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Bull Flattening Momentum Holds in SAGBs, Opening Up September 2021 Levels

SOUTH AFRICA
  • SAGBs remain firm this morning, maintaining this week’s bull flattening momentum with 10-30Y yields -3.4-4.6bp lower in early trading.
  • LT yields fell in 1.7-3.5bp in yesterday’s session with 10 & 15Y tenors outperforming in line with an improved fiscal outlook for the Feb budget.
  • 10Y yields pressed below the 12 Nov lows at 9.661, while 30Y yields are fast approaching the same lows at 10.313.
  • This opens up potential for a move lower towards the September 2021 lows in both tenors.

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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