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Bonds stronger on firmer rand

Feb 22 2013 12:21 I-Net Bridge

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Johannesburg - The South African bond market was stronger in quiet midday trade on Friday‚ on the firmer rand.

The inflation-linked bond (ILB) auction at 11am saw bids worth R410m for the I2025‚ R420m for the I2038 and R350m for the I2050. Last week the Treasury received bids worth R1.16bn for these three bonds.

The National Treasury allotted R350m of the I2025‚ R250m of the I2038 and R200m of the I2050.

“We are seeing some more demand due to the firmer rand‚“ a local bond trader said.

At 12:01 the benchmark R186 was trading at 7.215% from 7.230% at Thursday’s close and 7.190% at Wednesday’s close. The R157 was trading at 5.265% from 5.285% at its previous close‚ and the R207 was bid at 6.260% and offered at 6.230% from its previous close of 6.265%.

The rand was last bid at R8.8735/$ from R8.8923/$ at Thursday’s close and R8.9062/$ at Wednesday’s close.

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