Bond yields edge higher on profit-booking activities

23 Sep 2014 Evaluate

Bond yields were trading higher on account of profit-booking activities which got triggered after the yields hit a year low in previous trading session. However, prevailing caution ahead of the government's H2 borrowing calendar, which is scheduled to be released on Friday, is keeping the momentum range-bound.

Meanwhile, concerns over liquidity may also weigh on the sentiment in the later part of the session as RBI has decided to conduct one day reverse repo variable rate auction for a notified amount of Rs 10,000 crore on September 23, 2014. The auction will be conducted between 3.00 PM and 3.30 PM as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.

On the global front, long-dated Treasuries yields slipped to their lowest in over a week on Monday on the view that lingering weakness in U.S. economic data may force the Federal Reserve to maintain a dovish stance on raising interest rates. Meanwhile, brent crude rose above $97 a barrel on Tuesday after a survey showed China's factory activity unexpectedly picked up in September, helping brighten the demand outlook in a market that has been weighed by a supply glut.

Back home, the yields on new benchmark 8.40%- 2024 bonds were trading 1 basis point higher at 8.45% from its previous close of 8.44% on Monday.

The benchmark five-year interest rate swaps were trading 2 basis points higher at 7.82% from its previous close of 7.80% 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 7000 crore and Rs 5000 crore respectively. The auction will be conducted on September 24, 2014 using 'Multiple Price Auction' method.

The Government of India have announce the sale of Four dated securities for Rs 12,000 crore on September 26, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2,000 crore, (ii) 8.60% Government Stock 2028 for a notified amount of Rs 6,000 crore, (iii) 9.20% Government Stock 2030 for a notified amount of Rs 2,000 crore and lastly (iv) 8.30% Government Stock 2042 for a notified amount of Rs 2,000 crore.

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