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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
- SA's SABO index dipped firmly below the zero line last week as investors pulled out of risk assets following a more hawkish than expected FOMC meeting.
- Optimism in SAGBs has turned sharply following the FOMC and as covid-19 cases surge locally, bringing forward concerns of an aggravated third wave.
- The index is trading around March levels near the -5k mark, but well short of the march 2020 lows below 10k.
- M/m the local SAGB curve a bear flattened with the 6m-2Y portion of the curve most offered (+27-41bp), while the back end of the curve remains marginally lower (-15-17bp) in 15-30Y yields.
- Nevertheless, the sell side remains constructive on SAGBs over the medium-term, given muted inflation dynamics and strong real yields – and should see foreign participation returning on bouts of positive risk sentiment and hunt for yield.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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