Latest / The Investment Perspective, with Ninety One
#78 Cash Talk: FLAC decoded | What SA’s new bank debt means for fixed income investors
South Africa’s fixed income market is entering a new phase with the introduction of FLAC instruments, a class of bank debt designed to strengthen the financial system and reduce the risk of taxpayer-funded bailouts. Lisa MacLeod and Stephen Naidoo unpack how these instruments work, why they are being introduced now, and what their arrival means for credit risk, pricing and portfolio construction in the years ahead.
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The skinny
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