Reuters logo
S'Africa CDS at near-7 week high as finmin recalled from roadshow
March 27, 2017 / 3:56 PM / 6 months ago

S'Africa CDS at near-7 week high as finmin recalled from roadshow

LONDON, March 27 (Reuters) - The cost of insuring South African government debt against default hit the highest level in nearly seven weeks on Monday after President Jacob Zuma asked his Finance Minister Pravin Gordhan to return home “immediately” from an investor roadshow.

Five-year credit default swaps jumped 11 basis points to 203 bps from Friday’s close of 192 bps, according to financial data provider Markit.

The rand fell almost 3 percent on the news that Gordhan had been summoned home as investors feared the respected finance minister could be pushed out in a cabinet reshuffle . (Reporting by Karin Strohecker; editing by Sujata Rao)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below