Yields declined:
- R2030: -20 bps
- R2048: -32 bps
- FTSE/JSE All Bond Index (ALBI): +2.75% in Dec, +24.24% YTD
Inflation-linked bonds outperformed nominal bonds:
- CILI: +2.76%, IGOV: +2.85%
- Inflation-linked bonds: Strong performance, especially mid- to long-dated.
Rand strengthened from R/$17.00 → R/$16.56. US rate cuts weakened the USD and improved global and domestic sentiment.
Implication: A stronger Rand may support inflation containment and reduce imported cost pressures.
Focus: 2026 National Budget critical for debt stabilisation and expenditure discipline.
Local bonds remain strong despite rising global yields, reflecting supportive domestic factors—possibly lower local interest rates, strong investor demand, or improving fiscal outlook.
Other sections to read:
The below FSCA regulated companies, who conduct asset management and investment services, are owned by Orion Investment Managers (OIM). These subsidiary companies operate in a number of different jurisdictions, and each provides investment management and products to their clients. Orion Investment Managers, is, in turn, owned by Spirit Invest International, which owns a portfolio of companies in the investment sector...
Read More.
