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Post-LIBOR Settle Update: New Benchmark High


SONIA FIX - 08/08/22


JAPAN FIX - 08/08/22

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  • A confluence of positive factors have contributed to improved sentiment in SA bond markets over the past few months following SA's better-than expected budget in Feb, resulting in increased foreign ownership of domestic bonds.
  • This has also been reflected in duration markets (15-30Y), with long-dated yields pushing 20-40bp lower m/m – contributing to a bull flattening of the term structure.
  • This has also filtered through into a stronger ZAR, ranking among the top performing EM currencies.
  • The SABO index confirmed a new YTD high of inflows in early May, reaching a peak of +5,260 near the start of the month with a secondary uptick to +3,746 noted this week.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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