Bond yields edged lower on bargain-hunting after debt prices fell to their lowest in almost a month post Reserve Bank of India’s (RBI) slashing the Statutory Liquidity Ratio (SLR), the proportion of liabilities that banks have to invest in government securities, dimmed the demand of bonds. The RBI reduced SLR by 100 bps from 24% to 23% of their NDTL with effect from the fortnight beginning August 11, 2012. However, not much of movement is expected in the yields as markets awaited some positive cues from the new Finance Minister P Chidambaram, which has got a popular reformist image and is expected to attract foreign investments, in order to prop up the growth of sagging economy.
On the global front, US Treasuries slipped slightly in Asia on Thursday, but did not wander away far from overnight levels as investors waited for the outcome of a European Central Bank meeting after the US Federal Reserve stopped short of offering fresh stimulus. Meanwhile, Brent crude steadied near $106 a barrel on Thursday as investors looked to Europe for policy easing measures after the US Federal Reserve dashed hopes by deferring fresh monetary stimulus. The speculation has been rife that ECB could renew its bond buying programme in order to bring down borrowing costs for Italy and Spain to head off a brewing debt crisis.
The yields on 10-year benchmark 8.79% - 2021 edged lower by 2 basis points at 8.21% from its previous close of 8.23% on Wednesday.
The benchmark five-year interest rates edged lower by 3 basis points at 7.05% from its previous close of 7.08% on Wednesday.
The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on August 3, 2012 (i) “8.19 percent Government Stock 2020” for a notified amount of Rs 4,000 crore (nominal) through price based auction; (ii) “8.33 percent Government Stock 2026” for a notified amount of Rs 7,000 crore (nominal) through price 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 `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, Fort, Mumbai on August 03, 2012 (Friday).
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