With the exception of the South African and Mauritian markets, all the other African markets considered showed positive real returns (in local currency terms) over the first quarter of 2018. On a year-on-year basis, all the African countries considered performed well in local terms with real yields ranging from 2.5% to 45.6%. Over 3 years however, 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 9.7% over the last year in local terms. Over a 5-year period the bond market continues to outdo the equity market generating excess returns of 0.9% p.a.
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