The yields on South Africa’s longer-dated 20- and 30-year government bonds are on track to go as low as 8% this year, while that of the 10-year could drop to 7.5%, providing the National Treasury with enough wiggle room to significantly reduce its borrowing costs while the country has started reporting primary budget surpluses.
The yield on South Africa’s 30-year bond came in at 8.68% on Friday, down from the 12.77% peak it reached in October 2023, while the annual return an investor earns on the 20-year bond reached 8.5% — a 10-year low.
The yield on the 20-year bond also peaked at 12.89% in September 2023, a year in which South Africa’s assets were battered by record levels of…
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