The government debt consolidation process has allowed the cost of borrowing to decline markedly. Even though debt issuance has increased since 2003/04, sound debt management has been such that new issuance is spread across the maturity spectrum of the yield curve.
The latter normalised  somewhat in recent months owing, among other things, to the fact that the National Treasury increased supply at the longer end of the curve. With the cost of borrowing falling as dramatically as it has, the bond market has become a more appealing corporate finance tool and, as such, corporate bond and commercial paper listings have become more popular.