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Longs softer on auction announcement

Johannesburg - The longer end of the South African bond curve moved softer in midday trade on Wednesday after the National Treasury said it will auction R500m worth of R203 bonds, R800m worth of R209 bonds and R800m worth of R214 bonds on June 5.

"We saw some pressure on the longer end of the curve after the auction announcement. Otherwise the curve is being put under pressure by the weaker rand," a local trader said.

At 11:49, the benchmark R157 bond was trading at 6.380% from Tuesday's close of 6.380% and Monday's close of 6.355%. The R207 was trading at 7.630% from a previous close of 7.605% and the R186 was trading at 8.365% from its close of 8.330%.

The rand was bid at R8.4489 against the dollar from Tuesday's close of R8.3086 and Monday's close of R8.3375.

The Treasury will auction R800m worth of R211 (maturity 2017), R212 (maturity 2022) and R210 (maturity 2028) inflation linked bonds at 11:00 on Friday.

Foreigners were net sellers of R1.947bn of South African bonds including repo transactions on Tuesday after net purchases of R467.987m of local bonds on Monday, data released by the JSE shows.

Nominal cumulative volume was R236.660bn on Tuesday from R56.988bn on Monday.

Foreigners were net sellers of R1.978bn of South African bonds excluding repo transactions on Tuesday after net purchases of R467.931m of local bonds on Monday.

For the year to date foreigners have been net buyers of R34.994bn of local bonds, excluding repo transactions. In 2011 they were net buyers of R47.359bn worth of local bonds, excluding repo transactions.

In the year to date foreigners have been net buyers of R31.093bn of local bonds including repo transactions. In 2011 they bought R37.501bn worth of local bonds.
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