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SAGBs Pause For Breath as Risk Sentiment Sours Over Ukraine

SOUTH AFRICA
  • SAGBs kick off marginally in the red this morning with 10-30Y yields up +0.8-1.4bp in early trading.
  • Bull flattening gains slowed on Friday with broad-based risk-off surrounding Ukraine denting global sentiment and resulting in slight losses to end off a firmer week.
  • 10Y yields have returned to the 9.50 mark, while the 30Y struggles to break below 10.20 in the lead-up to Wednesday’s budget speech.
  • Markets will eye PPI data this week after softer CPI saw local economists trim rate hike bets for 2022 to an additional +75bp in the pipeline – less than the +137bp reflected 9x12 FRA-Jiba3m spreads.

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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