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SAGBs Eke Out Tentative Gains Following Yesterday's Hawkish SARB

SOUTH AFRICA
  • SAGBs open slightly firmer this morning with yields -1-2.4bp lower in early trading.
  • Yesterday’s session saw 10-30Y yields end -9.7-15.9bp lower on the back of a hawkish surprise from the SARB with a 3-2 MPC split signalling a greater degree of concern over inflation than many analysts envisaged.
  • 30Y yields trade just shy of the 17 March lows, while the 10Y continues to grapple with psychological support at 10.00.
  • W/w the curve stands -16-20bp bull flatter in 15-30Y tenors.

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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