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SAGBs Tread Water At the Start of the Week, 30Y Holds Above Key Support

SOUTH AFRICA
  • SAGBs kick off slightly weaker this morning with 10-30Y yields +1.3bp higher in early trading as softer risk sentiment filters through from the APAC session.
  • SAGBs have been relatively resilient in the face of upside pressure in UST yields owing to the improved fiscal outlook going into next week’s budget.
  • 30Y yields remain pegged above key support dating back to 2018 at 10.30, while 10Y yields are hovering just shy of 9.60 support.
  • W/w SAGB managed to hold onto their gains with the curve ending -9-15bp lower across the breadth with CPI data coming into focus this 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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