Southern African fixed income is our life’s work.
We are Pretoria-based rates and credit specialists — two decades across the Rand curve, fluent through every regime change it has given us. The JIBAR era, the ZARONIA transition, the RSA Retail Savings Bond programme, the inflation-linked arc, and the balance-sheet transformations in between. MMAPP (Pty) Ltd is the practice; Parity Investments is the discipline. We know this market because we have stayed in it.
FocusSAGB curve construction·JIBAR → ZARONIA transition·Portfolio transformation·Retail Savings Bond programmes·Structured funding·Treasury & balance-sheet advisory
Work is engagement-led. Services are for professional and eligible counterparty clients only. No retail distribution.
What we do
Our counterparties are the Southern African teams that will not outsource fixed-income work to a generalist — bank treasuries and funding desks, institutional allocators, issuer desks, and central-bank and quasi-sovereign stakeholders. The work is always rand-denominated, always specialist, and usually requested because a standard is already in someone’s head and needs to be applied.
The work is specific. A rates team needs the JIBAR leg of a book re-expressed under ZARONIA with the right spread adjustment and a defensible convexity read. A treasury needs a funding structure re-costed against the current SAGB curve. An allocator needs a transformation mandate broken into its actual underlying risks. An issuer needs a retail savings bond recalibrated against the inflation-linked alternative.
The work is different each time; the standard is the same.
Operating principles
Four positions we hold before we take any other.
Fixed income rewards discipline over ingenuity. The principles below are the priors applied before any analysis is written down.
- 01
Fair value first.
Every price is interrogated from first principles before it enters a recommendation. No value accepted because someone has pitched it.
- 02
Written, not said.
Every view leaves a paper trail — a model, a memo, a dashboard, a deliverable. The client receives the model, not just the chart.
- 03
Embedded, not broadcast.
We work inside the client's process, not on top of it. No house view, no marketing letter, no standing trade ideas.
- 04
Standards outlast cycles.
The discipline is unchanged by the regime. Conviction adjusts; standards do not. Work is turned down when it is wrong for the firm.
Analytical infrastructure
MMAPP (Pty) Ltd develops its money-market tools and applications in-house — curves, pricing engines, market-data records, fallback mechanics — each held to the Parity Investments standard.
Accuracy is not a feature of these systems; it is the reason they exist. A number is either right or it is wrong, and 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.
Contact