Bonds firmer as search for yield masks politics
Old Mutual Investment Group bond managers say volatility with a weakening bias is expected to continue
05 April 2017 - 10:35
The South African bond market was firmer, taking its cue from a stronger rand as political developments continued to drive the local market. The yield on the benchmark R186 was at 8.89% in late afternoon trade on Tuesday from 8.96% after trade union federation Cosatu called for President Jacob Zuma to resign. S&P Global Ratings downgraded the country’s credit rating to subinvestment grade on Monday after Zuma reshuffled his Cabinet and fired Pravin Gordhan fired as the finance minister.
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