The South African bond market was relatively flat on Tuesday morning amid a lack of fresh drivers. Traders were sitting on their hands before the mid-term budget on Wednesday, which analysts believe will shape the views of rating agencies when they review SA’s credit rating before the year-end. The yield on the R186 bond was at 8.79% in early trade, unchanged from Monday. The rand bought the single dollar at R13.8847, hardly changed from the day before. Government bond yields in some of the developed markets were patchy in early trade, with the benchmark US treasury note yielding 1.7579% from 1.7366% on Monday. "Yesterday saw another quiet day not surprisingly, given the auction today and the budget speech tomorrow," Rand Merchant Bank analyst Deon Kohlmeyer said in a note.
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