South African Rand: Fiscal discipline supports SAGBs – Societe Generale Societe Generale analysts highlight that SAGBs outperformed and the ZAR strengthened after South Africa’s mini‑budget, although some gains were surrendered the following morning.
The deficit target for 2026/27 was trimmed to 3.9% of GDP, issuance was reduced, and a bond buyback programme announced, with the government signalling a proposed fiscal anchor and raising the prospect of a medium‑term return to IG