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Bonds flat after ILB auction

Johannesburg - South African bonds were little changed in midday trade on Friday after the inflation-linked bond (ILB) auction.

“Trading has been dominated by position squaring ahead of the long weekend for our overseas peers as both the UK and US are on holiday on Monday. At this stage guys are just looking to stay out of trouble‚ which is why the market is so flat‚” a local bond trader said.

At 11:31 the benchmark R186 was trading at 7.075% from 7.070% at Thursday’s close.

The R157 was trading at 5.250%‚ the same as its previous close‚ and the R207 was bid at 6.175% and offered at 6.145% from 6.170% at its previous close.

The rand was bid at R9.5568/$ from Thursday’s worst level of R9.6920 before closing at R9.5176.

At 11am the Treasury allotted R10m worth of I2025 bonds at a clearing yield of 0.80%‚ R475m worth of I2038 bonds at a clearing yield of 1.820% and R315m worth of I2050 bonds at a clearing yield of 1.92%. It received bids worth R30m‚ R690m and R340m respectively.

Last week the Treasury allotted R55m worth of I2025 bonds at a clearing yield of 0.75%‚ R345m worth of I2038 bonds at a clearing yield of 1.810% and R400m worth of I2050 bonds at a clearing yield of 1.880%. It received bids worth R70m‚ R495m and R410m respectively.

On May 10 it allotted R200m worth of I2025 bonds at a clearing yield of 0.76%‚ R430m worth of I2038 bonds at a clearing yield of 1.72% and R170m worth of I2050 bonds at a clearing yield of 1.85%. It received bids worth R320m‚ R600m and R535m respectivel
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