The South African bond market was weaker on Tuesday morning despite a slightly firmer rand. The rand held steady against the dollar as pressure eased on the greenback. Concern among investors that North Korea would launch another missile has faded and the effect of Hurricane Irma in the US was not as bad as originally thought. Investors are moving towards riskier assets and away from safe havens. Nedbank analyst Reezwana Sumad said easing geopolitical tension and the downgrading of Hurricane Irma to a tropical storm lifted global markets. Sumad said a stronger dollar and higher US treasury yields had led to local government bonds opening weaker on Tuesday morning. At 9.11am the benchmark R186 government bond was bid at 8.460% from Monday’s 8.435%. The rand was at R12.9245 to the dollar from R12.9803.
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