Bonds slightly weaker in quiet trade

SOUTH African bonds were slightly weaker at midday on Wednesday in quiet trade as the market awaited new signals on interest rate moves ahead of the US Federal Reserve meeting next week.

Analysts said bond yields were likely to swing between losses and gains ahead of the Federal open market committee meeting, based on US data releases.

That follows the Fed’s stated position that any rate hike would be data dependent.

At 11.42am the yield on the benchmark R186 bond was bid at 8.710% and asked at 8.695% from 8.705% at the last settlement.

The R207 was bid at 7.950% and asked at 7.935% from a previous settlement 7.950%.

The rand, which is one of the key drivers of the bond market, was at R14.3430 to the dollar from R14.3951.

The US 10-year note was at 1.7177% from 1.6628% at the previous close. The UK 10-year gilt was at 0.3474% from 0.3562%.

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