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SAGBs Pressure Topside Resistance, Curve Bear Steepens

SOUTH AFRICA
  • SAGBs kick off weaker this morning in line with higher UST yields filtering through from the APAC session.
  • 10-30Y yields stand +2.4-3.9bp higher, with the 30Y most offered.
  • Friday’s session closed mixed with the curve bear flattening from the front end with 2Y yields up +5.8bp, resulting in a +7-15bp shift higher w/w with a bear steepening bias holding.
  • 10 & 30Y yields are adding pressure to key resistance at 9.90 & 10.70 – creating a series of higher lows with last week’s price action.

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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