Bond yields inch lower tailing gains of US treasury prices overnight

21 Jan 2015 Evaluate

Bond yields, snapping past few trading sessions’ rising streak, inched lower on Wednesday tailing gains of US treasury prices overnight. The sentiment remained bullish as oil prices remained low. The yields were trading higher also in the previous few sessions on account of incremental profit-taking activities by participants after recent rally after reports suggested that Sovereign wealth funds, multilateral agencies and other foreign investors were purchasing Indian debt aggressively as easing inflation and expectations of more rate cuts by the Reserve Bank of India (RBI) make Indian debt one of the most attractive investment options in the region. Foreign institutional investors (FIIs) have been net buyers of Indian debt on all days in January, except on 8 January when they sold $167.25 million, SEBI data showed. FIIs have been net buyers of Indian debt for nine consecutive months and the $2 billion bought so far in January is highest since October 2014.

On the global front, U.S. Treasury prices gained on Tuesday with 30-year bonds leading the rally, as investors bet the European Central Bank will launch new quantitative easing this week, keeping longer-dated debt in demand as investors hunt for higher yields. Meanwhile, Oil prices edged up on Wednesday in a further sign of support around current levels even as street fretted that the outlook for the next six months remained bleak due to oversupply. Oil fell as much as 5% on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.

Back home, the yields on new 10 year Government Stock 2023 was trading 1 basis point lower at 7.71% from its previous close of 7.72% on Tuesday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 6.82% from its previous close of 6.85% on Tuesday.

The Reserve Bank of India has announced the auction of 91 & 364 days day Government of India Treasury Bills for notified amount of Rs 8,000 crore and Rs 6,000 crore respectively. The auction will be conducted on January 21, 2015 using 'Multiple Price Auction' method.

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