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Rand investors focus on short end

Investor demand is focused on the short end of the curve in South African rand as the yield curve remains inverted. This week that allowed the World Bank to issue two bonds in the currency. On Friday the supranational added R500m to an 11% 2011 issue and then on Monday it entered the South African market again, issuing a R750m 2010 bond with a coupon of 12%. JP Morgan led this deal.

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