Bond yields remain firm ahead of RBI's debt buyback, bond auction

19 Jan 2012 Evaluate

Bond yields were steady on Thursday, as traders refrained from piling into bonds ahead of Reserve Bank of India's debt buyback and a bond auction, both slated for Friday.

The Reserve Bank in its mid quarter monetary policy review released on December 16, 2011 had stated that OMOs would be conducted as and when considered appropriate. Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations by purchasing the following government securities for an aggregate amount of Rs 12,000 crore on January 20, 2012 through multi-security auction using the multiple price method.

On the global front, US Treasuries prices fell on Wednesday as prospects that the International Monetary Fund will raise funds to help ease pressures on countries reeling from the euro zone crisis reduced the safe-haven bid for bonds. While, Brent crude oil futures dropped back on Wednesday as a weak demand outlook overshadowed hopes the International Monetary Fund would be able to raise more money to help resolve Europe's debt crisis.

The yields on 10-year benchmark 8.79% - 2021 bonds were trading at 8.19% from its previous close on Wednesday.

The benchmark five-year interest rate swaps was trading at 7.22% from its previous close.

The Government of India has announced the sale of three dated securities for Rs 14,000 crore (re-issue) of (i) “7.83 percent Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (ii) “8.79 percent Government Stock 2021” for a notified amount of Rs 7,000 crore (nominal) through price based auction and (iii) “8.83 percent Government Stock 2041” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on January 20, 2012 (Friday).

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