Johannesburg - The South African bond market was softer in midday trade on a weaker rand.
The National Treasury allotted R500m of R209 bonds at a clearing yield of 8.225%‚ R800m of R214 bonds at a clearing yield of 8.280% and R800m of R2048 bonds at a clearing yield of 8.410%.
Bids received amounted to R2.04bn‚ R1.505bn and R1.76bn respectively.
“We are on treading water as we have the state of the nation address this Thursday and then the budget on February 27‚” a local bond trader said.
At 12:00 the benchmark R186 was trading at 7.330% from 7.290% at Monday’s close. The R157 was bid at 5.345% and offered at 5.325% from 5.305% at its previous close and the R207 was bid at 6.320% and offered at 6.290% from its previous close of 6.275%.
The rand was last bid at R8.9820/$ from R8.9074 overnight.
Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.