External loans

An external loan is a long-term liability repayable to an external financial institution over a number of years, together with interest. It is used to finance the outlay of capital assets funded by the External Financing Fund (EFF). Capital assets are funded through the issue of municipal bonds or the obtaining of external loans from financial Institutions.

Bonds

The City has issued four bonds thus far to raise external finance. These bonds have raised R5,2 billion as part of the City’s R7 billion Domestic Medium-Term Note Programme (DMTN), and are listed on the Johannesburg Stock Exchange (JSE). The bonds have been redeemed as follows:

• CCT01, the first bond issued with a capital balance of R1 billion, was redeemed on 23 June 2023
• CCT02, the second bond issued with a capital balance of R1,2 billion, was redeemed on 12 June 2024
• CCT03, the third bond issued with a capital balance of R2 billion, was redeemed on 17 March 2025

Financial documents

Read or download the following documents:

Green Bond:

• CBI - Annual Update Report 2025 - City of Cape Town
• Green Bond – KPMG's Post-Issuance Report
• Green Bond – KPMG’s Pre-Issuance Report
• Green Bond Reporting Framework
• Moody’s – Updated Green Bond Assessment – 3 June 2019
• Moody’s – Green Bond Assessment

Long-term borrowings

• Long-term Borrowing AFD Contract 2023 
• Long-term Borrowing AFD Contract 2013
• Long-term Borrowing KfW Contract 2019
• Long-term Borrowing KfW Contract 2025
• Long-term Borrowing Nedbank Contract
  
• Long-term Borrowing IFC Contract 
  
• City of Cape Town – Programme Memorandum
  
• City of Cape Town – Information Statement
  
• CCT04 Bond – Pricing Supplement

Annual Consolidation of Disclosure Statement 2024/25

• Disclosure Statement
• Schedule 1 - Moody's Final Credit Opinion
  
• Schedule 2 - Signed Auditor-General's Opinion
• Schedule 3 - Signed Legal Opinion

Johannesburg Stock Exchange (JSE) Debt Listing Requirements

• Evaluation of Directors
• Nomination of Directors
• Register of Domestic Prominent Influential Persons
• Register of Procurement

Document downloads

• 1. 2008 Applicable Bond Pricing Supplement

     01/06/2008, Pricing supplement - 269.4 KB

  2. 2010 Applicable Bond Pricing Supplement

     01/06/2010, Pricing supplement - 623.3 KB

  3. 2013 Long Term Borrowing Contract Summary

     01/02/2013, Contract summary - 201.5 KB

  4. 2017 Applicable Bond Pricing Supplement

     29/07/2017, Pricing supplement - 2.4 MB

  5. 2023 Long Term Borrowing Contract Summary

     17/05/2023, Contract summary - 51.5 KB

  6. Annual Consolidation Disclosure Statement 2025

     10/09/2025, Disclosure statement - 1.4 MB

  7. Johannesburg Stock Exchange (JSE) Debt Listing Requirements: Register of Domestic Prominent Influential Persons

     22/01/2025, Contract summary - 676.4 KB

  8. Johannesburg Stock Exchange (JSE) Evaluation of Directors: Debt Listing Requirements

     20/01/2022, Contract summary - 553.8 KB

  9. Johannesburg Stock Exchange (JSE) Evaluation of Directors: Register of Procurement

     26/01/2026, Contract summary - 719.7 KB

  10. Johannesburg Stock Exchange (JSE) Nomination of Directors: Debt Listing Requirements

      20/01/2022, Contract summary - 553 KB

  11. Moody’s – Green Bond Assessment

      29/07/2017, Credit rating opinion - 1.7 MB

  12. Update to Moody's Green Bond Assessment

      03/06/2019, Credit rating opinion - 1.4 MB