Bond yields edge higher ahead of RBI’s fourth bi-monthly monetary policy review

29 Sep 2014 Evaluate

Bond yields edged higher as sovereign credit outlook upgrade by international rating agency, Standard & Poor was already factored into the prices as market-participants keenly waited for RBI’s fourth bi-monthly monetary policy review on Tuesday for further near-term direction. Meanwhile, reports suggest that India’s apex bank is likely to hold the key interest rate in its policy review and is expected to lower them from February only.

Meanwhile, in a big fillip to India’s growth story, international rating agency, Standard & Poor (S&P’s) reversing the stance it took two years ago, lifted India’s rating outlook to 'stable' from 'negative', in a validation of Prime Minister Narendra Modi's ambitious agenda of economic and fiscal reforms. S&P, in April 2012, had cut India's 'BBB-minus' rating to 'negative', leaving it on the verge of a 'junk' rating

On the global front, Short- and intermediate-dated U.S. Treasuries prices slipped on Friday on news that Pimco Chief Investment Officer Bill Gross is joining rival Janus Capital Group, which spurred concerns Pimco may have to sell Treasuries if investor redemptions at the firm increase. Meanwhile, Brent crude oil fell below $97 a barrel in Asian trade on Monday, moving closer to a two-year low hit last week due to weak data from major buyer China and a stronger U.S. dollar.

Back home, the yields on new benchmark 8.40%- 2024 bonds were 2 basis points higher at 8.46% from its previous close of 8.44% on Friday.

The benchmark five-year interest rate swaps were trading steady at Friday’s close of 7.78%.

The Reserve Bank of India has announced the auction of 91 & 364 days Government of India Treasury Bills for notified amount of Rs 9,000 crore and Rs 6,000 crore respectively. The auction will be conducted on October 1, 2014 using 'Multiple Price Auction' method.

Meanwhile, the Reserve Bank will conduct overnight reverse repo variable rate auction for a notified amount of Rs 20,000 crore on September 29, 2014, Monday. The auction will be conducted between 3.45 PM and 4.15 PM as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.

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