Bond yields edge lower on global risk aversion

04 May 2012 Evaluate

Benchmark 10 year bond yields will not be trading on Friday because of the regular 'shut period' ahead of Saturday's coupon payment. However, the yields on 9.15% 2024 bond eased as market men made room for Rs 18,000 crore worth debt auction, to be held in the later part of the day.

Bond yields also receded in early deal on the back of global risk aversion amidst hopes for an improvement in cash conditions. On the global front, US government debt prices rose slightly on Thursday as data showing a bigger-than-expected pullback in growth in the US services sector offset a surprisingly large drop in US claims for jobless benefits.

Meanwhile, Brent crude held above $116 per barrel on Friday ahead of a key US payrolls report, with the benchmark poised for its steepest weekly fall since December due to concerns over the health of the global economy and easing supply disruption fears.

Back home, the yields on 10-year benchmark 8.79% - 2021 bonds were not trading on Friday because of the regular 'shut period' ahead of Saturday's coupon payment.

However, the yields on 9.15% 2024 bond fell 2 basis points to 8.63% from its previous close of 8.65% on Thursday.

The benchmark five-year interest rate swaps were trading unchanged from its previous close of 7.57% on Thursday.

Meanwhile, the Government of India has announced the sale of four dated securities for Rs 18,000 crore on May 4, 2012, which includes, (i) “8.19 percent Government Stock 2020” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (ii) “9.15 percent Government Stock 2024” for a notified amount of Rs 8,000 crore (nominal) through price based auction (iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 3,000 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, Fort, Mumbai on May 04, 2012 (Friday).

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