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- SAGBs trade slightly in the green this morning, having seen yet more bear steepening momentum in yesterday's broadly risk-off session. The entire curve lifted +3.9-7.6bp, with 10Y yields most offered on the day: +7.6bp, 15Y +5.9bp & 30Y +5.6bp.
- 10Y yields have now fully retraced the 10 Aug – 02 Sept (-32.5bp) move lower with the high-beta nature of SAGBs becoming a magnet for risk-off conditions.
- Attention is on 9.412 for a move higher towards 9.50. Meanwhile, 30Y yields hold around the 61.8% fib at 10.60 – seeming slightly less vulnerable than the 10Y.
- SA's 5Y CDS also rose sharply in yesterday's session (21.84bp) alongside 1w & 1m implied volatility.