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Bear Steepening Pressure Persists in SAGBs, 10Y Yield hovers at Oct Highs

SOUTH AFRICA
  • Local rates trade mixed around the open this morning, treading water after a broadly softer week.
  • The SAGB curve stands steeper across the breadth with 3m-1Y yields -13-20bp lower, while 10-30Y yields hold 10-16bp higher w/w.
  • Duration remained under pressure into the weekend, with 10Y yields hovering a fraction below the October highs at 9.92 with round number resistance at 10.00 just above.
  • 2Y yields also continue to trend higher in line with rising oil prices, keeping the pressure on in terms of CPI in SA.

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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