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Fairly Strong Demand Auction Amid Trying EM Conditions, 273s Outperform

SOUTH AFRICA

Auctions Result:

  • 860 Million Rand 91-day Bills; Bid-Cover 1.53x (1.26x), avg yield 3.86% (3.82%)
  • 1.862B Rand 182-day Bills; Bid-Cover 1.73x (1.76x), avg yield 4.52% (4.42%)
  • 4.04B Rand 273-day Bills; Bid-Cover 3.34x (1.08x), Avg yield 4.8% (4.78%)
  • 4.44B Rand 364-day Bills; Bid-Cover 1.83x (1.4x), Avg yield 4.87% (4.77%)

Pickup in demand noted across the auction, most notably in 273s. Yields drifted higher across the auction in line with global market conditions, with longer dated tenors more affected. Fairly strong auction given bond market conditions across EM.

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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