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SAGBs Retain Bull Flattening Momentum On Week, 30Y leads

SOUTH AFRICA
  • Local rates kick off play on the backfoot this morning with yields +1-1.6bp higher across the curve – retracing some of yesterday's gains.
  • The SAGB curve bull flattened in yesterday's session with the 30Y leading the way at -5.1bp.
  • W/w this bull flattening bias has been dominant with 15-30Y yields moving -20-23bp lower on week.
  • Govt's fiscally prudent support package seems to have bolstered sentiment somewhat and was also aided by the FOMC.
  • Risk premia have dipped w/w with the 5Y CDS -5.844bp lower, hovering above the 200 handle.

  • SAGB Curve w/w


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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