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Bond Market News
South Africa’s Dollar Bonds Rise on President’s Re-election
June 20, 2024
South Africa’s dollar bonds rose by ~1 point across the curve yesterday, after Cyril Ramaphosa was re-elected for the second term as the President. The African National Congress (ANC) which lost its majority for the first time, avoided forming a coalition with the Economic Freedom Fighters or the new uMkhonto weSizwe party of former president Jacob Zuma, both of which are said to espouse a nationalization agenda. South African markets were spurred-on following the re-election, with the Johannesburg Stock Exchange rising by 1.2% on Wednesday, after surging 3.5% on Tuesday. The rand also rose against the dollar, recouping its losses after last month’s general elections to elect a new National Assembly.
South Africa’s dollar bonds have retraced slightly this morning, from the jump higher yesterday. Its 4.875% 2026s are at 97.6, yielding 6.27%.
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