Bond Market

In 1992 the Namibian regulatory authorities approved a licence for the Namibia Securities Exchange (“NSX”) to list bonds on the NSX and to develop a market in Namibia.

Since 1992, although primarily a government bond market ,the NSX has provided a forum for the listing of bonds issued by local government, public enterprises and corporations. The Rules of the NSX, in terms of the Stock Exchange Control Act of 1985, provide for the listing, while the trading, clearing and settlement of debt securities, although managed by the NSX is the domain of the embryonic Namibia Bond Association (“NBA”).  The NBA adopted the Bond Exchange of South Africa (BESA) as its primary model. BESA became a wholly owned subsidiary of the Johannesburg Stock Exchange (JSE) in 2009.

The local Namibian bond market has expanded considerably over the years with more than 80 bonds been listed on the NSX, inclusive of green, social and sustainability bonds issued since December 2018. Government bonds are traded on market and Corporate bonds traded OTC with secondary trades reported to the NSX.

Formalisation of the Bond Market was completed in 2023, with the On-Market trading on Government Bonds launched on 13 October 2023 after approval for the inclusion of the  Bond Trading System (MITS) on the Exchanges’ license from the Regulator.