S.Africa 5-year CDS fall 27 bps on Gordhan finmin appointment
LONDON, Dec 14 (Reuters) - The cost of insuring exposure to South African debt in the credit default swaps (CDS) market fell on Monday after respected former finance minister Pravin Gordhan was re-appointed to the role.
The decision on the weekend overturned last week's move to appoint an ally of President Jacob Zuma in place of Nhlanhla Nene, known for his fiscal prudence. It sparked a recovery in South African assets that had sold off heavily on Nene's departure.
Five-year CDS fell 27 basis points from Friday's close to 320 bps, moving further off 6-1/2-year highs of 360 bps hit earlier that day, Markit data showed.
(Reporting by Sujata Rao; editing by Claire Milhench)
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