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Johannesburg - South African bonds remained weak in late trade on Monday, despite a slightly firmer rand. A local trader said the market was "cheapening up" ahead of the local government bond auction on Tuesday.
By 15:55, the benchmark R157 bond was trading at 7.740% from 7.720% at the previous close. The R207 was bid at 8.490% and offered at 8.460% from 8.470%. The R186 was trading at 8.740% and offered at 8.685% from its previous close of 8.670%.
The rand was bid at 6.9832 to the dollar from its previous close of 7.0154.
Tuesday sees the release of April's consumer price index (CPI) by Stats SA and the local government bond auction, while local markets will be closed on Wednesday for voting in the local government elections.
The consumer inflation index - the measure used by the SA Reserve Bank for its inflation target - is expected to tick up to 4.4% year on year (y/y) in April from 4.1% y/y in March, according to a survey of leading economists by I-Net Bridge.
Forecasts among the nine economists ranged from 4.4% to 4.6%.
The National Treasury will auction R1.3bn worth of R208 bonds and R800m worth of R209 bonds on Tuesday.
Foreigners were net buyers of R901.634m of South African bonds including repo transactions on Friday after net purchases of R917.793m of local bonds on Thursday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R68.568bn on Friday from R58.736bn on Thursday.
Foreigners were net buyers of R899.966m of South African bonds excluding repo transactions on Friday after net purchases of R916.808m of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R19.966bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R12.138bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
By 15:55, the benchmark R157 bond was trading at 7.740% from 7.720% at the previous close. The R207 was bid at 8.490% and offered at 8.460% from 8.470%. The R186 was trading at 8.740% and offered at 8.685% from its previous close of 8.670%.
The rand was bid at 6.9832 to the dollar from its previous close of 7.0154.
Tuesday sees the release of April's consumer price index (CPI) by Stats SA and the local government bond auction, while local markets will be closed on Wednesday for voting in the local government elections.
The consumer inflation index - the measure used by the SA Reserve Bank for its inflation target - is expected to tick up to 4.4% year on year (y/y) in April from 4.1% y/y in March, according to a survey of leading economists by I-Net Bridge.
Forecasts among the nine economists ranged from 4.4% to 4.6%.
The National Treasury will auction R1.3bn worth of R208 bonds and R800m worth of R209 bonds on Tuesday.
Foreigners were net buyers of R901.634m of South African bonds including repo transactions on Friday after net purchases of R917.793m of local bonds on Thursday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R68.568bn on Friday from R58.736bn on Thursday.
Foreigners were net buyers of R899.966m of South African bonds excluding repo transactions on Friday after net purchases of R916.808m of local bonds on Thursday.
For the year to date, foreigners have been net buyers of R19.966bn worth of local bonds, excluding repo transactions. In 2010 foreigners bought net R57.064bn worth of local bonds, excluding repo transactions.
For the year to date for total transactions, including repo transactions, foreigners have been net buyers of R12.138bn of local bonds. In 2010 they bought net R44.541bn worth of bonds.
