Local bonds traded firmer today on the rand's recovery, and following the release of a measured report on SA from ratings agency Moody's - alebit having come with a warning that sustained tightening of financing conditions would further reduce the government's fiscal flexibility. The R186 was last bid at 8.84% from 8.88% and the R207 at 7.52% from 7.56%. The US 10-year treasury - holding pretty steady. We were joined by Kgothatso Nyabela from Ashburton Investments for more on what's playing out in that space.