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SAGBs Bull Flatten Post-SARB, Risk Premia Compress but Stocks Lag

SOUTH AFRICA
  • Local rates kick the new week off on the front foot, with 2Y yields trading -3.4bp in the green amid slightly firmer risk sentiment – eyeing 4.80 support below.
  • Last week saw yields broadly gain ground post-SARB for a net bull flattening effect.
  • Short dated yields (3m-2Y) lifted ~+5bp, while the 6-30Y section dipped -8-15bp lower with 10Y yields most bid.
  • Risk premia also continued to ease with the 5Y CDS -9.61bp lower w/w.
  • By contrast, the Top40 Index traded choppily throughout the week, finishing -0.66%, but held the 60k level.
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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