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South Africa's local-currency borrowing costs have fallen below any level seen in the five years before Moody's removed its last investment-grade rating on March 27. Foreign investors are returning to the bond market after a record selloff early in 2020.
The rand has rebounded, with risk premia back to pre-downgrade levels.
Stronger foreign capital inflows support the rand and reduce the local cost of imported feed inputs. The sovereign's fiscal risks remain, and the rand is still driven mainly by global recovery.
biznews.comAlec HoggJun 12, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
