The Bastion team attended the MPG ZARONIA conference last week. The key takeaway from the event is that the new no-new-JIBAR date has been confirmed for 31 March 2026. The full JIBAR cessation remains set for 31 December 2026, which gives the market 12 months from now to complete the transition from JIBAR to ZARONIA.
Focusing on this week, only one major announcement stands out. On Friday, the Federal Reserve will deliver its rate decision, and the market is pricing a 92% probability of a 25 bps cut. In the local market, the Rand remains below 17.00, with the 2Y swap at 6.474 and the 3Y at 6.485.
