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  • SAGBs trade a fraction firmer this morning, having remained under pressure in yesterday's session as bear steepening with bear steepening pressures holding.
  • 2Y yields continued to drift higher, breaking the 5.30 handle, while 10 & 30Y yields faltered slightly around yesterday's highs. W/w the SAGB curve stands +19-27bp bear steeper, with the 10Y leading the way higher.
  • Since the 19 Nov SARB meeting 3x6 FRA-Jibar spreads have been steadily climbing in line with ZAR weakness – now trading back around +50bp.
  • SAGB curve wow