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Bonds firm after ILB auction

Jan 25 2013 12:38 I-Net Bridge

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Johannesburg - The South African bond market was firmer in quiet midday trade on Friday after the inflation-linked bonds (ILB) auction at 11am saw bids exceed the amount offered for the first time this year.

“There was more interest in the ILB auction this week as the vanilla bond yields have moved higher due to the softer rand over the past week‚” a local bond dealer said.

At 11:36 the benchmark R186 was trading at 7.340% from 7.370% at Thursday’s close. The R157 was bid at 5.400% and offered at 5.380% from 5.400% at its previous close and the R207 was bid at 6.340% and offered at 6.310% from its previous close of 6.335%.

The rand was last bid at R9.0125/$ after touching a best level today of R8.9767 from R9.0686 at Thursday’s close‚ R9.0626 at Wednesday’s close and R8.8436 at Tuesday’s close.

The rand broke above R9/$ in late trade on Wednesday.

At 11:00 the National Treasury allotted R260m of I2038 bonds after receiving bids worth R490m‚ R120m of the I2025 from bids worth R380m and R420m of the I2050 bond from bids worth R570m.

On January 18‚ the National Treasury allotted zero I2038 bonds after receiving only one bid worth R20m‚ R170m of the I2025 from bids worth R190m and R40m of the I2050 bond after bids worth R40m.

On January 11‚ the National Treasury allotted R130m of the I2038 bond after receiving bids worth R150m‚ R90m of the I2025 from bids worth R110m and R85m of the I2050 bond after bids worth R85m. 

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