S. African Bonds Top Stocks; 1st Time Since Apartheid
This article is for subscribers only.
South African bonds lured more foreign inflows in 2010 than shares for the first time after the fall of apartheid in 1994 as yields more than double those of 10-year U.S. Treasuries boosted the appeal of the debt.
Net foreign purchases of local-currency government bonds surged to 61 billion rand ($9.2 billion) from 26.5 billion rand in 2009, according to the JSE Ltd., which operates South Africa’s exchanges. That compares with 35.6 billion rand of net equity purchases by international investors, down from a record 75.4 billion rand, according to the data.