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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.
SOUTH AFRICA
- SAGBs open a fraction lower this morning, having slipped into the red in yesterday’s session as risk aversion over the Ukraine crisis kept risk flows on the backfoot.
- 10-30Y yields rose +5.2-6.7bp with the 15Y most offered. Today’s focus is on the Budget speech, with the brighter fiscal outlook having supported LT yields against rising UST yields since the MTBPS in November.
- Signs of continued fiscal consolidation, tight purse strings on SOE allocations & wage agreements, reduced issuance and no tax rises will be construed as positive, while the real kicker will be concrete roadmaps on growth-inducing energy sector and labour market reforms.
- However, a lack of clarity on reforms and signs of higher social spending will add to scepticism over SA’s ability to credibly remove itself from its low-growth trap.
- 30Y key support stands at 10.20, with 10.00 below, while 10Y support stands at 9.50 with the 9.30-9.40 zone below.
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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