Credit spreads in South Africa are tightening - even as economic fundamentals deteriorate. In this episode, Credit Portfolio Manager Ruchir Severaj talks to Ian Norden, CEO of Intengo, about what’s really driving market dynamics and what it means for institutional investors.

Key topics include:

• Why spreads are narrowing despite credit rating downgrades and weak GDP growth
• The role of supply constraints and investor appetite in distorting fair value
• How auction mechanisms, including bid undercutting, affect market pricing
• The disconnect between mark-to-market and true fair value - and why it matters
• Solutions for modelling fair value more accurately using aggregated