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Local Rates Soften Ahead of First Reduced Auction Allocation

SOUTH AFRICA
  • Local rates open on the back foot this morning, retracing a portion of yesterday's gains – but remain below key resistance levels.
  • Yesterday's session saw bull flattening gain momentum with this week seeing two key catalysts:
  • issuance curbs & Magashule's suspension.
  • W/w the local curve trades bull flatter by -32-35bp in 20-30Y yields.
  • Focus on auctions today after Govt promised curbs of R700m/wk starting today.
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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