Bond yields inch higher in run-up to results of Rs 8000 crore debt acution

14 Aug 2014 Evaluate

Bond yields were trading higher in intra-day trade as traders awaited the results of Rs 8000 crore debt sale auction. However, hopes of a cut in the auction size or likely cancellation of next week’s debt sale auction restricted further decline of safe haven bonds. As per the results of Rs 8000 crore debt sale, cut-off yield for 8.40% Government Stock 2024 for a notified amount of Rs 4000 crore stood at 8.56%, while that for 8.32% Government Stock, 2032 for a notified amount of Rs 2000 crore stood at 8.86% and that for 9.23% Government Stock, 2043 for a notified amount of Rs 2000 crore stood at 8.82%.

On the global front, U.S. Treasury debt yields fell on Wednesday as disappointing data on U.S. retail sales revived bets the Federal Reserve might leave interest rates near zero for a longer period in a bid to keep the economic recovery on track. Meanwhile, brent crude fell below $104 a barrel on Thursday, after briefly bouncing in the previous day off a 13-month low, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine

Back home, the yield new benchmark 8.40%- 2024 bond was trading 2 basis points higher at 8.56% from its previous close of 8.54%

The yields on existing benchmark 2023, 10-year Government Stock was trading 3 basis points higher at 8.79% from its previous close of 8.76% on Wednesday.

The benchmark five-year interest rate swaps were trading 2 basis points lower at 8.10% from its previous close of 8.12% on Wednesday.

The Government of India announce the sale of three dated securities for Rs 8,000 crore on August 14, 2014, including (i) 8.40% Government Stock 2024 for a notified amount of Rs 4000 crore, (ii) 8.32% Government Stock 2032 for a notified amount of Rs 2000 crore and lastly (iii) 9.23% Government Stock 2043 for a notified amount of Rs 2000 crore. The auctions will be conducted using multiple 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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