What drove the jump in corporate credit?

This document is a “Data Story” web page from the South African Reserve Bank (SARB) titled “Corporate credit leapt in 12 months, but where did the funds flow to?”. It reports that corporate credit grew from 5.1% in February 2025 to 13.2% in February 2026, with the financial sector accounting for a larger share of the increase (23% growth over 12 months) compared with non-financial corporates (4.4%). It explains that non-financial corporate borrowing is typically linked to productive-economy investment (e.g., construction, mining, agriculture) and working capital, while financial corporates’ borrowing is linked to stock market share price increases and funding within bank holding companies and related entities. The page concludes that the strong corporate credit growth largely reflected regulatory requirements, financial market conditions, and balance sheet restructuring rather than a large flow to the real economy.