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Local Rates Firm On the Back of Curbed Weekly Issuance

SOUTH AFRICA
  • Local rates continue to trade firmer after the Treasury announced issuance curbs of ~R900m/w as of May 11th, while Linkers will remain the same.
  • "fixed-rate non-competitive bond auction amount will remain at 50% of the new auction levels -split between the Electronic Trading 50% of the new auction levels"
  • Local curve is bull flatter, with 10Y yields leading -17bp followed by 15Y -9.9bp & 30Y -15.6bp.
  • Yesterday's session saw the breadth of the curve move lower: 2Y -10.2, 10Y -3.2bp, 15Y -15.6bp, 30Y -14.2bp.
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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