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SAGBs Bull Steepen W/W Following Dovish SARB

SOUTH AFRICA
  • Local rates trade a fraction softer at the start of the week, having closed bull steeper on Friday's session following a dovish SARB meeting.
  • W/w the local curve closed bull steeper with 2Y yields -20bp lower and 15-30Y yields +12bp higher as downgraded growth expectations weighed on long-end sentiment and hawkish expectations at the front end unwound.
  • Risk premia, however, shifted higher w/w with the 5Y CDS +12.494bp higher – holding onto gains above 200


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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