Bonds resilient despite weaker rand
2008-10-15 · Property Market Reports
Bonds ignored the weaker currency and were virtually unchanged by noon on Wednesday, with traders saying the yield curve is normalising.
In early morning trade, traders noted that the R157s had slipped further than the R153s as the local currency continued to weaken from Tuesday's levels.
"Bonds are unchanged really, and that is just on the normalisation of the yield curve," a local bond trader said.
"The rand has also weakened slightly and we are seeing that bond prices are resilient," he added.
By 11.55am the short-term government R153 bond was at 9.185% from its previous close of 9.190%. The medium-term R157 was at 9.030% from 8.995% at Tuesday's close and the long-term R186 was bid at 8.755% from 8.730% before.The rand continued to weaken and was last at R9.2433/$ from a previous close of R9.0992/$.
he rand was sharply weaker against major currencies in noon trade on Wednesday as fears of a global recession resurface, causing risk appetite to wane again.
Foreigners were net buyers of R1.061-billion worth of South African bonds on Tuesday after net purchases of R293.8-million of local bonds on Monday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R165.673-billion on Tuesday from R28.967-billion on Monday. - I-Net Bridge
In early morning trade, traders noted that the R157s had slipped further than the R153s as the local currency continued to weaken from Tuesday's levels.
"Bonds are unchanged really, and that is just on the normalisation of the yield curve," a local bond trader said.
"The rand has also weakened slightly and we are seeing that bond prices are resilient," he added.
By 11.55am the short-term government R153 bond was at 9.185% from its previous close of 9.190%. The medium-term R157 was at 9.030% from 8.995% at Tuesday's close and the long-term R186 was bid at 8.755% from 8.730% before.The rand continued to weaken and was last at R9.2433/$ from a previous close of R9.0992/$.
he rand was sharply weaker against major currencies in noon trade on Wednesday as fears of a global recession resurface, causing risk appetite to wane again.
Foreigners were net buyers of R1.061-billion worth of South African bonds on Tuesday after net purchases of R293.8-million of local bonds on Monday, Bond Exchange of South Africa statistics show.
Nominal cumulative volume was R165.673-billion on Tuesday from R28.967-billion on Monday. - I-Net Bridge
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