South Africa has done a great job of avoiding the credit and liquidity problems that have blighted global markets over the past eight months. This has been possible due to the relatively vanilla character of the local market for securitised assets, the restrictive mandates of most local investors and, as some financiers are brave enough to admit, exchange controls.

But while the local market has not been roiled in quite the same way as Europe and the US, it has no doubt been affected by global ev

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