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SAGBs Wither as Citi Reverses Constructive Outlook on Sustained Rioting

SOUTH AFRICA
  • Local bonds continue to sell-off at the start of the session as violence continues to rage overnight with no sign of abating.
  • This following Citi's reversal of its constructive view on SAGBs and flip to underweight ZAR in yesterday's session.
  • Duration continues to be most offered, with 10-30Y yields +3.4-4.3bp higher this morning.
  • 30Y yields now trade +22bp off Monday's lows, after peaking at 10.76 yesterday.
  • Next level to the topside seen at 11.00 round number resistance.
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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