MMAPP (Pty) Ltd
A Southern African specialist in fixed income and rates.
MMAPP (Pty) Ltd is a specialist fixed-income and rates advisory across South Africa, Namibia, and the wider region. SAGB curve construction, JIBAR → ZARONIA transition, treasury and balance-sheet work, structured funding, portfolio transformation, and sovereign retail savings bond programmes. We analyse through tools we build and we write down what we think. Parity Investments is the standard.
What we are
Not a manager. Not a broker. Not a retail distributor. Not a platform. The work is advisory, analytical, and structural — specific, documented, delivered.
We sit inside client teams. Each engagement leaves a working model and a written specification. Models are built in Python where the maths warrants it and Excel where it does not — the client receives the source, the data, and the assumptions.
How we work
Five stances, kept in every engagement.
- 01
Engagements, not mandates.
Scope, deliverable, timeline. If the work does not need us, we say so.
- 02
Models are the product.
The client receives the model and the data — not just the chart.
- 03
We write what we think.
Every recommendation is written down: readable by a principal, auditable by a back office. Nothing material moves on a call alone.
- 04
We decline what we cannot underwrite.
Briefs outside our scope, resourcing, or expertise are turned down. Scale follows competence.
- 05
Accuracy is the first test.
One question for every tool: is the number right? A clean model that mis-prices a leg is worse than a clumsy one that does not.
Track record
Expressed by discipline, not by logo.
Work is described by area of practice. Client names are not disclosed.
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
Python-based models, curves, and dashboards built for the firm's own use and provisioned to client engagements where the brief requires it. Curve fitting, instrument-level pricing, transition mechanics, and engagement-specific analytics — the client receives the source 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.
Chris Doyle
Managing Partner
Nearly four decades in fixed income, funding, and balance-sheet risk across South African and offshore banking markets. Former Domestic Treasurer and Head of Financial Products at UAL Merchant Bank, and Treasurer of Nedbank's London operations after the UAL/Syfrets merger. Until 2024, advised Nedbank's African Treasuries Division on governance and funding frameworks. Joined MMAPP in 2017.
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