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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- SAGBs trade mostly firmer this morning (-1.6-2.2bp) as markets digest last night’s FOMC minutes.
- Analysts highlighted concerns of upside pressures in long-dated UST yields as a result of an expedited balance sheet run-off at $95bn/month, which will likely have similar trickle-down effects in EM.
- SAGB yields rose +0.5-5.8bp across the curve yesterday in the lead-up to the meeting with the curve bear flattening on expectation for a greater appetite for +50bp hikes across the MPC.
- Nevertheless, implied expectations for the SARB remain mostly stable at +61.7bp priced into 3x6 FRA-Jiba3m spreads, having ticked up from +58bp last week.
3x6 FRA-Jiba3m spread
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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