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South Africa spreads ‘very firm overall’ after top leader election; Chile narrowly mixed
By Rebecca Melvin
New York, Dec. 18 – Spreads on South Africa debt improved on Monday as results of the African National Congress leadership election made Deputy President Cyril Ramaphosa the new party head, replacing current President Jacob Zuma.
Spreads were “very firm overall,” a London-based trader said of South African debt.
Spreads on Eskom Holdings SOC Ltd., South Africa’s state-run power utility, were notably tighter.
These bonds maturing in 2021, 2023 and 2025 had dropped to their lowest levels in a year in the middle of November. The Eskom 5¾% bonds due 2021 were seen 99¾ bid, 100¾ offered early Monday with spread tighter by 10 basis points on the month.
South Africa’s sovereign 5 7/8% bonds due 2025 were seen 108¼ bid, 109¼ offered, with a spread tighter by almost 15 bps on the day and almost 17 bps on the month.
Elsewhere, Chile’s sovereign curve was narrowly mixed after a victory by conservative billionaire and former president Sebastian Pinera in the Latin American country’s presidential run-off election.
Chile’s 3 5/8% notes due 2042 ended higher on Monday by 0.024 point to 100.06 on the Luxembourg Stock Exchange. Chile’s 2¼% notes due 2022 edged lower by less than 1.8 point to 98.738, and Chile’s 3 1/8% notes due 2025 were up less than 1/8 point to 102.475.
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