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Bond Wrap-up 27.11.2017

27 Nov 2017

Bond Wrap-up

Every week we give you our summary of happenings in the bond market.

S&P Global Ratings took the only viable option in our minds. As to be expected, National Treasury was quick to respond with “promises” of action to get SA Inc back onto the much desired path of fiscal consolidation. We would not attach much credibility to such promises. There are no easy or quick fixes to the structural issues our country faces. While our investment theme, “when sustained low economic growth becomes bond bearish”, remains unchanged, market valuation tends to change quickly. As a result, we would remain on the look-out for possible buying opportunities at cheaper levels.