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SA Bonds Reverse In Sharp Bull Flattening Pre-Budget

  • SA bonds on a tear today into tomorrow's better than expected budget
  • Deutsche noted this was pre-priced in in early Feb, but is no longer reflected in current yield positioning
  • Robust bull flattening taking place in today's session coming after a substantial foreign outflows to the tune of $1.23bn
  • This reinforced the uptrend in yields held since 12 Feb, which has now reversed sharply
  • 30Y -18.4bp
  • 15Y -15.4bp
  • 10Y -11.1bp
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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