Bond yields edged lower amidst ample of liquidity

02 Sep 2014 Evaluate

Bond yields edged lower as ample of liquidity led to a slightly increased activity in certain illiquid longer tenure securities and treasury bills. Meanwhile, data showing Current Account Deficit (CAD) widening from previous quarter had limited impact as this was well within comfort level. On the macro-front, Current Account Deficit for April-June stood at $7.8 billion, sharply higher than $1.3 billion in January-March but narrower from $21.8 billion a year ago.

On the global front, U.S. markets closed on Monday for Labor day. Meanwhile, brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest in OPEC oil producer Libya kept losses in check. Euro zone manufacturing growth slowed slightly more than initially thought in August, while growth in China's factory sector slipped to a three-month low last month, adding to concerns about oil demand.

Back home, the yields on new benchmark 8.40%- 2024 bond was trading 2 basis points lower at 8.53% from its previous close of 8.55% on Monday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 8.01% from its previous close of 8.02% on Monday.

The Reserve Bank of India has announced the auction of 91 and 182 days Government of India Treasury Bills for notified amount of Rs 8,000 crore and Rs 5000 crore respectively. The auction was conducted on September 03, 2014 using 'Multiple Price Auction' method. The Governments of India have announced the sale (re-issue) of four dated securities for Rs 12,000 crore on September 5, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2000 crore, (ii) 8.60% Government Stock 2028 for a notified amount of Rs 6000 crore, (iii) 9.20% Government Stock 2030 for a notified amount of Rs 2000 crore and lastly (iv) 8.30% Government Stock 2042 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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