Anecdotal evidence suggests that some of the recent strength in the Rand can be attributed to the SAB InBev deal. A transaction of this magnitude would require hedging over an extended period of time in order to ensure that it was not done in a disorderly manner, which could in turn upset the normal functioning of the markets.

The window for the hedging would be between 19 September (last transfer of shares from SA to UK registry) to 9 October (the 10th is the expected final merger date). The official date for approval was 28/9 (UK Scheme Court meeting). As such, any hedging done thus far would have been preemptive and in advance of the formal outcome from the aforementioned hearing. The total size of the Rand leg of the transaction could be in excess of R100bn.