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Ninety One, the asset manager spun out of Investec in 2020 that oversees about R2.86-trillion, says SA bonds are still a good investment despite a deteriorating interest rate and inflation outlook.

Peter Kent, a fixed-income portfolio manager at Ninety One, says inflation has probably peaked despite hitting an almost four-year high of 5.9% year-on-year in December, the highest rate since March 2017 when it reached 6.1%. While that will put pressure on the Reserve Bank to hike rates, especially since the US Federal Reserve is expected to hike rates four times this year, Kent says higher borrowing costs aren’t necessarily a bad omen for SA bonds, which still offer very attractive relative yields...

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