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SAGBs Firm at the Open, Risk Premia Ease W/W

SOUTH AFRICA
  • Local rates open marginally stronger this morning, bolstered by firmer risk sentiment out of APAC.
  • The SAGB curve ended yesterday's session bull flatter, with 10-30Y yields moving -3.2-6.7bp lower with the 15Y tenor leading the pack.
  • W/w the back end of the curve is little changed, while the front end (3m-2Y) trades -10-18bp lower.
  • 2Y yields remain pegged above 5.15 support, with a break below opening up 5.05.
  • Risk premia have regained some downside traction this week after peaking at 192 on Tuesday (-6.835 for the week).
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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