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SAGBs Break Key Support as Improved Budget Looms

SOUTH AFRICA
  • SAGBs kick off firmer this morning with 10-30Y yields down -6.4-7.0bp as more positive risk sentiment filters through from the APAC session following yesterday’s de-escalation in Ukraine.
  • The curve held its bull flattening momentum yesterday with 10-30Y yields falling -3.5-5.3bp after breaking key support.
  • Next major support in the 30Y comes in at 9.976 with the improved fiscal picture at the Feb 23 budget providing support to LT yields.

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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