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SAGBs Tread Water After Firm Start to the Week

SOUTH AFRICA
  • SAGBs kick off slightly weaker this morning, retracing a portion of yesterday’s gains across the curve.
  • Yields fell -6.2-12.5bp along the breadth with a marginal bull flattening bias, led lower by the 30Y while the 2Y made a fresh low for November.
  • 3x6 Forward rates seem to have stabilised around +36.3bp, down from +52bp, prior to the discovery of the Omicron variant. Key support in the 10 & 30Y tenors is defined at 10.15 & 10.78 respectively.
  • 3x6 FRA-Jibar


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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