Investors Complacent on South Africa Risks, Nedbank Warns: Chart

South African local-currency yields are at their lowest level relative to U.S. Treasuries since December 2015, when President Jacob Zuma fired then-Finance Minister Nhlanhla Nene, sending the currency and bonds into a tailspin as traders fretted about fiscal policy. The narrowing spread suggests political risks have diminished -- but investors may be getting too complacent, according Nedbank Group Ltd. Pitfalls may lie ahead as the battle to succeed Zuma as leader of the ruling African National Congress heats up, according to Nedbank strategist Mohammed Nalla.

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