The South African bond market was weaker shortly before midday on Tuesday, despite the rand holding steady as pressure on the dollar eased. Easing geopolitical tensions over North Korea and the downgrade of Hurricane Irma to a tropical storm helped buoy global markets, but the rand remained slightly higher against the dollar. With the rand higher on Monday and a bond auction on Tuesday, it was hardly surprising that the R186 drifted a few points higher in thin trade, said Rand Merchant Bank analyst Deon Kohlmeyer. Pricing requests were few and far between but some buyers did emerge for longer-end bonds later in the afternoon on Monday, which boded well for today’s National Treasury auction, he said. Concern among investors that North Korea would launch another missile has faded and the damage caused by Irma in the US was not as bad as originally envisaged. North Korea has, however, warned of consequences after the UN Security Council unanimously passed a resolution for more sanction...
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