Bond yields trade steady on Tuesday

03 Jul 2012 Evaluate

Bond yields were almost trading steady with negative bias as trader’s preferred to be on the sidelines ahead of the next domestic trigger, i.e. Rs 15,000 crore debt sale on Friday. However, the industrial production and inflation data due around mid-July would be the key triggers ahead of the central bank's July 31 policy review.

On the global front, US 10-year treasuries inched lower in Asia on Tuesday; however losses were capped with data the previous showing surprising weakness in the US manufacturing sector, which underscored the drag on growth from the protracted euro zone debt crisis. Meanwhile, Brent crude climbed $1 as threats from Iran to try and block oil shipments tempered concerns that gloomy manufacturing data from China, the United States and Europe will hurt oil demand.

Back home, the yields on 10-year benchmark 8.79% - 2021 were trading 1 basis point lower at 8.16% from its previous close of 8.17% on Monday.

The benchmark five-year interest rates were trading steady at previous close of 7.23%.

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 7,000 crore and Rs 5000 crore respectively. The auction will be conducted on July 4, 2012 using 'Multiple Price Auction' method.

The Government of India have announced the sale (new/re-issue) of four dated securities for Rs 15,000 crore on July 6, 2012,k which include, (i) “8.19 percent Government Stock 2020” for a notified amount of Rs 4,000 crore (nominal) through price based auction; (ii) “New 14 years Government Stock 2026” for a notified amount of Rs 6,000 crore (nominal) through yield based auction; (iii) “8.28 percent Government Stock 2032” for a notified amount of Rs 2,000 crore (nominal) through price based auction; and (iv) “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 July 06, 2012 (Friday).

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