For most of the 2000s, portfolio investment into South Africa was dominated by equity inflows, while inflows into the bond market were relatively small. However, as emerging economy bond markets became more attractive, this pattern changed.
Inflows into the bond market were given additional impetus with South Africa’s inclusion in the Citibank World Government Bond Index in 2012, when bond flows totaled R88 billion (compared with R47 billion in 2011) , more than offsetting a net outflow of equities to the value of R3 billion.