Growing concerns about the direction of South Africa’s public finances have caused the yield curve to steepen as risk premia have risen, a trend that may continue as next year’s election approaches. This week’s BRICS summit saw Ethiopia invited to join the group, reaffirming its alignment with China and non-Western powers as it continues to unlock much needed finance to rebuild its economy. Finally, Kenya is also increasingly looking for funding on the back of rising domestic borrowing costs as concerns about the country’s ability to meet its debt obligations have failed to dissipate.
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