In the 2011 MTBPS, it was reported that the South African bond market, which will be the primary source of financing over the medium term, remains liquid. The debt issuance over the medium term will be maintained at existing levels by drawing on cash balances and exchanging debt maturing within the next few years for debt with a longer term to maturity. The total net loan debt is projected to amount to R1.006 trillion in the 2011/12 financial year.