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SAGBs Trim Bull Flattening Gains Post-NFP Data

SOUTH AFRICA
  • SAGBs kick off on the back foot this morning with 10-30Y yields up +2.8-3.2bp in early trading.
  • This follows on from Friday’s broadly weaker session with LT yields unwinding early gains to close +4.4-7.5bp higher post-US NPFs.
  • Nevertheless, the outlook for SAGBs still remains positive heading into the Feb budget with markets anticipating a better-than-expected revenue windfall vs the MTBPS and potential fiscal prudence on pressures for a basic income grant.
  • W/w the SAGB curve closed -12-15bp bull flatter – reflecting this improved fiscal outlook.

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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