Bond yields little changed ahead of debt sale, buyback

20 Jan 2012 Evaluate

Bond yields were almost steady, as traders were cautious ahead of a debt sale and buyback later in the day. Further, traders are also waiting for the RBI's outlook at its monetary policy review on January 24 (Tuesday).

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, investors scooped up a record offering of US government debt that promises inflation protection on Thursday, even though there are no signs that food and energy prices are running out of control. While, Brent crude oil futures climbed back in late trading to end almost 1 percent higher on Thursday on easing of worries over the euro zone debt crisis and signs of steadier global economic growth.

The yields on 10-year benchmark 8.79% - 2021 bonds were at 8.16%, down 1 basis point from its previous close on Thursday.

The benchmark five-year interest rate swaps was 4 basis points up at 7.26% 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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