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SAGBs Kick Off Mixed, LT Yields Hold Near-Term Uptrend

SOUTH AFRICA
  • SAGBs kick off mixed today with the cure bear flattening +4.3bp from the 2Y in early trading.
  • Yesterday’s session saw bear steepening pressures resume with 10-30Y yields rising +3.7-4.5bp with the 30Y most offered on the day.
  • 10-30Y yields remain within the near-term uptrend established in late December, but a break below 10.60 & 9.80 would likely add weight to a move towards the prior lows.
  • W/w the SAGB curve trades steeper on the margins with 15-20Y yields up +2-5bp while 3m-1Y yields hold -7-12bp lower.

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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