Johannesburg - South African bonds were firmer at noon supported by foreign demand and a stronger local currency.
“Bonds rallied hard last week spurred by the Bank of Japan’s decision in the mid of last week to do massive quantitative easing. Negative US payroll figures on Friday also buoyed bonds‚ with particularly the longer end of the curve rallying on Friday‚” said Brigid Taylor‚ head of flow sales at Nedbank Capital.
“The market has been quiet today and is now waiting on the Treasury auction on Tuesday‚ Eskom and Telkom auctions on Wednesday and inflation linkers on Thursday‚ totalling R6bn coming to market‚” she said.
At 11:43 the benchmark R186 was trading at 7.020% from 7.125% at Friday’s close and 7.275% at Thursday’s close.
The R157 was trading at 5.280% from 5.335% at its previous close‚ and the R207 was bid at 6.145% and offered at 6.115% from 6.190% at its previous close.