Bond yields edge lower tailing 33-month low September WPI data

14 Oct 2014 Evaluate

Bond yields edged lower after India's main inflation gauge, based on monthly WPI, easing at 33 month low, stood at 2.78% for the month of September as compared to 3.74% in the previous month and 7.05% during the corresponding month of the previous year, while consumer inflation slowed to its lowest on record. Additionally, strong buying interest from foreign funds also was bolstering sentiment. However, further slide of yields is limited as Reserve Bank of India (RBI) is expected to keep interest rates on hold until the April-June quarter amidst concerns that poor monsoon rains and geopolitical tensions that affect oil could drive up prices.

On the global front, U.S. bond market remained shut for trade on Monday for the U.S. Columbus Day holiday. Meanwhile, brent crude fell to just above $88 a barrel on Tuesday in a well-supplied market as expectations faded that OPEC could cut output and shore up prices.

Back home, the yields on new benchmark 8.40%- 2024 bonds were trading 3 basis points lower at 8.39% from its previous close of 8.42% from its previous close on Monday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 7.57% from its previous close of 7.60% % on Monday.

The Reserve Bank of India will conduct 2 day reverse repo variable rate auction for a notified amount of Rs 15,000 crore on October 14, 2014. 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.

The government of India has announced sale of four dated securities of Rs 15,000 crore on October 17, 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 7000 crore, (iii) 8.32% Government Stock 2032 for a notified amount of Rs 3000 crore and lastly, (iv) 8.30% Government Stock 2042 for a notified amount of Rs 3000 crore respectively. 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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