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Bonds flat‚ await US Treasuries rally

Jan 07 2013 09:36 I-Net Bridge

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Johannesburg - The South African bond market was flat in early trade on Monday‚ as traders waited for an expected rally in US Treasuries following last week’s sell-off. 

Dow Jones Newswires reported that a disappointing jobs report diluted the week-long price slide in Treasury bonds‚ but the world’s go-to safe-haven market still suffered its biggest weekly sell-off in nearly four months. 

A local trader said on Monday: “Most of the commentary we have seen on last week’s price action said the sell-off in US Treasuries was overdone‚ so we are looking for a rally from an oversold position. As yet that has not taken place‚ which is why the market is flat at the moment.” 

At 8.48am the benchmark R186 was trading at 7.360% from Friday’s close of 7.365% and Thursday’s close of 7.295%. The R157 was bid at 5.390% and offered at 5.370% from 5.385% previously and the R207 was bid at 6.340% and offered at 6.310% from its previous close of 6.330%. 

The rand was last bid at R8.5991 to the US dollar from R8.5549 at Friday’s close and R8.5878 at Thursday’s close. 

Foreigners were net sellers of R584.251m of South African bonds including repo transactions on Friday after net purchases of R224.529m of local bonds on Thursday‚ data from the JSE shows.


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