The market impact belies the severity of the unrest. Yes, the rand and bonds weakened, but in the bigger context, the declines were muted. This probably reflects two things: firstly, that global conditions tend to dominate, and secondly, that SA assets already embed a substantial risk premium. This does not mean that markets will be impervious to renewed local turmoil, but recent events have not been enough to offset the benefit of high commodity prices, the current account surplus, and the decline in weekly issuance.