Bond yields edge lower for second consecutive session

28 Aug 2012 Evaluate

Bond yields edged lower as investors continued to build long positions ahead of the June quarter GDP data due on August 31. The street widely expects June quarter GDP growth to be below 5 percent, which could mount up pressure on the central bank into lowering key interest rates, in its upcoming mid-quarterly policy review, on September 17, 2012.

On the global front, US 10-year Treasuries edged higher in Asia on Tuesday but gains remained limited on account of lingering caution ahead of Federal Reserve Chairman Ben Bernanke’ speech later in the week. Meanwhile, Brent oil futures held steady above $112 a barrel on Tuesday, supported by supply concerns after US companies’ pruned crude production in the Gulf of Mexico as Tropical Storm Isaac threatened to strengthen into a hurricane.

The yields on 10-year benchmark 8.79% - 2021 were trading 3 basis points lower at 8.16% from its previous close of 8.19% on Monday.

The benchmark five-year interest rates were trading 1 basis point lower at 7.11% from its previous close of 7.12% on Monday.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on August 31, 2012, which include (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 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, Fort, Mumbai on August 31, 2012 (Friday).

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 August 29, 2012 using 'Multiple Price Auction' method.

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