The current sovereign debt landscape looks like this: the 10-year RSA bond is trading at a yield of about 9%, and 20- to 30-year bonds are above 11.5%.

SA’s current credit rating (S&P) is BB-, below investment grade, SA’s five-year credit default swap quote implies a probability of sovereign default of a little over 5%. A tough place to raise money, with CPI at 3%...

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