Bond yields trade flat in absence of any significant domestic triggers

24 Jul 2012 Evaluate

Bond yields were trading flat for second trading session in absence of any significant triggers ahead of Reserve Bank of India’s mid-quarterly monetary policy review on July 31, 2012, while cautiousness of traders ahead of Rs 15,000 crore debt sale auctions on Friday, also weighed on the sentiment.

On the global front, US 10-year treasuries edged higher in Asian trade on Tuesday after Moody's downgraded its sovereign rating outlook for Germany, the Netherlands and Luxembourg to negative from stable as fallout from Europe's debt crisis cast a shadow over the euro zone's top-rated countries. Meanwhile, Brent crude rose over a percentage after world’s top energy consumer, China, showed signs of improvement in economy.

Back home, the yields on 10-year benchmark 8.79% - 2021 were trading flat at its previous close of 8.07%.

The benchmark five-year interest rate was trading 3 basis points lower at 6.88% from its previous close of 6.85%.

The Reserve Bank of India has announced the auction of 91 and 364 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 25, 2012 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on July 27, 2012 (i) “8.07 percent Government Stock 2017-JUL” for a notified amount of Rs 4,000 crore (nominal) through price based auction; (ii) “8.15 percent Government Stock 2022” for a notified amount of Rs 6,000 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 (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 July 27, 2012.

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