With the exception of the Zambia, all the African markets considered showed negative real returns (in local currency terms) over the past 3 months. On a year-on-year basis, all the markets considered performed considerably better. Over 3 years, the real yields have been less impressive with only Mauritius showing positive real returns in local currency terms and Zambia showing the lowest returns in local currency terms.
The South African bond market outperformed the equity market by 5.5% over the last year in local terms. Over a 5-year period however, the equity market outperforms the bond market generating an excess return of 1.8%.
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