South African Bond Auction Entices Buyers Amid Sell-Off: Chart
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Emerging-market assets may be reeling, but South Africa just had its most successful government bond auction since March. Investors placed bids for more than four times the 2.4 billion rand ($173 million) of securities on sale Tuesday. A surge in yields since the beginning of April as foreigners dumped bonds and the rand sank means the notes now offer value to “opportunistic” buyers, said Michelle Wohlberg, a trader at Firstrand Bank Ltd. in Johannesburg.