… but will ‘Goldilocks’ conditions continue to prevail?
SOUTH AFRICAN fixed-income investors have enjoyed another exceptional year, with the local bond market extending the strong performance seen in 2024.
For years, domestic bond returns came largely from income – but since last year, investors have also benefited from significant capital gains. Long-dated nominal bonds have led 2025’s rally, with 30-year yields over 1.8% lower for the year to 30 November 2025.
A combination of supportive developments has buoyed sentiment. However, with global dynamics shifting, risks are rising.
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