
During the period under review, programme memorandum’s
Government through the Central Bank listing was approved by the
of Eswatini (CBE) maintained 24 bonds Market Committee on 9 March
with different maturities, ranging from 3, 2020.
5, 7, 8, 9, and 10 years. Total
18 19
E574,807.20 E465,119.80
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MAY 2020
Annexure 1 – Licensed Entities

Licence Type Entity Name Licence Number
Mergence Investment Managers CISM/016/19
African Alliance Swaziland CISM/009/13
Management Company
Collective Sanlam Swaziland CISM/015/13
Investment Scheme Stanlib Eswatini CISM/010/13
Manager Inhlonhla Asset Management CISM/022/17
Company
Old Mutual Unit Trust Eswatini CISM/013/13
Ecsponent Limited CISM/003/17

Orange Capital Partners IA/027/19
Manyatsi – Nhleko IA/028/20
Capital
Inhlonhla (Pty) Ltd IA/018/13
Imbewu Yesive (Pty) Ltd IA/005/13
African Alliance IA/003/13
Swaziland Management
Company
African Alliance Eswatini IA/002/13
Limited
Investment Adviser Sanlam Eswatini IA/014/13
Stanlib Eswatini IA/001/13
Old Mutual Investment IA/008/13
Group Eswatini
BLZI Investments (Pty) Ltd IA/004/13
Swaziland Employee IA/023/16
Benefit Consultants
Insika Financial Services IA/022/16
Aluwani Capital Partners IA/026/18

Eswatini

Stockbroker African Alliance Securities STB/016/13
Swaziland Stockbrokers Limited STB/017/13
Trustee Nedbank Eswatini TR/002/13
Standard Bank TR/004/15
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MAY 2020
Dealer Eswatini Savings and DR/001/13

Development Bank

Securities Exchange Eswatini Stock Exchange SE/001/17
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MAY 2020
Annexure 2
Table 1 - Capital Gains
EQUITIES ISIN RULING RULING (%)CAPITAL MKT CAP MKT CAP MKT CAP MKT CAP
PRICE PRICE % %
CODE DEC '19 MAR '20 GAINS YIELD DEC '19 DEC '19 MAR '20 MAR '20
Nedbank SZ0005797904 1180 1230 4,24% 282 039 222 7,36% 293 990 037 7,57%
Royal Swazi Sugar (RSSC) SZ0005797920 1400 1400 0,00% 1 348 851 280 35,21% 1 348 851 280 34,71%
Swd Empowerment (SEL) SZE000331015 3418 3500 2,40% 632 330 000 16,51% 647 500 000 16,66%
Swaprop SZ0005797946 790 790 0,00% 183 743 335 4,80% 183 743 335 4,73%
Swazispa Holdings SZ0005797938 600 600 0,00% 41 966 964 1,10% 41 966 964 1,08%
Greystone Partners SZE000331023 330 347 5,15% 468 060 321 12,22% 492 172 520 12,67%
SBC Limited SZE000331031 820 820 0,00% 791 218 000 20,65% 791 218 000 20,36%
Inala Capital SZE000331049 115 120 4,35% 82 793 100 2,16% 86 392 800 2,22%
3 831 002 222 100,00% 3 885 834 936 100,00%
Table 2 – Value Traded

Company Number Share Emalangeni Date
of Shares price
(cps)
Inala Capital Limited 119 800 115 137,770.00 08/01/2020
Greystone Partners 1 800 330 5,940.00 27/01/2020

SEL 1 334 3500 46,690.00 27/01/2020
SBC Limited 1 700 820 13,940.00 04/02/2020
Nedbank Limited 3 764 1230 46,297.20 10/03/2020
TOTAL 346 598 574,807.20
Table 3 – Corporate Bonds

Maturity Nominal Value
Name ISIN Code Coupon
Date (SZL)
Select Limited SML406 SZD000551812 13,00 07-Apr-20 20 000 000,00
Select Limited SML408 SZD000551886 13,33 04-Jul-20 10 000 000,00
Select Limited SML501 SZD000551804 12,50 24-Feb-22 8 859 200,00

Select Limited SML503 SZD000551845 14,00 09-Jun-20 50 000 000,00
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MAY 2020

Select Limited SML506 SZD000551950 13,50 28-Oct-20 17 000 000,00

Select Limited SML507 SZD000551992 13,50 17-Nov-20 2 000 000,00
Select Limited SML508 SZD000552159 12,00 06-Aug-21 1 130 000,00
Select Limited SML603 SZD000552018 13,00 20-Dec-20 20 100 000,00
Select Limited SML606 SZD000552026 11,75 04-May-20 24 200 000,00


Select Limited SML613 SZD000552142 Floating 08-Apr-22 30 000 000,00
Select Limited SML700 SZD000552226 Floating 19-Feb-21 42 809 000,00

Select Limited SML706 SZD000552307 Floating 30-Aug-22 15 000 000,00
Select Limited SML707 SZD000552315 12,25 06-Sep-22 9 790 000,00
Select Limited SML800 SZD000552406 12,25 11-Jan-23 50 000 000,00
Select Limited SML801 SZD000552414 12,25 27-Mar-21 50 000 000,00
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MAY 2020
FINCORP FIN111 SZD000551820 13,00 06-Apr-20 20 000 000,00

FINCORP FIN112 SZD000551845 13,75 09-Jun-20 50 000 000,00
FINCORP FIN201 SZD000552000 13,75 09-May-20 10 000 000,00

FINCORP FIN202 SZD000552034 14,00 30-Mar-23 48 000 000,00
FINCORP FIN204 SZD000552084 12,50 06-Jun-21 5 000 000,00
FINCORP FIN205 SZD000552091 11,85 06-Jul-20 6 338 938,32
FINCORP FIN207 SZD000552183 12,00 17-Oct-21 6 000 000,00
FINCORP FIN208 SZD000552191 12,00 08-Nov-21 9 000 000,00
FINCORP FIN209 SZD000552200 12,00 23-Nov-21 11 001 972,00
FINCORP FIN210 SZD000552218 Floating 16-Jan-24 30 000 000,00

FINCORP FIN300 SZD000552372 12,25 29-Jan-23 5 119 375,00
FINCORP FIN301 SZD000552380 12,25 10-Feb-21 70 200 000,00
FINCORP FIN302 SZD000552398 12,50 10-Oct-22 20 584 658,00
TOTAL 1 289 033 340,36
Table 4 – Government Bonds

Maturity Allocated Amount
Name ISIN Code Coupon Date (SZL)
Swaziland Government
SG017 SZG000441157 8,50 31-Oct-20 100 000 000,00
REOPENING1 SG017 31-Oct-20 100 000 000,00
REOPENING2 SG017 31-Oct-20 51 100 000,00
SG018 SZG000441162 9,25 31-Jan-24 100 000 000,00
REOPENING 1 SG018 31-Jan-24 100 000 000,00
REOPENING 2 SG018 31-Jan-24 23 440 000,00
REOPENING 3 SG018 31-Jan-24 300 000 000,00

SG022 SZG000441207 Floating 25-Sep-22 96 035 000,00
SG023 SZG000441215 8,75 30-Nov-20 250 000 100,00
REOPENING 1 SG023 30-Nov-20 76 390 000,00
4|Page
MAY 2020
SG025 SZG000441231 10,00 20-Jun-21 178 050 000,00
REOPENING 1 SG025 20-Jun-21 169 240 000,00
SG026 SZG000441248 Floating 31-Aug-23 178 650 000,00
SG027 SZG000441256 10,75 31-Oct-26 171 650 000,00
REOPENING 1 SG027 31-Oct-26 100 500 000,00
REOPENING 2 SG027 31-Oct-26 592 548 000,00
SG029 SZG000441272 10,50 28-Feb-22 129 260 000,00
REOPENING 1 SG029 28-Feb-22 0,00
SG030 SZG000441280 10,25 30-Jun-24 134 495 000,00
SG031 SZG000441322 10,00 31-Jan-25 150 000 000,00
REOPENING 1SG031 31-Jan-25 400 000 000,00
SG033 SZG000441355 9,25 29-Jun-23 95 150 000,00
REOPENING 1SG033 29-Jun-23 60 000 000,00

REOPENING 2SG033 29-Jun-23 43 100 000,00
REOPENING 3SG033 29-Jun-23 0,00
SG034 SZG000441363 9,75 29-Jun-25 18 000 000,00
REOPENING 1 SG034 29-Jun-25 50 000 000,00
REOPENING 2 SG034 29-Jun-25 53 000 000,00
REOPENING 3 SG034 29-Jun-25 0,00
SG035 SZG000441371 10,25 29-Jun-28 16 690 000,00
REOPENING 1 SG035 29-Jun-28 50 070 000,00
REOPENING 2 SG035 29-Jun-28 39 410 000,00
SG036 SZG000441389 9,00 31-Aug-21 0,00
SG039 SZG000441422 9,10 31-Jan-22 2 230 000,00
5|Page
MAY 2020
REOPENING1 SG039 31-Jan-22 10 000 000,00

REOPENING2 SG039 31-Jan-22 45 000 000,00
REOPENING3 SG039 31-Jan-22 6 170 000,00

SG040 SZG000441430 9,40 31-Jan-24 3 010 000,00
REOPENING1 SG040 31-Jan-24 30 000 000,00
REOPENING2 SG040 31-Jan-24 51 150 000,00

REOPENING3 SG040 31-Jan-24 60 000 000,00
SG041 SZG000441448 9,85 31-Jan-26 3 000 000,00
REOPENING1 SG041 31-Jan-26 25 000 000,00
REOPENING2 SG041 31-Jan-26 41 000 000,00
REOPENING3 SG041 31-Jan-26 34 000 000,00
REOPENING4 SG041 31-Jan-26 0,00
SG042 SZG000441455 10,25 31-Jan-29 10 900 000,00
REOPENING1 SG042 31-Jan-29 45 500 000,00
REOPENING2 SG042 31-Jan-29 38 627 000,00
REOPENING3 SG042 31-Jan-29 34 090 000,00

REOPENING4 SG042 31-Jan-29 12 130 000,00
SGIFB001 SZG000441297 9,75 31-Jul-22 42 320 000,00
SGIFB002 SZG000441306 10,00 31-Oct-25 222 020 000,00
SGIFB003 SZG000441314 10,25 29-Dec-26 54 402 000,00
SGIFB004 SZG000441348 Floating 29-Mar-28 130 400 000,00
SGIFB005 SZG000441356 9,75 31-May-26 111 820 000,00
SGIFB006 SZG000441397 9,50 28-Sep-24 40 000 000,00
SGIFB007 SZG000441497 7,75 31-Jul-26 24 220 000,00
TOTAL 4 903 767 100,00
6|Page
MAY 2020
7|Page

Capital Markets Statistical Bulletin Q1 - 2020

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MAY 2020

The Financial Services Regulatory Authority (FSRA) is an integrated

We regulate and supervise financial services to protect

To be a world class regulator of financial services.

1.2 Evolution of Total Assets

Figure 1 – Evolution of Total Assets

Evolution of Total assets

The total assets managed in the Figure 2 – Geographical Allocation of

1.3 Geographical Allocation of Total

Domestic (40%) Domestic - 40% CMA - 51%

Institutional – Retirement Funds

Institutional – SACCO (1%)

The above is depicted

Figure 3 – Capital Markets Source of

Capital Markets Source of

Retirement funds were the dominant

During the period under review, the

2.2 CIS Source of Funds

Figure 4 – CIS Source of Funds million11 in collective investment

CIS Source of Funds 2.3 CIS Geographic Allocation

An allocation of 34% was directed to

Companies - 25% Figure 5 - CIS Geographic Allocation

As depicted in the figure above,

Units in associated collective and debt. This could be caused by the

Figure 6 – CIS Asset Allocation

CIS Asset Allocation

Other Portfolio Assets - 18%

Collective Investment Schemes (Associated Entity) - 9%

Unlisted Securities: Debt - 7%

Listed Securities: Debt - 0%

Equity with Secondary Lisiting - 0%

The total value of assets invested in depicted below, together with a

Commercial Paper (9%)

Figure 7 – CIS Money Markets

CIS Money Markets

Figure 8 – Evolution of Assets Under Advisory

Evolution of Assets Under Advisory

3.3 Geographical Allocation of Assets

Figure 9 - Geographical Breakdown of Figure 10 – Investment Adviser Source

Geographical Breakdown Investment Adviser Source

Domestic - 33% CMA - 58% Offshore - 9%

3.4 Investment Adviser Source of Funds

4. Domestic Listed Securities

RSSC Limited (34.71%) - Sugar 4.1 Market Capitalisation

Figure 11 – Market Capitalisation ’19 vs ‘20

ESE MARKET CAPITALISATION

ESE Market Capitalisation 2020 ESE Market Capitalisation 2019

2.40%, 5.15% and 4.35% respectively outstanding bonds as at March 31,

Annexure 1 – Licensed Entities

Licence Type Entity Name Licence Number

Insika Financial Services IA/022/16

Aluwani Capital Partners IA/026/18

Licence Type Entity Name Licence Number

Licence Type Entity Name Licence Number

Dealer Eswatini Savings and DR/001/13

Licence Type Entity Name Licence Number

Table 2 – Value Traded

Greystone Partners 1 800 330 5,940.00 27/01/2020

Table 3 – Corporate Bonds

Select Limited SML501 SZD000551804 12,50 24-Feb-22 8 859 200,00

Select Limited SML504 SZD000551894 13,25 04-Jul-20 10 000 000,00

Select Limited SML506 SZD000551950 13,50 28-Oct-20 17 000 000,00

Select Limited SML607 SZD000552076 12,50 06-Jun-21 5 000 000,00