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Mixed T-Bill Demand Picture as Low Seasonal Liquidity weighs

SOUTH AFRICA

T-BILL AUCTION RESULTS

  • ZAR 1.4bn in 91-day Bills, Bid to cover 2.25x (2.69x), yield 3.79% (3.75%)
  • ZAR 1.007bn in 182-day Bills, Bid to cover 1.32x (2.07x), yield 4.03% (4.02%)
  • ZAR 4.04bn in 273-day Bills, Bid to cover 1.63x (1.17x), yield 4.48% (4.14%)
  • ZAR 4.44bn in 364-day Bills, Bid to cover 1.12x (1.04x), yield 4.49% (4.17%)

  • lower demand noted in shorter-dated maturities
  • Notable pickup in demand was seen for 273 day Bills
  • Although a mixed yield picture middies the clarity of the result. Seasonality low liquidity most likely part of the reason.
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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