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PPI Eyed As Local Bull Steepener Gathers Momentum

SOUTH AFRICA
  • Local rates kick the week off on the back foot slightly as US Treasury yields drift higher pressuring the topside of the Thurs/Fri consolidation range.
  • W/w SA's local curve continued its bull steepening bias, coming mostly from the 2Y (-22bp) while the back-end drifts +20bp higher.
  • 2Y yields paused at 4.65 (Dec-20 support).
  • Local swaps showing similar bear steepening price action, but slightly more concentrated in 9-15m tenors.
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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