South African bonds were largely unchanged at midday on Friday, ahead of rating agencies Moody’s and S&P Global’s credit rating announcements, expected late on Friday. Bonds showed little reaction to the Reserve Bank’s decision on Thursday to keep rates unchanged. "There were only marginal inflows from foreign investors into our bond market [on Thursday]," analysts at Nedbank Corporate and Investment Banking said. On Thursday, Fitch re-affirmed SA’s status at sub-investment grade with a stable outlook, increasing the likelihood that the other ratings agencies will wait until February next year to announce further downgrades. By then the outcome of the ANC’s December elective conference, and the budget, will be known. At 11.30am, the R186 was bid at 9.35% from 9.34% and the R207 was at 8.085% from 8.080%. The rand was at R13.9462 to the dollar from R13.8807. US bonds were weaker in subdued trade. The US bond market was closed on Thursday due to the Thanksgiving holiday and closes ear...
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