Composition of the GOVI

The constituents of the GOVI are re-selected once a quarter, in February, May, August and November. The re-selection is based upon the average market capitalization and liquidity of each eligible bond over the twelve preceding calendar months (‘the averaging period”). Newly listed bonds have their market capitalisations and liquidity averaged only over the months for which they have been listed.

Only conventional listed RSA bonds that form part of the Primary Dealers price making obligations on behalf of the Department of Finance and with a remaining life greater than one year through the quarter are eligible for inclusion.

Selected bonds are weighted according to their nominal amounts in issue as on the last day of the averaging period and will be rebalanced every month during the quarter until the next selection. Figures for market capitalization and liquidity for the re-selections are calculated by BESA from its market statistics. BESA is the sole arbiter as to the correctness of these figures.

This table shows the composition of the GOVI as of October 2006. Each bond is included in a proportion consistent with its market capitalization. The proportions are rebalanced quarterly.