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Bonds soft after poor auction

Jun 18 2013 12:55 I-Net Bridge

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Johannesburg - The South African bond market was soft in midday trade on Tuesday after a poor weekly bond auction at 11:00.

The National Treasury allotted R800m of R186 bonds at a clearing yield of 7.940%‚ R800m of R213 bonds at a clearing yield of 8.600% and R750m of R209 bonds at a clearing yield of 8.800%.

Bids received were R1.76bn‚ R1.77bn and R1.45bn respectively.

Last week the Treasury allotted R800m of R213 bonds at a clearing yield of 9.065%‚ R750m of R214 bonds at a clearing yield of 9.270% and R800m of R2048 bonds at a clearing yield of 9.520%.

Bids received were R1.68bn‚ R1.64bn and R1.315bn respectively.

“There is so much uncertainty in the market it was no wonder the clearing yields were higher than the market at the time‚” a local bond trader said.

At 11.52 the benchmark R186 bond was trading at 7.950% from 7.760% at Friday’s close and 7.890% at Thursday’s close.

The R157 was trading at 6.210% from 6.070% previously and the R207 was bid at 7.385% and offered at 7.360% from 7.170% at its previous close.

The rand was bid at R10.0058/$ from R9.9551 at its previous close. 

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