LONDON, Feb 5 (Reuters) - South Africa’s sovereign dollar bonds fell across the curve on Monday and the cost of insuring exposure to its debt rose to a one-month high, as tensions mounted over President Jacob Zuma’s future.
The country’s ruling African National Congress (ANC) will hold an urgent meeting on Monday to discuss Zuma’s future as head of state after overnight talks with the 75-year-old failed to secure his departure.
The 2044 eurobond issue fell more than 0.5 cents to 98 cents in the dollar, the lowest level in seven weeks, according to Thomson Reuters data.
Five-year credit default swaps for South Africa rose 3 basis points (bps) from Friday’s close to 151 bps, according to IHS Markit data. It left it at a one-month high. (Reporting by Claire Milhench and Karin Strohecker)