Following the release of the SA budget, SAFA said via its monthly communique it has no intention to access term markets in July. SAFA’s funding requirement for the 2015 / 16 year is estimated to be $4.2bn. It plans to issue existing 2023 and 2025 lines and possibly new 2022 and 2024 lines if there is investor demand. It confirmed the existing caps of $2.5bn.