Bond yields edge tad lower ahead of Rs 15,000 crore debt auction

24 Aug 2012 Evaluate

Bond yields were trading tad lower ahead of Rs 15,000 crore debt auction later in the session. Meanwhile, lower Brent crude prices also weighed on the sentiment. However, the Reserve Bank of India’s (RBI), ‘Annual Report for 2011-12’, a review of the previous fiscal year's macroeconomic conditions and outlook for the current year, which stated that ‘lower interest rates alone are unlikely to jump-start the investment cycle,’ emerged as non-event, given the Apex Bank’s known hawkish stance.

On the global front, US Treasuries were steady in Asian trade on Friday, with market players looking for more clues on whether the Federal Reserve will be taking fresh easing steps at its meeting next month. Meanwhile, Brent futures dipped sub $115 per barrel in Asia on Friday on signs of economic weakness across the globe, while lingering doubts about more easing by the Federal Reserve and renewed worries over Europe's debt crisis also weighed on the sentiment.

The yields on 10-year benchmark 8.79% - 2021 were trading 1 basis point lower at 8.22% from its previous close of 8.23% on Thursday.

The benchmark five-year interest rates were trading 3 basis points lower at 7.12% from its previous close of 7.15% on Thursday.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on August 24, 2012, which include (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 and Mumbai on August 24, 2012 (Friday).

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