, Columnist
Investing in South Africa's Economic Gloom
These bonds go up when the country goes down.
Opportunity.
Photographer: Nadine Hutton/BloombergThis article is for subscribers only.
Just about everything is going wrong in South Africa and that's why investors in its bonds are reaping a bonanza. It's hard to find another country with minuscule growth, rising inflation, a quarter of its workforce unemployed and a currency that lost more than 25 percent of its value the past 13 months managing to finance its deficit with demand exceeding the supply for newly-issued debt.