Some of the highest returns in developing markets proved too much to resist for bond investors, who have largely ignored credit-ratings downgrades and deepening concern about SA’s fiscal position in the Covid-19 pandemic.

SA’s generic 10-year yields, which jumped to records above 13% on March 24 as investors fled in anticipation of Moody’s Investors Service’s review later that month and amid a global run to safe havens, fell below 10% this week for the first time in almost two months. They are still among the juiciest returns about.

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