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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.
SOUTH AFRICA
- Some interesting price action going on in SAGBs today, with early bull flattening gains being reversed in favour of a bull steepening: 2Y -4.8bp, 10Y +3.5bp.
- Additionally, 1x4 FRA-Jibar spreads have dipped to +20bp from +25bp, while 3x6 FRA-Jibar spreads have fallen -9bp from +63.7bp to +54bp.
- This implies some slightly less hawkish assumptions going into Thursday's meeting, although the Bloomberg consensus has just recently updated expectations for the +25bp hike on the calendar this morning.
- Nevertheless, our base case for the meeting remains unchanged at 3.50% out to 1Q22, given SA's notably weak aggregate demand impulse and fragile recovery narrative. MNI SARB Preview due shortly.
3x6 FRA-Jibar Spread
1x4 FRA-Jibar Spread
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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