{"articles":[{"slug":"r2035-ten-year-benchmark","title":"The <em>R2035</em> — South Africa's 10-year benchmark bond, explained","date":"2026-04-22","tag":"Primer","author":"rbond.co.za","summary":"The R2035 is the single most-watched number in South African fixed income — the on-the-run 10-year benchmark whose yield anchors every DCF, mortgage rate and macro note. Here's what's in it, what moves it, and how to read it.","lede":"If you've ever seen a note referring to the 'SA 10-year at 8.80%', it means the R2035. This is the benchmark that anchors the whole country's cost of borrowing."},{"slug":"the-quiet-belly","title":"The <em>quiet belly</em> — R2030 through R2035 in a 20-bp range","date":"2026-04-19","tag":"Curve Watch","author":"The Editor","summary":"Five-to-ten years on the SA curve has been the market's most boring real estate for six weeks. A range-bound belly is the cheapest place on the curve to buy optionality — and three catalysts are scheduled to break the quiet.","lede":"When the belly stops moving, the market is telling you something."},{"slug":"april-mpc-debrief","title":"After the <em>April hold</em> — the statement did the work","date":"2026-04-18","tag":"MPC","author":"The Editor","summary":"A unanimous hold at 6.75% surprised no one. What moved the curve was a softer forward-guidance paragraph, a 20-bp cut to the 2026 CPI forecast, and an explicit call-out of administered prices. A May cut is now optional, not improbable.","lede":"The decision was priced. The statement was not."},{"slug":"reading-the-sa-curve","title":"How to read the <em>South African</em> yield curve","date":"2026-04-18","tag":"Primer","author":"The Editor","summary":"A hands-on guide to the six instrument families on this site — fixed R-bonds, ZARGB benchmarks, treasury bills, ILBs, FRNs, and overnight anchors — and what the shape of the curve actually tells you.","lede":"Bond curves are dull when you only look at the numbers. They come alive when you ask what the shape is trying to tell you."},{"slug":"ilb-real-yields","title":"<em>ILB real yields</em> — a quiet 400-bp pickup over TIPS","date":"2026-04-14","tag":"Deep Dive","author":"The Editor","summary":"South African inflation-linked bonds yield 4.3-4.7% real. Some of that is scepticism about SARB's ability to anchor inflation; some is structural LDI demand. Break-even inflation is still printing above band midpoint.","lede":"Real yields this high are a gift to patient investors — and a quiet indictment of how much work SARB still has to do."},{"slug":"rsb-mechanics","title":"The <em>machinery</em> of RSA Retail Savings Bonds","date":"2026-04-11","tag":"Deep Dive","author":"The Editor","summary":"RSA RSB rates are reset on the first of each month, anchored to government-bond yields at the end of the prior month — rounded to 25 basis points. Here's how to front-run the announcement.","lede":"If you know where the ZARGB 2/3/5-year benchmarks closed last Friday, you already know next month's Fixed Rate RSB — give or take a quarter of a percent."},{"slug":"zaronia-vs-sabor","title":"<em>ZARONIA</em> quietly replaces SABOR","date":"2026-04-04","tag":"Market Structure","author":"The Editor","summary":"The South African Reserve Bank's new overnight risk-free rate is now the reference for interest-rate derivatives. What changed, what didn't, and why you should now see ZARONIA on the short end of the curve.","lede":"For twenty years the SABOR was the overnight anchor. It's gone. Meet its replacement."}]}