South Africa’s 10-Year Bond Yield Drops to Lowest Since 2022

South Africa’s 10-year government bond yield dropped below 10% for the first time in more than three years as investors bet the nation will be successful in its third attempt at corralling support for its budget.

The yield on South Africa’s rand-denominated debt due in 2035 fell 14 basis points to 9.99% at 5:01 p.m. in Johannesburg, the lowest on a closing basis since April 11, 2022, after a panel of lawmakers approved the National Treasury’s fiscal framework Wednesday. That’s the latest signal that the annual budget will finally win approval after some members of the governing coalition rejected it twice.