South African bonds traded little changed today, despite a slightly firmer rand, with analysts saying trading volumes were likely be thin until volatility returns to the market. But while thin liquidity has worked to reduce outflows And losses have been limited by the ongoing speculation regarding the fate of President Jacob Zuma - bonds have started the year on a bad note, with net foreign sales of local bonds to the tune of R1bn as of this morning. Meanwhile, the European Central Bank sold its entire holding of bonds in retail giant Steinhoff which is facing multiple probes into accounting irregularities stretching back several years. Reuters estimates the ECB cut losses in Steinhoff at less than half of its original investment. Craig Sherman, Credit Portfolio Manager at Ashburton joined Alishia Seckam on Business Day TV to go through some of the activity playing out in the fixed income space.
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