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Johannesburg – South African bonds gained several basis points
in midday trade on Tuesday after a well-bid weekly government bond
auction.
By
11:50 the benchmark R157 bond was at 7.620% after closing at 7.610% on Monday and the
10-year R207 was bid at 8.330% from 8.405% previously. The long-term R186 was
bid at 8.625% from a previous close of 8.660%.
The rand was bid at R7.3435 to the dollar from R7.3166 at its previous close.
"Bonds have gained a few basis points owing to a well-bid auction," a
local bond trader
said.
The National Treasury received bids totalling R1.82bn for R1.1bn worth of
R204 bonds and bids totalling R3.35bn for R1bn worth of
R207 bonds at its weekly auction.
A local trader said there is continued foreign interest in local bonds because of what they
perceive as very attractive yields.
"The long end of the curve has flattened considerably since the MPC meeting last week -
but that was to be expected," he said.
The market will be watching a slew of economic data this weeek for direction.
- I-Net Bridge