Bond yields edge higher on profit-booking

06 Jun 2012 Evaluate

Bond yields edged higher as investor’s locked in gains after previous four consecutive sessions of gains in debt prices. Meanwhile, yields also edged higher tracing the soaring prices of US bond yields and Brent crude.

On the global front, US Treasury bond yields continued to trade higher in Asia on Wednesday, as investors booked profits ahead of European Central Bank policy meeting later in the session, after Spain warned that it was losing its access to credit markets and required help to prop up its banks, from Europe. Market players also awaited Fed chief Bernanke's testimony before Congress on Thursday, for cues on whether the central bank is going to extend its bond purchases. Meanwhile, Brent crude prices held above $99 a barrel on Wednesday as encouraging economic and crude stocks data from the United States outweighed pressure from Europe's lingering debt crisis.

Back home, the yields on 10-year benchmark 8.79% - 2021 bonds were trading 3 basis points higher at 8.36% from its previous close of 8.33% on Tuesday.

The benchmark five-year interest rate swaps were 4 basis points higher at 7.30% from its previous close of 7.26% on Tuesday.

The Government of India announced the sale of four dated securities for Rs 15,000 crore on June 8, 2012, which includes, (i) “8.24 percent Government Stock 2018” for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) “New 10 year Government Stock 2022” for a notified amount of Rs 7,000 crore (nominal) through yield based auction, (iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 3,000 crore (nominal) through price based auction and (iv) “8.33 percent Government Stock 2036” for a notified amount of Rs 2,000 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 June 08, 2012 (Friday).

The Reserve Bank of India has announced the auction of 91-day and 182-day Government of India Treasury Bills for notified amount of Rs 9,000 crore and Rs 5,000 crore respectively. The auction will be conducted on June 06, 2012 using 'Multiple Price Auction' method.

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