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NatGas Resurgence Continues


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  • SAGB yields jump higher this morning after the UK placed SA on its travel red list ahead of the prime tourist season over concerns surrounding a new Covid-19 variant.
  • Yields have moved higher across the curve, but most notably in 15 & 30Y tenors, now up +25.5 & 13.3bp respectively.
  • Both have breached the 11.00 handle, with the 15Y moving above the October highs as markets anticipate an even deeper downturn in SA's already fragile growth trajectory going into 2022.