Bond yields tread water on Friday

06 Feb 2015 Evaluate

Bond yields were treading water ahead of weekly debt auctions results. However, any slide of yields was restricted mainly on account of higher US treasury yields and higher crude oil prices. Meanwhile, the government successfully conducted its Rs 13,000 crore debt auction.

The government set cut off price of Rs 102.30 or implicit yield at cut off price of 7.7315 % for 8.27% Government Stock 2020 for a notified amount of Rs 2000 crore, cut off price of Rs 103.71 or implicit yield at cut off price of 7.66% for 8.15% Government Stock, 2026 for a notified amount of Rs 5000 crore; cut off price of 105.10 or implicit yield at cut off price of 7.7189% for 8.24% Government Stock, 2033 for a notified amount of Rs 3000 crore and cut off price of Rs 105.46 or implicit yield at cut off price of 7.6987% for 8.17% Government Stock, 2044 for a notified amount of Rs 3000 crore.

On the global front, US treasuries fell on Thursday as traders pared bond holdings ahead of the January payrolls report, though market losses. Meanwhile, Crude oil prices rose more than $1 a barrel on Friday, continuing a rebound from near-six-year lows plumbed last week, although no rapid recovery is expected amid rising global inventories and steady OPEC supply.

Back home, the yields on new 10 year Government Stock 2023 were trading steady at Thursday’s close of 7.70%.

The benchmark five-year interest rate swaps were trading unchanged from its previous close of 6.97%.

The Reserve Bank of India will conduct 3 day repo variable rate auction for a notified amount of Rs 10,000 crore on February 6, 2015. The auction will be conducted between 3.45 p.m. and 4.15 p.m. as per the revised guidelines on Term Repo Auctions issued on February 13, 2014

The Government of India has announced the sale (re-issue) of four dated securities for Rs 13,000 crore for February 6, 2015, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 2000 crore, (ii) 8.15% Government Stock 2026 for a notified amount of Rs 5000 crore, (iii) 8.24% Government Stock 2033 for a notified amount of Rs 3000 crore and lastly (iv) 8.17% Government Stock 2044 for a notified amount of Rs 3000 crore.

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