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Sellers Gain Traction as Local Rates Bear Flatten W/W, Auction Allocations Eyed Today

SOUTH AFRICA
  • Local rates trade mixed at the open amid dampened risk sentiment across EM.
  • Yesterday's session saw weakness across the curve on the back of rising treasury yields and higher than expected PPI data.
  • W/w the local curve trades higher across the breadth, but bear flatter, with 3-6m tenors most offered (+16-27bp).
  • Price action in swaps mirroring local bonds, bear flattening from the front end.
  • Auctions eyed today after allocations were scaled back substantially last 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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