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Linker Demand Mixed at Auction, 2050s Improve

SOUTH AFRICA

Linker Auction Results:

  • Sells 195M (365m) Rand of 2% 2025 Linkers; Bid-Cover 3.08x (2.32x), Avg yield 2.13% (2.12%)
  • Sells 415M (15m) Rand 2033 Linkers; Bid-Cover 1.24x (16x), Avg yield 4.07% (3.93%)
  • Sells 590M (835m) Rand of 2.5% 2050 Linkers; Bid-Cover 1.9x (1.66x), Avg yield 4.27% (4.25%)

    Linker demand mixed across the auction, with 2025s slipping and 2050s outperforming. Distortion in 2033s was the result of a dramatically reduced allocation size at the previous auction.
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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