MMAPP (Pty) Ltd
A Southern African specialist in fixed income and rates.
MMAPP (Pty) Ltd is a specialist advisory firm in the South African, Namibian, and wider Southern African fixed-income markets. We advise on SAGB curve construction, the JIBAR → ZARONIA transition, treasury and balance-sheet strategy, structured funding, portfolio transformation, and sovereign retail savings bond programmes. We analyse through the tooling we build and we write down what we think. Parity Investments is the discipline the firm holds to in doing so.
What we are
A Southern African specialist in fixed income and rates. Not a manager of commingled capital. Not a broker. Not a retail distributor. Not a platform. The work is advisory, analytical, and structural — specific, billable, documented, and delivered.
Clients are fixed-income portfolio managers at asset managers and pension funds, bank treasury and funding desks, institutional allocators, and central bank or quasi-sovereign stakeholders. We work inside the client's process, not on top of it — and we decline briefs that we cannot underwrite on their own terms.
How we work
Five stances, kept in every engagement.
- 01
Engagements, not mandates.
A brief has a scope, a deliverable, and a timeline. If the right answer is that the work does not need us, we will say so.
- 02
Models are the product.
Every analytical output is reproducible. The client receives the model and the data, not just the chart and the conclusion.
- 03
We write what we think.
Every recommendation is documented in prose a principal can read and a back-office can audit. Nothing important moves on a phone call alone.
- 04
We do not accept what we cannot underwrite.
If a brief is wrong for the firm — scope, resourcing, or expertise — we turn it down. Scale follows competence, not the other way round.
- 05
Accuracy is the first test.
Every tool the firm builds is held to one question: is the number right? A clean model that mis-prices a leg is worse than a clumsy one that does not. We build, check, and publish to that standard.
Track record
Expressed by discipline, not by logo.
The firm carries confidentiality obligations on every engagement. Work is therefore described by the area of practice, not by the name of the client.
RSA Retail Savings Bonds
The RSA programme in the depth it actually runs — fixed-rate 2-, 3-, and 5-year issues; inflation-linked 3-, 5-, and 10-year issues; top-up mechanics and redemption windows. Product design, curve-aware pricing against the wholesale SAGB and ILBI levels, investor-behaviour modelling (uptake, redemption, rate-shift sensitivity), and the programme's place in National Treasury's funding stack. Cross-border scoping for other Southern African sovereigns is in progress.
JIBAR → ZARONIA transition
Instrument-level conversion across ZAR FRNs, swaps, and funding legs. Compounded ZARONIA versus term-rate framings, convexity, spread adjustments, and fallback drafting where contracts reference JIBAR specifically. Retained basis made visible before it is committed.
SAGB curve & relative value
Firm-maintained fitted SAGB curve, extended across inflation-linked bonds and the wholesale swap market. Dislocation measured against the fitted level rather than against a dealer run; relative value between nominal, real, and swap legs priced on consistent footing.
Treasury & balance-sheet advisory
Asset and liability decomposition for SA banks and corporates, funding-curve construction in rand, liquidity laddering against stress and going-concern scenarios, and rate-sensitivity frameworks treasurers can actually operate.
Structured funding
Rand-denominated credit-linked notes, step-rate structures, and geared funding vehicles designed from the economic substance outwards. Risk allocation between issuer and investor made explicit; rating, tax, and regulatory treatment reasoned from first principles.
Portfolio transformation
Transformation briefs on existing fixed-income books broken into their underlying duration, spread, curve, and liquidity risks — then sequenced with stop-and-re-plan triggers rather than a fixed timetable that ignores the market.
Institutional fixed-income analytics
Proprietary models, curves, and dashboards built for the firm's own use and provisioned to client engagements where the brief requires it. The client receives the model and the data, not just the chart.
Partners
Senior on every engagement.
The partner who scopes a brief is the partner who leads it. There is no junior coverage layer between a client and the person pricing risk.
Gordon Fordred
Managing Partner
Two decades in Southern African fixed income — buy-side portfolio management and sell-side credit work across the rand curve, through the JIBAR era and into the ZARONIA transition. Deep bench on the RSA Retail Savings Bond programme and on SAGB curve construction. Founded Parity Investments in 2016 to keep specialist advisory work in one disciplined place.
Where we are
Pretoria
South Africa
Regulatory
Parity Investments (Pty) Ltd is registered in the Republic of South Africa and is subject to oversight by Financial Sector Conduct Authority (FSCA). Application for FSCA Financial Services Provider (FSP) authorisation under review (Ref. in progress). The regulatory statement in full is on the regulatory disclosures page.
Or email gordon@pv01.co.za