Bond yields edge lower ahead of sale of Rs 10,000 crore of cash management bills

10 Nov 2014 Evaluate

Bond yields were trading lower ahead of sales of Rs 10,000 crore of cash management bills. However, further slide of yields was limited on account of RBI’s deputy governor’s hawkish statements, HR Khan, who pouring cold water on hopes of rate cut in upcoming monetary policy, highlighted that recent decline in inflation did not mean the decline was permanent. He also emphasized that though decline in crude oil prices and other commodities were beneficial to Indian economy, but policy makers just could not jump their guns until they were convinced the trend was firmly established.

On the global front, U.S. Treasury debt market rallied on Friday as growth in U.S. jobs and wages in October fell short of expectations, reviving bets the Federal Reserve will not consider raising interest rates until late 2015. Meanwhile, brent crude rose towards $84 a barrel on Monday, climbing for a second straight session amid heightened military activity in Ukraine and as chaos in Libya again threatened disruptions to the country's oil output and exports.

Back home, the yields on new benchmark 8.40%-2024 bonds was trading 3 basis points lower at 8.18% from its previous close 8.21% on Friday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 7.35% from its previous close of 7.38% on Friday.

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs 6,000 crore and Rs 8,000 crore respectively. The auction will be conducted on November 12, 2014 using 'Multiple Price Auction' method.

The Reserve Bank of India has announced the auction of the 42-days Government of India Cash Management Bills for a notified amount of Rs 10,000 crore on November 10, 2014. The auction will be conducted on November 10, 2014 (Monday) using 'Multiple Price Auction' method. The Cash Management Bills will be repaid at par on December 23, 2014

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