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Corrective Pullback


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  • SAGBs open firmer this morning with 10Y yields leading the way lower at -4.3bp.
  • Yesterday’s upside surprise in CPI (5.9%y/y) sparked concern of more SARB tightening in 2022 with 9x12 FRA-jibar3m spreads widening to +200bp, but also supported LT yields.
  • The 30Y made a notable breakout through 10.60 and stands on key pivot support at 10.52 – bringing the 12 Nov lows at 10.30 into focus if price action can break 10.50.
  • 9.80 support in the 10Y is the next focal point, followed by 9.70 to the downside.
  • W/w the SAGB curve trades -18-20bp bull flatter in 15-30Y yields.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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