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16 St George's Mall, Foreshore, 8001, Cape Town
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Maano Capital Pty Ltd, 2013/181382/07 is an authorized financial services provider (FSP 55112) in terms of section 8 of the Financial Advisory and Intermediary Act 37 of 2002. Maano Capital is authorized to provide advice and intermediary services in the following categories: money market instruments, derivative instruments, long and short term deposits, structured deposits, participatory interests in CIS, shares, bonds, debentures and securitized debt and and forex investments. Maano Capital is a registered credit provider NCRCP22459.

The new RI2036 and RI2041 NT Bonds...a giant step for local infrastructure finance

  • Writer: Maano Capital
    Maano Capital
  • Dec 9, 2025
  • 1 min read

Updated: Dec 30, 2025


National Treasury has successfully raised R11.795 billion under South Africa’s first Infrastructure and Development Finance Bond programme. The auction attracted strong market interest, with bids exceeding R26 billion and achieving a 2.2 bid cover ratio.


• RI2036: R6.996 billion was issued at an interest rate of 8.575%

• RI2041: R4.799 billion was issued at an interest rate of 9.13%


The use of proceeds are ring-fenced for the BFI (Budget Facility for Infrastructure) which is a grant facility that provides co-funding alongside private capital for infrastructure projects with a value of R1 billion or more.


This is a fantastic step forward for infrastructure development in South Africa. The availability of this funding along with the institutional reforms made to ensure BFI funds are more accessible are a giant step towards accelerating infrastructure development in the country.


Maano Capital Pty Ltd, 2013/181382/07 is an authorized financial services provider (FSP 55112) and a registered credit provider NCRCP22459.



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