Local government bonds were softer at midday on Thursday on a weaker rand, as the dollar continued to gain traction against the euro.The rand is on the back foot owing to a number of political issues, including questions about President Cyril Ramaphosa’s recent Cabinet reshuffle and the possible extent of the expected expropriation of land without compensation.The market is also eyeing Moody’s credit rating announcement at the end of March. At best Moody’s may decide not to downgrade SA’s credit ratings to subinvestment grade by its cut-off date on March 23."Instead, it may review SA’s credit ratings again later this year or next to see if GDP growth has lifted and the financial concerns at state-owned enterprises will be resolved," said Investec chief economist Annabel Bishop.At 11.30 the R186 was bid at 8.175% from 8.115% and the R207 was at 6.77% from 6.715%.The rand was at R11.9037 to the dollar from R11.7948. The euro was at $1.2181 from $1.2193.The greenback has found support ...
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