One within the significant market impacts of last month’s cabinet reshuffle would be a a pointy rise in local bond yields. During a week, yields on 10-year government bonds rose by over 0.7%.
Just days before Pravin Gordhan was recalled on the international investor roadshow in the uk, 10-year government bonds were trading on yields of 8.275%. It was budget friendly they had been since October 2015, just 2 months before Nhlanhla Nene was removed as finance minister.
However, during the Ten days to come that low point a few weeks ago, yields jumped on three consecutive shocks
