Investor Presentaiton
Evolution of Investor Base
Holdings of domestic government bonds
100
12
10.2
8.1
8
5.8
7.7
8.2
90
13.2
21.1
9.4
8.4
13.7
14.1
11.6
8.6
80
13
12.4
13.9
17
10
14.6
70
16.3
16.3
18
17.7
Per cent
40
50
80
18.3
14
10.4
8.6
12.8
37.1
13.8
21.8
29.1
35.9
36.4
99
39.9
36.5
33
29.8
29.2
31.8
30
44.8
46.4
43.9
20
10
0
2006
2007
2008
2009
2010
2011
2012
2013
Oct-14
■Pension funds ■Foreign investors Monetary institutions Insurers Other financial institutions Other
Source: Share Transactions Totally Electronic Ltd. ("Strate")
Non-resident holdings have increased significantly
since the 2008 crisis and remain resilient
Low interest rates in advanced countries has
made emerging market (EM) assets more
attractive to foreign flows.
The 2013 EM capital outflows due to US QE tapering
did not have a big impact on SA
not much outflows however, there were no
new inflows.
Local pension funds' holdings has declined from
43.9% in 2008 to 31% in 2014
Private pension fund holdings have remained
constant
While government pension fund holdings has
decreased (PIC diversified investment
strategy into other asset classes)
EM outflows in January 2014
-
non-resident investors were net sellers of
R22.4 billion in government bonds, and their
overall holding dipped to 35.7 per cent of
these bonds
national treasury
Department:
National Treasury
REPUBLIC OF SOUTH AFRICAView entire presentation