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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 open weaker this morning, resuming the weakening bias from yesterday's session with yields up +4.2-8.3bp across the curve with weakness concentrated in 5-15Y yields.
- Yesterday's session saw a notable unwind in bullish price action following US CPI with markets also potentially taking some risk off the table ahead of the MTBPS.
- W/w the curve remains -10-15bp bull flatter in 10-30Y yields, but markets will be watching Godongwana closely for any slippage on the fiscal consolidation front amid pressure to implement a basic income grant following a weak ANC showing in the local elections.
- a resolute approach to creating more targeted grants and a focus on structural reforms should be received positively, while unaffordable permanent measures will be viewed as broadly negative and likely be reflected at the back end of the curve.
SAGB Curve W/W Change
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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