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Bonds weaker on softer rand

Jan 03 2013 12:33 I-Net Bridge
Rands

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Johannesburg - The South African bond market was weaker in quiet midday trade on Thursday on a softer rand.

“The softer rand prompted some profit-taking‚ but otherwise there is little to move the market‚” a local bond trader said.

At 11:42 the benchmark R186 was trading at 7.250% from a previous close of 7.230%. The R157 was trading at 5.340% from 5.315% previously and the R207 was bid at 6.305% and offered at 6.275% from its previous close of 6.255%.

The rand was last bid at R8.5331/$ from R8.4783 previously.

Foreign buying of local bonds got off to a strong start in 2013‚ with non residents buying a net R2 381bn of South African bonds including repo transactions on Wednesday - the first trading day of 2013.

In 2012 non residents were net buyers of R85 373bn of local bonds including repo transactions and net buyers of R93 515bn of local bonds‚ excluding repo transactions.

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