South African bonds were slightly softer on Wednesday morning, tracking the rand, which suffered slightly along with other emerging-market currencies. Local retail sales data is the only relevant release due out on Wednesday, so the market was likely to take its cue from the rand and any unfolding political developments, said Sasfin Securities bond analysts. Statistics SA is expected to release retail sales data for November at 1pm, with the expectation that sales accelerated to 4%, largely as an effect of Black Friday sales during the month. Political factors also continue to move the rand, although analysts said the extent of rand gains could be limited due to its surge since December. At 11.30am, the R186 was bid at 8.48% from 8.46% and the R207 was at 7.16% from 7.14%. The rand was at R12.3515 to the dollar from R12.2730. The US 10-year treasury was at 2.5595% from 2.5475%.
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