Notes from the desk of Polina Kurdyavko
South Africa – A state of national disaster
Polina Kurdyavko hits the road, reflecting on her observations from around the world while tying in fresh investment perspectives related to emerging markets.
- South Africa is again in a state of national disaster, this time caused by severe load shedding, as the state-owned utility cannot supply nearly half of its potential generation capacity to consumers.
- What's the good news? The government has been proactive in creating a Project Management Office (PMO) to focus on restructuring the electricity and transportation sectors, a move that could result in South Africa emerging as one of the greenest economies with most of its new electricity supply coming from solar energy.
- However, even if the PMO manages to deliver, such transitions take time and, in the interim, South Africa's Third World electricity problem will no doubt weigh on its First World institutions and, by extension, fixed income valuations in the market.
- In the short term, however, we believe investors will be rewarded for being patient and waiting for the right opportunity. While valuations appear attractive, we maintain a cautious overall stance on South Africa’s debt.
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Polina Kurdyavko hits the road, reflecting on her observations from around the world while tying in fresh investment perspectives related to emerging markets.
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