Bond yields tread water ahead of Q1FY13 GDP numbers

31 Aug 2012 Evaluate

Bond yields were treading water ahead of the release of June quarter’s Gross Domestic Product (GDP) number, a key for near term direction. A number of economists are expecting GDP for the first quarter of the current financial year to grow at 5.2 per cent as against 5.3 per cent in the January-March quarter.

On the global front, US 10-year Treasuries held steady in Asia on Friday, with investors waiting to see whether Federal Reserve Chairman Ben Bernanke will hint at another asset buying programme or quantitative easing in his speech at a symposium in Jackson Hole, Wyoming. Meanwhile, Brent crude futures were steady above $112 per barrel on Friday, as investors awaited a speech by US Federal Reserve Chairman Ben Bernanke for hints of more monetary easing that could stoke oil demand.

The yields on 10-year benchmark 8.79% - 2021 were trading steady at its previous close of 8.19%.

The benchmark five-year interest rates were trading flat at its previous close of 7.12%.

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).

Meanwhile, India's gross domestic product (GDP) grew higher than expected at 5.5% in the First quarter (April-June) of 2012-13 as against the consensus estimates of 5.3%. However, this growth figure has registered sharp decline from the robust 8% growth in the same quarter of the last financial year.

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