The South African bond market was flat at midday on Wednesday ahead of an expected US interest rate increase later in the day. Other international market drivers included the Dutch elections and the release of eurozone unemployment numbers and US inflation and retail sales data. Locally, South African business confidence and retail sales figures were also set to be released. Rand Merchant Bank analyst Michelle Wohlberg said there would be "cautious trading in tight ranges" on Wednesday and moves in most instruments would be "fairly muted". However, the bond market "seems to want to push lower", she said. At 11.33am the R186 was bid at 8.680% from 8.690% while the R207 was at 7.710% from Tuesday’s 7.705%. The US 10-year treasury was bid at 2.5859% from 2.6014% previously.
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