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Bond Market News
South African Assets and Dollar Bonds Rally After Mid-Term Budget Update
November 14, 2025
South Africa’s dollar bonds have risen, with its currency, also strengthening below ZAR 17 per the dollar for the first time since February 2023. Besides its equity index also ended higher after positive investor sentiment, following its mid-term budget update. The surge in asset prices was driven by investor approval of the National Treasury’s decision to lower the price-growth goal to 3.0% from 4.5%. This move is expected to decrease inflation expectations, though it signals the central bank (SARB) will likely keep interest rates higher for longer to meet the new target. As per analysts, the policy divergence from the Fed is said to be a major driver supporting the rand. Besides, foreign inflows into the government bond market jumped to ZAR 175bn ($10.3bn) YTD through October, vs. ZAR 73bn ($4.3bn) for the whole of last year. The National Treasury is also said to be cutting the amount of debt offered at its weekly auction, reducing new bond supply.
South Africa’s dollar bonds were largely higher, with its 5.875% 2032s up around 2 points this week, trading at 103.25, yielding 5.27%.
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