South African bonds were softer shortly before midday on Monday, as investors eyed a number of risk events this week, including the medium-term budget policy statement on Wednesday. Speculation that President Jacob Zuma may opt to remove deputy president Cyril Ramaphosa also lingered, despite denials by the Presidency. Global markets were also watching for a possible unilateral declaration of independence by Catalonia, following the Spanish government’s triggering of legislation removing regional autonomy at the weekend. Given the recent choices made in favour of escalation of the conflict, the regional government may well be in favour of a formal approval of declaring independence, said Barclay’s Research analysts. This could also mean a call towards disobedience to central government intervention, to increase tension and thereby focus international attention on the situation, the analysts said. The biggest local event remained Wednesday’s budget policy statement, and bond trading ...
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