Bond yields ease for second straight session ahead of outcome of Rs 15,000 crore debt auction

31 Oct 2014 Evaluate

Bond yields despite recovering from day’s low still continue to trade lower on Friday despite Rs 15,000 debt auction. In previous session too, yields edged lower as Fed’s dovish tone on interest rates fuelled hopes of continued foreign inflow into emerging markets.

The Federal Reserve, after a two-day meeting on Wednesday agreed to end bond purchases that have supported US economic growth since the 2008 financial crisis, marking a milestone in the five-year-old recovery. At the same time, the Fed pledged to keep its benchmark short-term interest rate near zero for a 'considerable time' after the bond buying ends.

On the global front, US Treasury debt prices rose on Thursday but were off the session's peak as global risk appetite took off amid reports Japanese pension funds are going to buy more domestic equities. Meanwhile, Brent crude futures fell toward $86 a barrel on Friday as a firmer dollar and a well supplied oil market combined to put the benchmark on course to end October with its steepest monthly decline since 2012.

Back home, the yields on new benchmark 8.40%-2024 bonds was trading 2 basis points lower at 8.27% from its previous close of 8.29% on Thursday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 7.47% from its previous close of 7.50% on Thursday.

The Reserve Bank of India will conduct three day reverse repo auction at variable rate today (October 31, 2014, Friday) for a notified amount of Rs 30,000 crore. The auction will be conducted between 3.45 p.m. and 4.15 p.m. as per the revised guidelines on Term Repo Auctions issued on February 13, 2014.

The Government of India announced the sale of four dated securities for Rs 15,000 crore on October 31, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 3,000 crore, (ii) 8.40% Government Stock 2024 for a notified amount of Rs 7,000 crore, (iii) 9.20% Government Stock 2030 for a notified amount of Rs 2,000 and lastly (iv) 9.23% Government Stock 2043 or a notified amount of Rs 3,000 crore.

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