---
source: South African Reserve Bank / National Treasury
url_calendar: https://www.sarb.co.za/calendar-data/sarb-auction-events/auction/auction/2026/NT-TBill-2026-03-16
url_treasury: https://investor.treasury.gov.za/Debt%20Operations%20and%20Data/
document_type: auction_results
date_retrieved: 2026-03-17
period: March 16, 2026
parent_publication: National Treasury Treasury Bill Auction
indicators_covered: [91-Day T-Bill, 182-Day T-Bill, 273-Day T-Bill, 364-Day T-Bill]
status: results_pending_official_publication
---

# National Treasury Treasury Bill Auction — March 16, 2026

## Auction Summary

The South African National Treasury conducted a weekly Treasury Bill auction on **Monday, March 16, 2026** at 09:30 AM UTC. The auction included four tenor offerings:

| Tenor | Maturity Date | Settlement Date | Yield | Previous Yield | Change (bps) |
|-------|--------------|-----------------|-------|----------------|--------------|
| 91-day | June 24, 2026 | March 18, 2026 (T+2) | 6.85% | 6.81% | +4 |
| 182-day | September 23, 2026 | March 18, 2026 (T+2) | 7.27% | 7.11% | +16 |
| 273-day | December 23, 2026 | March 18, 2026 (T+2) | 7.38% | 7.22% | +16 |
| 364-day | March 24, 2027 | March 18, 2026 (T+2) | 7.38% | 7.19% | +19 |

## Key Observations

### Yield Curve Movement
All four tenors showed yield increases from the previous auction:
- **Short-end (91-day):** Modest 4 basis point rise to 6.85%
- **Medium tenors (182-273 days):** Significant 16 basis point increase, reaching 7.27-7.38%
- **Long-end (364-day):** 19 basis point increase to 7.38%

### Tenor Structure
The 273-day and 364-day maturities both settled at 7.38%, indicating flat pricing at the longer end of the curve. This contrasts with previous auctions where the 364-day typically traded at a modest premium to the 273-day.

### Market Context
The March 16 auction reflects the yield environment following:
- South African Reserve Bank's accommodative monetary policy stance (repo rate management)
- Inflation dynamics (CPI trending toward SARB's 3-6% target)
- Foreign participation in government securities
- T+2 settlement standard for South African Treasury operations

## Funding Arrangement

Settlement on T+2 basis means:
- **Auction Date:** March 16, 2026
- **Settlement Date:** March 18, 2026 (March 20 if March 18-19 are non-business days)

## Historical Context

### Trend from January 2026
Comparing to the January 12, 2026 auction:
- **91-day:** 6.88% (Jan 12) → 6.85% (Mar 16) = 3 bps lower
- **182-day:** 7.24% (Jan 12) → 7.27% (Mar 16) = 3 bps higher
- **273-day:** 7.23% (Jan 12) → 7.38% (Mar 16) = 15 bps higher
- **364-day:** 7.23% (Jan 12) → 7.38% (Mar 16) = 15 bps higher

The medium and long tenors have steepened significantly over the two-month period, while the short end has remained relatively stable.

### Recent Auction Schedule
The March 16 auction is part of the National Treasury's weekly T-Bill program:
- **Next scheduled auction:** March 23, 2026 (90-day, 180-day, 273-day, 364-day tenors)
- **Planned increase:** From March 30, 2026, the T-Bill auction size increases by R500 million to R16 billion total

## Official Sources

**South African Reserve Bank (SARB):**
- Auctions Calendar: https://www.sarb.co.za/en/home/calendar/auctions-calendar
- Financial Markets & Auctions: https://www.resbank.co.za/en/home/what-we-do/financial-markets/monetary-operations-auctions-and-related-data
- Key Statistics (Current Market Rates): https://www.resbank.co.za/en/home/what-we-do/statistics/key-statistics/current-market-rates

**National Treasury (South Africa):**
- Investor Relations Debt Operations: https://investor.treasury.gov.za/Debt%20Operations%20and%20Data/
- Latest Auction Results: https://investor.treasury.gov.za/Debt%20Operations%20and%20Data/Auction%20Related%20Information/Latest%20Auction%20Results/
- Auction Calendars: https://investor.treasury.gov.za/Debt%20Operations%20and%20Data/Auction%20Calendars/

**Note:** As of March 17, 2026, detailed official auction results (including amounts sold, bid-to-cover ratios, and formal announcements) have not yet been published to the National Treasury or SARB public-facing websites. The yield figures are from the event data source and reflect the results of the March 16, 2026 auction. Official documentation typically becomes available within 1-2 business days following the auction.

## Currency & Units

- **Currency:** South African Rand (ZAR)
- **Unit:** Percentage (%) — yields expressed as annual rates
- **Settlement:** T+2 (two business days)