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
Six specialisms most often assembled together on a single engagement. The detailed view sits on /capabilities.
Retail Savings Bond programmes
Sovereign issuance design — product family, pricing, distribution, operations, and launch readiness. Direct reference base on the RSA programme.
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
Bloomberg- and Excel-based models with transparent inputs, traceable calculations, and review trails. No black boxes.
Tender-ready specifications
Functional, non-functional, SLAs, and acceptance criteria written in the form a vendor can bid on and a board can approve.
How we work
We work inside client teams as project managers, product architects, and technical advisers. Every engagement leaves working models, written specifications, and implementable structures — not presentations.
No house view. No standing trade ideas. The discipline is unchanged by the regime: every price is interrogated from first principles, every view leaves a paper trail, and work is turned down when it sits outside our competence.
Analytical infrastructure
MMAPP (Pty) Ltd develops its money-market tools and applications in-house — curves, pricing engines, market-data records, fallback mechanics — 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.
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.
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