Bond yields ebb on optimism of improved demand amidst comfortable liquidity condition

02 May 2014 Evaluate

Bond yields held at the lowest level in a month on Friday on optimism of improved demand as the central bank pumped more cash into the financial system and also after rupee hit a more than three-week highs in early deals. On the currency front, Indian rupee, extending its strengthening streak to third consecutive session, was trading higher on the back of a strong opening in the domestic equity market. Besides, dollar selling by exporters and banks and increased capital inflows also aided the sentiment of Indian currency.

Meanwhile, on an assessment of the prevailing liquidity conditions, Reserve Bank decided to conduct variable rate auctions of (i) 7 day term repo for a notified amount of Rs 15,000 crores and (ii) 14 day term repo for a notified amount of Rs 60,000 crore on May 02, 2014 (Friday).

On the global front, US Treasury debt prices inched higher on Thursday, pushing yields on long-dated bonds to multi-month lows, in a market that continued to cover short positions ahead of Friday's all-important U.S. nonfarm payrolls data. Meanwhile, brent crude was on track for its steepest one-week decline in four months and held steady below $108 a barrel on Friday as rising supply from the U.S. and Libya and a muted demand outlook in China dragged down oil prices.

Back home, the yields on new 10 year Government Stock 2023 were trading 2 basis points lower at 8.81% from its previous close of 8.83% on Wednesday.

The benchmark five-year interest rate swaps was trading 3 basis points lower at 8.33% from its previous close of 8.36% on Wednesday.

The Government of India announce the sale of Four dated securities for Rs 16,000 crore on May 2, 2014, including (i) 8.35% Government Stock 2022 for a notified amount of Rs 4,000 crore, (ii) 8.28% Government Stock 2027 for a notified amount of Rs 7,000 and (iii) 9.20% Government Stock 2030 for a notified amount of Rs 3,000 crore and lastly (iv) 9.23% Government Stock 2043 for a notified amount of Rs 2,000 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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