Bond yields fall to a 16-month low on Friday

28 Nov 2014 Evaluate

Bond yields fell to a 16-month low on Friday, tracking the fall in global crude oil prices after oil producers' club OPEC decided not to cut oil output. The yields also slipped tracking overnight drop of US treasury yields. Though, losses were limited as the central bank announced an open market sale of up to Rs 12,000 crore worth of debt on December 1, 2014. Meanwhile, prevailing caution ahead of the release of Q2 GDP data due to be released on Friday and estimated to have grown at 5% or even lower in the second quarter of 2014-15, sharply lower than the 5.7% witnessed in the first quarter also weighed on the sentiment

On an assessment of current and evolving liquidity conditions, Reserve Bank has decided to conduct sale of government securities under Open Market Operations for an aggregate amount of Rs 12,000 crore on December 1, 2014 through multi-security auction using the multiple price method.

On the global front, benchmark U.S. Treasury yields hit their lowest levels in over a month on Wednesday, while long-dated yields hit more than one-month lows for a second straight day on weaker-than-expected U.S. economic data and continued low yields in Europe. Meanwhile, brent crude held above $72 a barrel on Friday, close to a four-year low touched in the previous session after OPEC decided not to cut oil output to support prices.

Back home, the yields on new 10 year Government Stock 2023 was trading 4 basis points lower at 8.11% from its previous close of 8.15% on Thursday.

The benchmark five-year interest rate swaps were trading 7 basis points lower at 7.16% from its previous close of 7.23% on Thursday.

The Government of India have announced the sale (re-issue) of the Government Stock through auctions to be held on November 28, 2014, including (i) 8.27 per cent GS 2020 for a notified amount of Rs 3000 crore (ii) 8.40 per cent GS 2024 for a notified amount of Rs 6000 crore and (iii) 9.20 per cent GS 2030 for a notified amount of Rs 2000 crore and (iv) New 30 Years GS for a notified amount of Rs 3000 crore.

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