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SAGBs Retain Bullish Bias as 30Y Yields Seek New 52wk Low

SOUTH AFRICA
  • Local rates trade a fraction firmer at the open, brushing off softness in Chinese PMIs.
  • SAGBs continued to gain bullish traction in yesterday's session amid more positive post-JH risk sentiment – with the curve closing -4.3-6.9bp bull flatter on the day.
  • 30Y continues to outperform, trading in line with 1Y lows at 10.288. 10Y yields have lagged somewhat, and remain 15bp above 1Y lows dating back to Feb.
  • SA's 5Y CDS has stalled slightly above 190 after falling -16.88bp last week


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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