February 15, 2018 / 10:13 AM / 3 days ago

S.Africa dollar bonds rise, CDS fall after Zuma resigns

LONDON, Feb 15 (Reuters) - South Africa’s sovereign dollar bonds rose across the curve on Thursday and the cost of insuring exposure to the country’s debt fell after President Jacob Zuma resigned.

Zuma quit late on Wednesday, reluctantly heeding orders by the ruling African National Congress (ANC) to go, bringing an end to a nine-year tenure punctuated by scandals, stagnant economic growth and policy uncertainty.

The 2044 eurobond issue gained 0.7 cents according to Tradeweb data to trade at 94.8 cents, hovering near its strongest since mid-November.

Five-year credit default swaps fell 7 basis points (bps) from Wednesday’s close to 147 bps according to IHS Markit data. (Reporting by Claire Milhench, editing by Karin Strohecker)

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