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Bonds firmer despite weaker rand

Feb 19 2013 17:24 I-Net Bridge

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Johannesburg - The South African bond market was firmer in afternoon trade on Tuesday despite a weaker rand‚ which recovered from an intraday worst level of R8.9463/$ to around R8.90/$.

“We gained after the weekly bond auction‚ but there was a lack of follow-through in the afternoon‚ so volumes have been disappointing” a local bond trader said.

At 15:45 the benchmark R186 was trading at 7.265% from 7.300% at Monday’s close. The R157 was trading at 5.320% from 5.340% at its previous close‚ and the R207 was trading at 6.280% from its previous close of 6.305%.

The rand was last bid at R8.9059/$ from R8.8830/$ at Monday’s close.

The National Treasury offered R500m worth of R123 bonds‚ as well as R800m each of R209 and R2048 bonds at 11:00 and received bids worth R2.21bn‚ R3.345bn and R1.845bn respectively.

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