South African bond yields - COVID-19 infected?
Hot on the heels of "Rate accelerator" which analysed the interconnection between equity and debt markets and how that is playing out, particularly in the US, Ingham Analytics has issued a locally focused note entitled "South African bond yields - COVID-19 infected?" A nightmare on Church Square they say has been steadily unfolding with foreigners long since seeing the writing on the wall. Worryingly, commercial banks have been buying up government paper this past year as they hoarded liquidity, but there are limits to this.
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