Bond yields trade steady in absence of fresh cues; FII auction eyed

04 Jul 2012 Evaluate

Bond yields were trading steady as lack of cues due to the US holiday, which is likely to keep bond yields range-bound. However, bond yields were also treading water as investors’ awaited auction of the foreign investor limits in government securities for a total of $5 billion, due later in the day.

On the global front, Brent crude despite slipping stayed above $100 per barrel as weak global economic data validated expectations for more monetary policy stimulus. Meanwhile, investors booked profits on gains in the previous session sending US Treasury debt prices lower on Tuesday in thin trading ahead of a holiday on Wednesday. US markets will remain closed on account of Independence Day.

Back home, the yields on 10-year benchmark 8.79% - 2021 were trading steady at its previous close of 8.18%.

The benchmark five-year interest rates rose 2 basis points at 7.24% from its previous close of 7.22% on Tuesday.

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 5,000 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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