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SAGB Yields Rise as Russia Uncertainty Grips Markets

SOUTH AFRICA
  • SAGB yields open +7.5-9bp higher this morning as risk-off hits global markets following Russia’s recognition of the DPR & LPR.
  • 10Y yields have shifted back above 9.60, while the 30Y holds just above 10.30.
  • The brighter fiscal picture expected at tomorrow’s budget may insulate SAGBs slightly from risk-off selling, but markets will be wary of risk assets across the board as uncertainty builds over the extent of Russian military activity from here.
  • Higher oil prices represent a risk, given SA’s net importer status as brent surges towards $100/bbl.
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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