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BROKERS’ NOTES: Buy SA bonds, sell US stocks

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Izak Odendaal, investment strategist at Old Mutual Wealth, on what the smart money is doing

BUY: South African government bonds

South African nominal government debt remains a good buy with 10-year bonds yielding real returns in excess of 3pp. A couple of factors support the outlook for longer-dated government debt. First, the government’s fiscal position is improving as it seems the Treasury is keeping a tight lid on expenditure. Second, the long-term inflation outlook for South Africa is improving. With interest rate increases totalling 3.75% since the end of 2021, the Reserve Bank has kept inflation under control.

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