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Johannesburg - The South African bond market was firmer at noon on Wednesday due to foreign buying interest‚ despite a weaker rand.
“December is a high coupon month with a lot of demand for bond coupons‚ which is driving the flow. About 35% of the local bond market is held by foreigners and they are still buying. Traders do not want to be caught short and are trying to cover their positions‚” a bond trader said.
At 11:38, the benchmark R186 was trading at 7.240%‚ from a close of 7.300% on Tuesday. The R157 was trading at 5.340% from a close of 5.390% previously.
The R207 was bid at 6.320% and offered at 6.310% from a close of 6.345% before.
The rand was last bid at R8.4800/$ from R8.4468 previously.
