Middle East & Africa
Thursday, 19 July 2012 12:24
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JOHANNESBURG: South African government bonds rallied and yields fell in early Thursday trade, still supported by strong offshore demand while some local market players were pricing in a slight possibility of a domestic interest rate cut.
The rand was on a firmer footing against the dollar than in recent days as global investor risk appetite ticked higher, but could turn weaker as concerns about euro zone debt woes persist.
The yield on the three-year benchmark fell by 5.5 basis points to 5.81 percent while the 14-year paper was down 7.5 basis points at 7.415 percent.
"It's probably just more guys having expectations around a rate cut and the rand is a little bit stronger so it's good for bonds," said Ian Scott, portfolio manager at Stanlib.
"There are definitely some market players out there are looking for a rate cut."
Of 23 economists polled by Reuters last week, 21 expected the Reserve Bank to keep ...
JOHANNESBURG: South African government bond yields tracked lower on Wednesday, pushed down by more offshore buying and domestic market expectations of a moderation in inflation that may allow the central bank room to cut interest rates this year.
The rand was slightly weaker at 8.1872/dolar at 0630 GMT compared to a 8.1685 close in New York, and dealers said it would trade in a 8.16-8.24 range ahead of a central bank interest rate decision on Thursday.
The ...
JOHANNESBURG: South African government bond yields continued their decline on Tuesday, with the return on three-year bonds hitting a record low, as domestic investors join foreigners in the hunt for yield.
The rand weakened slightly against the dollar as the market digested US Federal Reserve chairman Ben Bernanke's promise of further stimulus for the sluggish US economy if needed, though he provided no specific details.
At 1538 GMT, the rand was down 0.2 percent against the dollar, ...
JEDDAH: Saudi builder Dar al-Arkan Real Estate Co has transferred $1 billion to Deutsche Bank to repay its Islamic bond, or sukuk, the firm said in a bourse statement on Saturday.
"Dar al-Arkan transferred the total principal sum to Deutsche Bank, the principal paying agents, on Thursday and the sukuk account holders will receive the funds on Monday," the firm said in the statement.
Dar al-Arkan, the kingdom's largest property developer, has issued three international sukuks and ...
LAGOS: Nigeria plans to raise 75 billion naira ($466.30 million) through sovereign bonds ranging between 5 and 10 years at its regular auction on July 18, the Debt Management Office (DMO) said on Thursday.
The debt office said it would sell 25 billion naira each in the 5-, 7- and 10-year paper with term-to-maturity of four years and eight months, six years and 10 months, and nine years and five months respectively. The bonds are ...
CAIRO: Egypt's central bank sold 3 billion Egyptian pounds ($495.3 million) in five and ten-year bonds on Monday, the same amount it had initially sought, the central bank of Egypt said.
The bank sold 2 billion pounds of the reopened five-year bonds and 1 billion pounds of the reopened ten-year bonds.
The coupon for the five-year bonds was 16.55 percent and yields ranged from 16.52 percent to 16.61 percent. The ten-year coupon was 17 percent, with yields ...
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