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Johannesburg - South African bonds were steady by noon on Thursday as they received support from the strong rand and foreign fund inflows.
By 11:38 the benchmark R157 bond was at an unchanged 7.200. The benchmark R207 was bid at 7.920% from 7.880%, while the R186 was at 8.000% from 7.970%.
The rand was bid at R7.2478 to the dollar from R7.2815 at its previous close and off weaker levels earlier in the day of R7.29.
Nedbank Capital notes that the bond market remains in vogue, having registered its biggest monthly gain in August since December 2008.
"Strong foreign fund inflows and prospects for a 50 basis point repo rate cut following next week's MPC meeting continue to buoy yields. The strong rand has added to a positive outlook with the government funding programme proving relatively easily manageable," they said.
Foreigners were net buyers of R1.281bn of South African bonds including repo transactions on Wednesday after net purchases of R1.686bn of local bonds on Tuesday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R21.270bn on Wednesday from R41.605bn on Tuesday.
Foreigners were net buyers of R1.513bn of South African bonds excluding repo transactions on Wednesday after net purchases of R2.364m of local bonds on Tuesday.
In the year to date foreigners have been net buyers of R70.621bn worth of local bonds, excluding repo transactions.
So far for total transactions, including repo transactions, foreigners have been net buyers of R63.114bn worth of bonds.
In 2009 foreigners were net buyers of R27.755bn worth of local bonds, excluding repo transactions, while for total transactions, including repo transactions, foreigners were net sellers of R2.424bn worth of bonds.