Sweech

Hassle-FREE Online Campaigns On Sweech

SA appears ill-prepared for end of Fed liquidity era

Comment on this story


We spent four days last week in South Africa presenting and stress testing our views on its vulnerabilities and policy response mechanisms to the US Federal Reserve’s quantitative easing (QE) punchbowl being removed. We had numerous meetings at the Reserve Bank, the Treasury, the Department of Trade and Industry, local banks, rating agencies, investment funds and investment consultants, the ANC, political strategists, think-tanks, a handful of parastatals and various representatives from the mining sector and labour.

We found a central bank still constrained by stagflationary risks but ready to act on a break-out of risks, a Treasury that understands the risks but perhaps should be assigning higher probabilities to tail risks and others in the government and civil society that still do not understand the risks that are on South Africa’s doorstep.

Put simply the government reaction to a risk repricing (and certainly a sudden stop tail risk) will probably be lagging, while the central bank is unlikely to intervene except if there is a more dramatic deterioration in the situation. We found universal negative sentiment from those involved in the mining sector – ranging from bearishness to outright apocalyptic.

Our baseline does not really change after our visit except to skew our view of probabilities on rate hikes at risk of starting earlier in the normalisation cycle, if there is a more dramatic and idiosyncratic repricing of risk (perhaps to even later this year). But then the risks to our baseline are for rate hikes to start later, if such a shock occurs in a less dramatic form.

This parallels the additional downside risks to growth next year in particular (from our current baseline of 3 percent). That said, the key take away is a full understanding now of the reaction function of policymakers to the outlook probability distribution and the complicated subtleties of what is going on in the mining sector.

We presented a view for discussion of a post-Fed QE world, where domestic idiosyncrasies expose it to the strong likelihood of a risk repricing and sluggish growth. This is a scenario that would not cause mass outflows, but where a lack of inflows was a sufficiently serious risk baseline, and one where there was still not enough of a shock for the ANC to change its centre of gravity between a National Development Plan-style policy on the one hand and vested interests on the other.

The view gained a lot of traction among those outside the policymaker circles that we met, though some even described this as too benign. In policymaker circles, however, we received a mixed response.

The Reserve Bank is actively considering risk and shock scenarios with deep concerns at the possible fallout for South Africa from the withdrawal of Fed liquidity. There is a separate though clearly parallel and related deep concern at the lack of government manoeuvring of policy to address the structural and idiosyncratic issues in the economy that are holding back growth and development.

For this reason we can say that the governor in particular still has the capacity to act in an independent and credible manner, even under severe political pressure.

The monetary policy committee (MPC) and staff view seems to be based on a world view that is too bullish on global growth in our view though this is offset by their increasingly bearish view on domestic growth.

This offsets the increasing upside risks they are seeing to the consumer price index (CPI), not only from foreign exchange weakness, but also the risk of changes in the pricing structure of retailers to be more sensitive to exchange rate changes. We think the MPC remains broadly constrained and indeed as growth gets weaker, so too are the upside risks to the CPI growing and the balance can be maintained. That said, it is clear that the key break-out risk here is for a hike in their view on an unanchoring of the inflation forecast at the long end, which could be caused by a more parabolic move higher in the dollar/rand.

We doubt the MPC has the ability to undertake a major campaign of hikes, at least, not with any speed. However, a one-off (or two) might be possible. But there seems to be some realisation that real policy rates will need to be in positive territory. Part of the issue is that the inflation forecast (and indeed the current account too) remains far too mean-reverting and this drives the currency view in particular. That said, the central bank does look at other scenarios that encapsulate our views adequately. We are happy that the MPC places sufficient weight on these, however.

We think intervention remains a no-go area from management, though it stresses more strongly than perhaps in the past that this is not ideological, but based on both experience and practicalities.

The Treasury understands the risks and the various possibilities. There is some (very long running) frustration with the rest of the government on the lack of economic impetus, however, not quite the crisis type language that the bank uses.

It has two key downside scenarios – the first is what we would call a risk repricing (now our baseline), whereby debt service costs move up markedly under a risk repricing and steeper yield curve, the second is a liquidity event where there are difficulties issuing. We think, however, that the Treasury is putting too low a probability on both these scenarios. Interestingly, we think the asset and liability management team attaches a lower probability on these events than other areas of the Treasury.

The political level of the ministry we worry about is still too much hankering after the “post-austerity” world that was being espoused a month ago.

There are contingent policy moves ready under both scenarios. Under the risk repricing, inter-year spending adjustments will be made behind the scenes to slow infrastructure and line ministry spending, together with other discretionary spending commitments.

Under a liquidity event more drastic cutbacks would be made, including intra-budget legislative orders to end spending on public sector jobs schemes, a gross hiring freeze and stalling infrastructure projects. Under a more long-lasting shock, revenue measures could even be possible.

The Treasury is a very different beast from other countries’ equivalents, though. There seems to be no attempt at pre-emptive policy actions, or even at clearer public relations on this issue to assuage the markets and rating agencies’ concerns. Part of this may be due to political pressure and the fact that it is already constraining real expenditure growth at such a low level.

The level of worry by the medium-term budget policy statements (additional policy, as we outline above, seems unlikely before this publicly) will be

reflected in what happens to expenditure growth going forward – a risk repricing scenario will see real growth drop by around a further 1 percentage point, while a liquidity event will see a much sharper drop to perhaps around flat. Cash draw down and further write down of the contingency reserve would also occur.

The forthcoming revenue commission seems to have morphed from what we understand it was originally going to be (based on past discussions with those in the government and the ANC). We believed that it would be a more drastic reappraisal of how to increase developmental state spending through restructuring revenue and also to address, if there were, the correct redistributional aspects in the economy.

However, it seems the commission is not being set up with an adventurous remit. This still seems very risky, though – especially the wider political pressures on it to widen its remit and undertake things like recommending a mining tax. We will have to wait and see if it morphs once again.

The ever-delayed, long-run budget framework report seems to be almost ready, but is still delayed by politics, partly over cabinet worries that it pins them down too much. This report may provide some calming influence on the market over fiscal restraint over the medium run when it is published.

We found little push in the government (even really in the Treasury) to make any attempts at boosting short-run growth or more meaningfully improving long-run potential growth beyond the current policy path. Many saw a weak rand and a need for further rate cuts as a panacea.

We think the government seems to be in the wrong place in this area. As such many locals find it difficult to really see where the meaningful and sustainable sources of growth in the economy are. A response of policymakers is that the economy is growing and foreign direct investment flowing in. Such a view, however, fails to see that there is a vast underperformance of “potential potential” on both counts. In a way there is a failure of optimism.

There is very deep concern from unions, policymakers and those in the mining sector over the state of the outlook for the sector. It seems clear that the government is pinning down a line on no job losses before the election, but equally the sector is adamant that these job losses are inevitable eventually.

The real concern is the deep damage done in suppressing investment levels by not allowing cost-cutting that will hold back the sector further over the longer run. Most we spoke with struggled to see any real plan forming at the Department for Mineral Resources or elsewhere in the government to provide any optimism.

Labour experts we met said the legal case for the National Union of Mineworkers’ deregistration at Lonmin was clear and that the government had very little room to manoeuvre except through delays on this front. But equally many thought it was difficult to see the government allowing real deregistration occurring and hence there have been more expectations of legal changes coming in the short term.

We found universal concern at the state of the Department of Mineral Resources and a slide in confidence in the minister. This reflects our worsening experiences of trying to interact with the department and our view that the minister’s underlying positive and investor-friendly attitudes are a lower priority to political considerations.

Broadly, parastatals are aware of the impending risks of debt funding their businesses in a post-Fed QE world, particularly with the failure of the Transnet auction last week. Instead we think liquidity events for them will manifest in a stalling of infrastructure spending that in most cases could sufficiently create enough balance sheet space.

We think a real sense of fear seems to be present in the ANC at the moment on the election next year, and while we have not seen any ANC polling data, anecdotal evidence suggests that such polls show meaningful (if not decisive) support loss. It seems very much challenged by the presence of Agang – a body with impeccable Struggle credentials, but totally tangential policy and public relations operational space.

 

Peter Attard Montalto is a director and emerging market economist at Nomura International covering South Africa and emerging Europe.


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Jenny84
I'm a 30 year old woman looking to meet men between the ages of 33 and 40.
View Profile
pikkewyn_123
I'm a 38 year old woman looking to meet men between the ages of 36 and 40.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Jobaby10
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
Blondie_434
I'm a 31 year old woman looking to meet men between the ages of 28 and 43.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Kelix
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
LeilaM
I'm a 40 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
Liefieling86
I'm a 28 year old woman looking to meet men between the ages of 29 and 32.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
Lady_143
I'm a 33 year old woman looking to meet men between the ages of 34 and 40.
View Profile
BlondeBerry
I'm a 33 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
Loubelle
I'm a 50 year old woman looking to meet men between the ages of 35 and 55.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
AbiApie
I'm a 19 year old woman looking to meet men between the ages of 18 and 20.
View Profile
AgentI
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
RobzMolecule
I'm a 24 year old woman looking to meet men between the ages of 22 and 30.
View Profile
tigerlady28
I'm a 30 year old woman looking to meet men between the ages of 22 and 34.
View Profile
Winterwolf
I'm a 27 year old woman looking to meet men between the ages of 30 and 35.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
jamielief
I'm a 21 year old woman looking to meet men between the ages of 25 and 32.
View Profile
DashieDash
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
sexilexi17
I'm a 19 year old woman looking to meet men between the ages of 20 and 25.
View Profile
Lise41
I'm a 41 year old woman looking to meet men between the ages of 42 and 55.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 36 and 44.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Lilakii
I'm a 21 year old woman looking to meet men between the ages of 23 and 31.
View Profile
JayAnne
I'm a 56 year old woman looking to meet men between the ages of 56 and 70.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
WandaLove
I'm a 19 year old woman looking to meet men between the ages of 22 and 26.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Bassinchic
I'm a 28 year old woman looking to meet men and women between the ages of 25 and 35.
View Profile
PleinKatryn
I'm a 30 year old woman looking to meet men between the ages of 30 and 35.
View Profile
MissSM
I'm a 31 year old woman looking to meet men between the ages of 29 and 39.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Vuurvliegie1974
I'm a 40 year old woman looking to meet men between the ages of 39 and 47.
View Profile
coll_719
I'm a 42 year old woman looking to meet men between the ages of 44 and 55.
View Profile
EMT2014
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
HartjievanHoneydew
I'm a 21 year old woman looking to meet men between the ages of 18 and 100.
View Profile
shani27
I'm a 41 year old woman looking to meet men between the ages of 35 and 45.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
recently40
I'm a 40 year old woman looking to meet men between the ages of 27 and 58.
View Profile
MistyLady
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Sophie_123
I'm a 24 year old woman looking to meet men between the ages of 25 and 33.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
MizLiz
I'm a 31 year old woman looking to meet men between the ages of 30 and 40.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Takingtime
I'm a 49 year old woman looking to meet men between the ages of 45 and 58.
View Profile
klouise
I'm a 32 year old woman looking to meet men between the ages of 31 and 39.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Dollie81
I'm a 33 year old woman looking to meet men between the ages of 25 and 49.
View Profile
_Melanie_
I'm a 18 year old woman looking to meet men between the ages of 18 and 28.
View Profile
Caroline_
I'm a 30 year old woman looking to meet men between the ages of 26 and 36.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
Rosesandlace
I'm a 49 year old woman looking to meet men between the ages of 49 and 53.
View Profile
MTBGirl_11
I'm a 42 year old woman looking to meet men between the ages of 40 and 50.
View Profile
JustChat76
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Rarefind
I'm a 55 year old woman looking to meet men between the ages of 52 and 63.
View Profile
Bianx24
I'm a 24 year old woman looking to meet men between the ages of 25 and 30.
View Profile
Enkellopende
I'm a 42 year old woman looking to meet men between the ages of 35 and 43.
View Profile
Teleporter1612
I'm a 48 year old woman looking to meet men between the ages of 43 and 100.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
chloeeeee
I'm a 44 year old woman looking to meet men between the ages of 35 and 52.
View Profile
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
L123
I'm a 33 year old woman looking to meet men between the ages of 32 and 39.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
SilverLiningM
I'm a 29 year old woman looking to meet men between the ages of 25 and 36.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
JULIET_001
I'm a 51 year old woman looking to meet men between the ages of 49 and 63.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Blu
I'm a 28 year old woman looking to meet men between the ages of 27 and 33.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
CDolf
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
Bryn
I'm a 41 year old man looking to meet women between the ages of 20 and 55.
View Profile
Ryno_56
I'm a 26 year old man looking to meet women between the ages of 18 and 34.
View Profile
George5911
I'm a 55 year old man looking to meet women between the ages of 36 and 50.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
Smartboy_102
I'm a 60 year old man looking to meet women between the ages of 47 and 57.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
charl1906
I'm a 57 year old man looking to meet women between the ages of 49 and 53.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
umustbsomewhere
I'm a 61 year old man looking to meet women between the ages of 45 and 55.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
IrishBoy11
I'm a 45 year old man looking to meet women between the ages of 27 and 40.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
versl_550
I'm a 55 year old man looking to meet women between the ages of 45 and 60.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 25 and 45.
View Profile
Ivanhoe25
I'm a 47 year old man looking to meet women between the ages of 25 and 45.
View Profile
Belligerent69
I'm a 45 year old man looking to meet women between the ages of 35 and 44.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
Jonathen53
I'm a 61 year old man looking to meet women between the ages of 57 and 64.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
TripleJ94
I'm a 20 year old man looking to meet men and women between the ages of 18 and 30.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile
Harties_48love
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 25 and 49.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
sommies
I'm a 55 year old man looking to meet women between the ages of 35 and 55.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
sunset22
I'm a 50 year old man looking to meet women between the ages of 40 and 57.
View Profile
Tall_fun
I'm a 45 year old man looking to meet women between the ages of 30 and 45.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
DJStarglance
I'm a 54 year old man looking to meet women between the ages of 18 and 100.
View Profile
TLS11
I'm a 53 year old man looking to meet women between the ages of 40 and 57.
View Profile
BENTLEY292
I'm a 45 year old man looking to meet men between the ages of 45 and 55.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
Guardian_24
I'm a 41 year old man looking to meet women between the ages of 37 and 43.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
mark99
I'm a 62 year old man looking to meet women between the ages of 45 and 55.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
toothless
I'm a 36 year old man looking to meet women between the ages of 25 and 36.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile

Business Directory