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SAGBs Trim Losses as 10 & 30Y Tenors Hit Key Resistance

  • SAGBs open -4.9-6.4bp firmer this morning, trimming losses from yesterday’s session as sentiment continues to whipsaw around the Ukraine crisis.
  • 10-30Y yields rose +8.7-11.8bp yesterday, with 10Y yields testing tow 10.00 handle and the 30Y pulling back from 10.70 this morning.
  • W/w the curve trades mostly flat to higher across the breadth with 5-10y yields up +7-9bp, while 10-30y tenors are mostly unchanged on week.
  • Rising oil prices have brought forward the spectre of more tightening in the pipeline for the SARB with 1x4FRA-Jiba3m spreads pricing +31.8bp for the upcoming meeting, and +170bp in 9x12FRA-Jiba3m spreads – up from +135bp mid-Feb

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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