Bond yields trade tad higher; petrol price rate cut weighs

29 Jun 2012 Evaluate

Bond yields were trading tad higher as investors made room for Rs 15,000 crore debt sale auction in which the government is also selling Rs 7,000 crore of the recently issued 10-year paper, which will be the next benchmark. However, a cut in petrol prices on Thursday were seen keeping yields in check, as expectation of potential easing in inflationary pressures aided the sentiment. In a relief to inflation-battered common man, petrol price was cut by Rs 2.46 per litre, the second reduction this month. The reduction in rates follows Rs 2.02 a litre cut in prices on June 3.

On the global front, US Treasuries dropped in Asia, after euro-zone leaders agreed to take emergency steps aimed at bringing down the borrowing costs of Italy and Spain, which boosting demand for risky asset class, sapped demand for safe haven demand for bonds. Meanwhile, Brent oil was trading past above $92 per barrel on Friday after European leaders agreed on steps to tackle the region's intractable crisis in a move that could lift fuel demand, while supply disruptions also aided.

Back home, the yields on 10-year benchmark 8.79% - 2021 were trading 1 basis point higher at 8.37% from its previous close of 8.36% on Thursday.

The benchmark five-year interest rates were trading steady at previous closing level of 7.17%.

The Government of India have announced the sale (new/re-issue) of (i) “New 5 year Government Stock 2017” for a notified amount of Rs 4,000 crore (nominal) through yield based auction; (ii) “8.15 percent Government Stock 2022” for a notified amount of Rs 7,000 crore (nominal) through price based auction; (iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 2,000 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 29, 2012 (Friday).

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