Bond yields edge higher on profit-booking on Wednesday

23 Apr 2014 Evaluate

Bond yields edged higher on profit-booking after a strong rally, which was witnessed after strong demand in state bonds sale in the previous session. In a related development for bond markets, RBI is mulling the sale of government bonds for the first time in four years to minimize the impact of heavy inflow of US dollars that have been flowing into local markets on expectations of a stable regime following the ongoing general elections.

On the global front, short and intermediate-dated U.S. Treasuries yields inched up on Tuesday after a weak two-year note auction and as signs of improvement in the U.S. economy raised the prospect of tighter monetary policy from the Federal Reserve, driving a preference for longer-dated Treasuries. Meanwhile, brent futures stayed firm above $109 a barrel on Wednesday with the global demand growth outlook largely unchanged after a Chinese manufacturing survey showed an easing pace of decline, while the unfolding Ukraine crisis kept any losses in check.

Back home, the yields on new 10 year Government Stock 2023 were trading 1 basis point higher at 8.86% from its previous close of 8.85% on Tuesday.

The benchmark five-year interest rate swaps were trading unchanged at its previous close of at 8.43% on Tuesday.

The Reserve Bank of India has announced the auction of 91 and 182-days Government of India Treasury Bills for notified amount of Rs 9,000 crore and Rs 6,000 crore respectively. The auction will be conducted on April 23, 2013 using 'Multiple Price Auction' method.

The Government of India announce the sale of Four dated securities for Rs 16,000 crore on April 25, 2014, which include (i) 7.80% Government Stock 2020 for a notified amount of Rs 4,000, (ii) 8.83% Government Stock 2023 for a notified amount of Rs 7,000 and (iii) 8.32% Government Stock 2032 for a notified amount of Rs 2,000 and (iv) lastly, (iv) 8.30% Government Stock 2042 for a notified amount of Rs 3000 crore. The auctions will be conducted using uniform price method. Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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