October 24, 2018 / 3:11 PM / a month ago

Budget disappointment knocks South Africa dollar bonds

LONDON, Oct 24 (Reuters) - South Africa’s dollar-denominated bonds dropped as much as 0.5 cents after new Finance Minister Tito Mboweni forecast wider deficits and slower growth in his maiden budget speech.

The country’s longer-term 2041, 2044 and 2047 bonds all fell between 0.4 and 0.5 cents.

Investors worry the economic strains could cost South Africa its final investment grade rating and eject its bonds from the world’s biggest fixed income indexes. (Reporting by Marc Jones; editing by Helen Reid)

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