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Duration Remains Bid as Fiscal Outlook Brightens Pre-Budget

SOUTH AFRICA
  • SAGBs open -2.2bp firmer this morning, sustaining yesterday’s bull flattening momentum.
  • Yields fell -9.1-12.7bp in yesterday’s broadly risk-on session, with 10 & 30Y yields pulling back closer towards the 21 Jan lows.
  • The improved fiscal picture headed into the Feb budget continues to support duration with the Nov 15 lows coming into focus.

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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