South African bonds had hardly changed on Thursday morning as participants look forward to comments from the latest policy meeting from the European Central Bank (ECB) later in the day.
Although no further stimulus measures were expected from the ECB‚ Barclays Research believed bank president Mario Draghi’s statement would "contain more dovish language".
Global markets fell substantially on Wednesday due to the continued fall in oil prices and global growth concern.
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At 8.53am‚ the benchmark R186 was bid at 9.680% and offered at 9.660% from Wednesday’s close of 9.680%.
The middle-dated R207 was bid at 9.200% and offered at 9.185% from a close of 9.210% previously.
The rand was trading at R16.8361 from R16.7584 previously.
Barclays Research said in a morning note that "despite a month-on-month uptick in the December local CPI (consumer price index) reading"‚ there was renewed interest in the market on Wednesday‚ which was likely to be because "the tone of Reserve Bank governor Lesetja Kganyago’s interview at the World Economic Forum in Davos‚ Switzerland‚ was not overly hawkish".
- TMG Digital/BDlive
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