SA bonds are off their worst levels at midday on Thursday as traders continue to get to grips with Finance Minister Nhlanhla Nene’s medium-term budget SOUTH African bonds were off their worst levels at midday on Thursday as traders continued to digest Finance Minister Nhlanhla Nene’s medium-term budget speech.At 11.30am, the benchmark R186 bond was bid at 8.425% and offered at 8.420% from Thursday’s close of 8.410%.The middle-dated R207 was bid at 7.760% and offered at 7.740% from its previous close of 7.760%.FNB chief economist Sizwe Nxedlana said the government’s financial position had deteriorated markedly since the onset of the global financial crisis."The deterioration in government finances has culminated in sovereign ratings downgrades from the rating agencies. S&P downgraded SA’s foreign currency rating to BBB-in June 2015. Fitch has placed SA on a negative watch, suggesting a relatively high probability of a downgrade over the short term from that agency. Falling to a sub-i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.