South Africa 10Y Bond in 2015
South Africa 10Y Bond opened 2015 at 7.46% and closed at 9.25%, a +23.97% move for the year. The high of 9.25% was reached on December 1, and the low of 7.46% on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 7.46% | 7.46% | 7.46% | 7.46% | +0.00% |
| Feb | 7.49% | 7.49% | 7.49% | 7.49% | +0.00% |
| Mar | 7.81% | 7.81% | 7.81% | 7.81% | +0.00% |
| Apr | 7.82% | 7.82% | 7.82% | 7.82% | +0.00% |
| May | 8.07% | 8.07% | 8.07% | 8.07% | +0.00% |
| Jun | 8.33% | 8.33% | 8.33% | 8.33% | +0.00% |
| Jul | 8.18% | 8.18% | 8.18% | 8.18% | +0.00% |
| Aug | 8.26% | 8.26% | 8.26% | 8.26% | +0.00% |
| Sep | 8.46% | 8.46% | 8.46% | 8.46% | +0.00% |
| Oct | 8.27% | 8.27% | 8.27% | 8.27% | +0.00% |
| Nov | 8.49% | 8.49% | 8.49% | 8.49% | +0.00% |
| Dec | 9.25% | 9.25% | 9.25% | 9.25% | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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