EM investors face dream and doomsday scenarios in South Africa
![Mountainous landscape, Drakensberg scenic. Amphitheatre, The Drakensberg, Kwa-Zulu Natal, South Africa, Africa.](https://assets.euromoneydigital.com/dims4/default/131b192/2147483647/strip/true/crop/5532x2857+0+0/resize/840x434!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F49%2F9a%2Fc6603f8e4ea8bd127b639ddeac8e%2Fsouthafrica-alamy-28may24.jpg)
South African bonds will do very well under some outcomes, but others pose a big risk
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