February 16, 2018 / 9:31 AM / 10 months ago

S.Africa CDS hit 2-week low after Ramaphosa sworn in as president

LONDON, Feb 16 (Reuters) - The cost of insuring exposure to South African sovereign debt fell to a two-week low on Friday, a day after Cyril Ramaphosa was sworn in as the country’s president.

Five-year credit default swaps (CDS) for South Africa fell 3 basis points (bps) from Thursday’s close to 144 bps according to IHS Markit data, the lowest level since Feb. 2.

Hopes are high that Ramaphosa will tackle endemic corruption and introduce structural reforms to reverse South Africa’s economic decline. (Reporting by Claire Milhench, editing by Karin Strohecker)

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