After studying emerging markets now for almost 20 years it has become quite apparent that investors don’t really buy the current status of a country’s development, but its pathway towards something better. This is as true of foreign direct investment as it is of portfolio investment into bond and equity markets.

Does SA realise this? Through the last 15 years the answer was probably no, but two recent international roadshows (capped by a successful dollar bond issuance) seems to suggest that in some places this kind of thinking is starting to resonate. ..

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