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Bull Flattening Resumes in SAGBs W/W

SOUTH AFRICA
  • SAGBs kick off slightly softer this morning with 2Y yields up +3.5bp in early trading.
  • Bull flattening pressures persisted yesterday with 10-30Y yields falling -2.9-7.1bp on the day.
  • 10Y yields marks the largest decline at -7.1bp, but 30Y yields cleared December lows with an eye on 10.442 & 10.31 below around the 9-12 Nov lows.
  • W/w The SAGB curve heads into the Christmas weekend -11-12bp bull flatter in 15-30Y tenors, while 2-10Y tenors are positioned marginally higher.

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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