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SAGBs Tread Water as Markets Eye Potential Pick-Up In SARB Tightening

SOUTH AFRICA
  • SAGBs trade little changed around the open this morning, despite weaker global risk sentiment as a result of the sharp sell-off in US equities overnight.
  • Yesterday’s session saw yields close flat to lower across the curve following a flat CPI print at 5.9% y/y & marginally higher core reading at 3.9% y/y vs 3.8% expected.
  • This should not dent expectations for a +50bp hike this week, but importantly not confirm the need for a similar hike in July just yet.
  • 3x6 FRA-Jiba3m spreads have fallen from highs of +104bp at the start of the month to +91.5bp going into the SARB meeting today.
  • Delivery of the base case (+50bp) should see the front-end drift marginally higher post announcement, while a +25bp hike should see hawkish positioning unwind and the front-end move lower.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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