The rally has bought President Cyril Ramaphosa more time to convince investors he has the ability to introduce reforms that would stimulate the economy, consolidate government spending and reduce corruption in Africa’s most industrialized economy.
“The elections are particularly important as they are expected to open a season of sweeping reforms, many of which, however, are unlikely to be announced before the vote,” Cristian Maggio, the London-based head of emerging-market strategy at TD Securities, said in a note to clients. “Moreover, the depth of such reforms is likely to be a function of the electoral outcome, with a stronger victory assuring a higher chance that important announcements are made shortly after the vote.
Appetite for African debt sales is thriving amid a dovish tilt from the world’s largest central banks, with investors placing orders for more than six times the amount on offer in Ghana’s recent deal. South Africa last issued Eurobonds in May, when it sold $2 billion of notes maturing in 2030 and 2048.
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