Super Group Limited has successfully issued South Africa’s first JSE-listed corporate bond linked to the South African Rand Overnight Index Average (ZARONIA), marking a significant milestone in the evolution of the country’s debt capital markets.
This landmark transaction positions Super Group at the forefront of South Africa’s transition away from the Johannesburg Interbank Average Rate (JIBAR) toward a more transparent, transaction-based benchmark. ZARONIA has been identified as the successor to JIBAR as part of the broader national benchmark reform programme, aligning local markets with global best practice through robust, data-driven methodologies.
Super Group raised a total of R750 million under its Domestic Medium Term Note Programme dated 29 April 2020. In an auction held on 18 March 2026, total bids of R3.315 billion were received across the three-and-a-half-year and five-year tranches, which priced 10 basis points and 7 basis points below initial pricing guidance, respectively. The strong demand reflects robust investor confidence in both Super Group’s credit profile and the adoption of the new benchmark. Proceeds from the issuance will be used for general corporate purposes.
By proactively adopting ZARONIA ahead of regulatory timelines, Super Group has taken a strategic step to reduce future transition complexity while supporting the development of a more resilient and transparent financial ecosystem.
Chief Financial Officer, Colin Brown, commented: “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.”
The issuance also establishes a critical pricing benchmark for future corporate issuers expected to enter the ZARONIA-linked market as the transition from JIBAR accelerates.
Super Group worked closely with Rand Merchant Bank, which acted as sole lead arranger on the transaction. The successful execution reflects strong collaboration between Super Group, investors and market participants, ensuring a smooth introduction of the new reference rate framework.
This pioneering transaction reinforces Super Group’s commitment to innovation and leadership, while setting a precedent for broader adoption of ZARONIA-linked instruments by South African corporates.
Compiled and released by: Super Group Limited
Contact: Michelle Neilson | Mobile: +27 82 651 6304 | Email: michelle.neilson@supergrp.com
Issue date: 20 March 2026 | JSE code: SPG | Website: www.supergroup.co.za