SA’s benchmark bond yields are inching up from near a three-year low as concerns about SA’s long-term debt burden counter positive global liquidity conditions that have sustained demand for local assets.

Even after Moody’s Investors Service warned this week that SA’s fiscal challenges could cause debt levels to breach 100% of GDP as early as the 2022 budget, with a lack of signs of improvement increasing the odds of another ratings downgrade, the rand has traded well below R15/$, near its strongest levels in 2021. ..

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