September 5, 2018 / 8:14 AM / 8 months ago

Rand rout extends S.Africa dollar debt selloff, 2044 bond at record low

LONDON, Sept 5 (Reuters) - South African sovereign dollar bonds sold off across the curve for a sixth day running on Wednesday, as the rand took another heavy tumble in the currency markets.

The bond maturing in 2044 fell one cent to reach the lowest level on record, according to Tradeweb, while the 2041 issue dropped 1.2 cents to set a fresh 2-1/2 month low.

Data on Tuesday showed South Africa’s economy had fallen into recession for the first time since 2009, contracting 0.7 percent in the second quarter and bucking expectations of a 0.6 percent expansion.

Wednesday’s moves came as the rand lost another 1.5 percent against the dollar and local currency government bond yields rose again. (Reporting by Marc Jones; editing by Sujata Rao)

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