RMB arranges South Africa’s first listed ZARONIA-linked corporate bond

23 March 2026

Rand Merchant Bank has arranged South Africa’s first JSE-listed corporate bond linked to the South African Rand Overnight Index Average (ZARONIA) for Super Group Limited (Super Group). The issuance marks a significant milestone in the country’s benchmark reform programme and supports the transition from the Johannesburg Interbank Average Rate (JIBAR) to a transparent, transaction-based benchmark aligned with international best practice.

As an early adopter of ZARONIA, Super Group has aligned its funding strategy with the forthcoming benchmark transition, reducing future migration complexity and positioning the company ahead of regulatory timelines. Super Group successfully raised R750m across 3.5-year and 5-year bonds which priced attractively in the SA DCM.

“Super Group has embraced the market’s transition to ZARONIA by participating early through this issuance. We are extremely pleased with the auction outcome and are proud to have led the way as the first corporate issuer to raise listed ZARONIA-linked bonds in South Africa.” Colin Brown, Chief Financial Officer, Super Group Limited.

 The transaction establishes a pricing reference for future corporates expected to follow, providing the market with clarity and confidence as ZARONIA adoption accelerates.

RMB acted as sole lead arranger, working closely with the issuer and market participants to ensure seamless execution under the new benchmark framework.  

The deal required coordination across regulatory, operational and market infrastructure stakeholders. The outcome reflects the bank’s debt capital markets expertise and commitment to supporting transparent and robust market development.

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