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SOUTH AFRICA: Ramaphosa Defends GNU In Front Of Allies, Tsy Holds Bond Auction

SOUTH AFRICA
  • President Cyril Ramaphosa told party executives that the government of national unity (GNU) was the best tactical option for the African National Congress (ANC). His comments were interpreted as an attempt to persuade political allies from the South African Communist Party (SACP) that entering the pact was a palatable solution. The SACP had earlier criticised the ANC for its decision, arguing that "a minority government with forces such as the EFF" would have worked better.
  • Spot USD/ZAR rose as high as to 18.6850 amid a global risk rout on Monday, before cutting gains and finishing the day 1.4% above neutral levels, with the rand underperforming its EMEA peers. The pair's one-week and one-month implied volatilities climbed to highest levels since the beginning of July.
  • The National Treasury will sell ZAR1.25bn of 8.875% 2025 bonds, ZAR1.25bn of 8.5% 2037 bonds and ZAR1.25bn of 9% 2040 bonds.
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