Bond market pauses ahead of Gordhan’s medium-term budget policy statement
South African bonds were stable in afternoon trade on Monday, as investors paused ahead of the medium-term budget policy statement by Finance Minister Pravin Gordhan on Wednesday. Investors expect the statement to be closely scrutinised by global ratings agencies in preparation of their review of SA’s sovereign credit rating before the end of the year. At 3.52pm, the R186 was bid at 8.800% from 8.810% on Friday. The R207 was bid at 8.080% from 8.070% on Friday. Meanwhile, Investec economist Kamilla Kaplan said net bond outflows totalled R700m last week and equities had a net inflow of R200m. The benchmark US treasury note was last yielding 1.7569%, from 1.7366% on Friday.
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