Bond yields edged lower after announcement of new 10 year paper in Friday’s debt sale

22 Jul 2014 Evaluate

Bond yields edged lower on Tuesday on expectations the new 10-year debt, which will become the new benchmark, would be sold at yields substantially below the current benchmark. Reserve Bank of India late on Wednesday announced that it would be selling debt worth Rs 14,000 crore including, new 10-year Government Stock for a notified amount of Rs 7000 crore. Additionally, bonds also edged higher supported by expectations the government will allow greater foreign investor participation in the local market by tweaking sub-category debt limits.

On the global front, U.S. long-term Treasury debt prices rose on Monday on safe-haven demand increased by investors' caution over turmoil in the Middle East and growing geopolitical tension following the downing of a Malaysian Airlines aircraft in Ukraine. Meanwhile, brent crude held steady above $107 a barrel on Tuesday, supported by escalating geopolitical tension over Ukraine and expectations of large draws in U.S. oil stockpiles.

Back home, the yields on new 10 year Government Stock 2023 was trading 1 basis point lower at 8.69% from its previous close of 8.70% on Monday.

The benchmark five-year interest rate swaps were trading 1 basis point higher at 7.89% from its previous close of 7.88% on Monday.

The Reserve Bank of India has announced the auction of 91 and 364 days Government of India Treasury Bills for notified amount of Rs 9,000 crore and Rs 6000 crore respectively. The auction will be conducted on July 23, 2014 using 'Multiple Price Auction' method.

The Government of India announce the sale of four dated securities for Rs 14,000 crore on July 25, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2,000 crore, (ii) New 10-year Government Stock for a notified amount of Rs 7000 crore, (iii) 8.32% Government Stock 2032 for a notified amount of Rs 2000 crore and lastly (iv) 8.30% Government Stock 2042 for a notified amount of Rs 3000 crore respectively.

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