South African bonds were softer on Monday afternoon as the market awaited Moody’s and S&P Global’s ratings announcement later in the week. The rand was slightly weaker at just above R14 to the dollar, with the greenback flat against the euro. The market is awaiting new developments from Zimbabwe after President Robert Mugabe gave no indication that he would resign, at noon. This was the deadline given to the aging president by his own party before impeachment proceedings against him would start. The military was likely to broker a power-sharing deal between Mugabe and former vice-president Emmerson Mnangagwa, country risk analyst at IHS Markit Theophilus Acheampong said. The happenings in Zimbabwe have not affected SA’s market significantly yet. Analysts said the market focus was rather on Friday’s expected downgrade announcement, which was likely to put renewed pressure on the rand and bonds. This week would all be about Friday evening’s credit rating announcement, Standard Bank tr...
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