Southern African fixed income is our life’s work.
Pretoria-based rates and credit specialists for sovereign issuers, bank treasuries, and institutional allocators. MMAPP (Pty) Ltd is the practice; Parity Investments is the discipline.
FocusSAGB curve construction·JIBAR → ZARONIA transition·Retail Savings Bond programmes·Structured funding·Portfolio transformation·Treasury & balance-sheet advisory
Engagement-led work for professional and eligible counterparty clients only. No retail distribution. Not a manager. Not a broker.
What we do
Five specialisms most often assembled together on a single engagement. The detailed view sits on /capabilities.
Retail Savings Bond programmes
Sovereign retail issuance built on the South African RSA Retail Savings Bond playbook — product family, pricing, distribution channels, operations, and launch readiness. Direct line of sight to what worked, what was rebuilt, and what we would do differently.
Curve construction & rate transitions
SAGB and ILBI curve work, JIBAR → ZARONIA book re-expression with the right spread adjustment and a defensible convexity read.
Treasury & structured funding
Funding architecture, NCD / FRN / CLN / MTN structures recosted against the live curve and the investor alternative set.
Portfolio transformation
Independent portfolio reviews with explicit exposure, risk, and relative-value framing — the underlying risks named, not bundled.
Pricing & risk tooling
Python-led modelling alongside Bloomberg and Excel — open inputs, version-controlled code, and reviewable calculation steps. Every number has a path back to its assumptions. No black boxes.
How we work
We work inside client teams as advisers, structurers, and project leads. Engagements leave working models, written specifications, and implementable structures — not presentations.
No house view. Each brief is scoped, documented, and underwritten on its own terms. Work outside our competence is declined.
Analytical infrastructure
MMAPP (Pty) Ltd develops its money-market tools and applications in-house — curves, pricing engines, market-data records, fallback mechanics, and the retail-investor education layer — held to the Parity Investments standard.
A number is either right or it is wrong. The firm takes the first reading.
- rbond.co.za
RSA Retail Savings Bond programme intelligence.
- Fixed 2/3/5-year and inflation-linked 3/5/10-year variants; top-up mechanics and redemption windows.
- Curve-aware pricing calibrated against the wholesale SAGB and ILBI levels.
- Uptake, redemption, and rate-shift behavioural modelling.
- theyield.co.za
Yield curves and market data.
- Firm-maintained fitted SAGB curve alongside nominal, real, and swap references.
- Historical market-data record for South African fixed income.
- API-accessible for downstream analytics and client engagements.
- zarswap.co.za
Swap, FRA, and rates analytics — JIBAR → ZARONIA.
- Instrument-level conversion mechanics across FRNs, swaps, and funding legs.
- Compounded ZARONIA vs term-rate pricing; convexity and spread adjustments.
- FRN fallback drafting and retained-basis quantification.
- zarfi.co.za
Broader fixed-income reference layer.
- Instrument reference across SAGBs, ILBs, FRNs, and South African and Namibian corporates.
- Relative-value screens; curve, credit, and structure taxonomy.
- Analytical-output archive across the firm's engagements.
- bondclub.co.za
Retail-investor education on the RSA Retail Savings Bond programme — the value case, the rules, and what to expect across the life of the bond.
- Plain-language guides to fixed 2 / 3 / 5-year and inflation-linked 3 / 5 / 10-year RSB variants, with worked rate scenarios.
- Top-up windows, redemption rules, tax treatment, and the practical mechanics of an investor account.
- Why retail savers hold sovereign paper — capital protection, yield, and where RSBs sit alongside bank deposits and unit trusts.
New engagement
Direct to the desk.
Briefs, RFPs, and introductions land at the address below. Replies come from a partner, not an inbox.
gordon@pv01.co.zaExisting client?
Workspace access.
Clients in an active engagement have a private workspace for engagement materials and decision logs. Sign in with the credentials supplied separately.
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