Bond Yield

JOHANNESBURG (Capital Markets in Africa) – The shrinking yield discount on South African dollar bonds relative to Turkish debt is a sign investors are pricing in another credit downgrade for Africa’s biggest economy, according to Standard Bank Group Ltd. The 10-year spread has narrowed to 19 basis points, from 120 basis points in January. While Turkey’s yield has dropped amid demand for emerging-market assets, South Africa’s tracked sideways as political and fiscal challenges mount.  “The…