Bond yields edge lower for third successive session

05 Sep 2012 Evaluate

Bond yields edged lower for third consecutive session; however, the trade remained range-bound as dealers preferred to stay light ahead of a central bank rate meeting and the fiscal second-half borrowing numbers later in September. However, deputy governor at the RBI on Wednesday stated that Central bank will buy bonds through its open market operation (OMO) if liquidity deficit persistently stays above the comfort level.

On the global front, US 10-year Treasuries held steady in Asian trade on Wednesday, as investors waited for the European Central Bank to unveil details of a plan to ease the euro zone's debt crisis when it meets on Thursday. Meanwhile, Brent crude hovered in a tight range near $114 a barrel on Wednesday as global growth concerns deterred buyers.

The yields on 10-year benchmark 8.79% - 2021 edged 2 basis points lower at 8.19% from its previous close of 8.21%.

The benchmark five-year interest rates edged 2 basis points lower at 7.14% from its previous close of 7.16%.

The Reserve Bank of India has announced the auction of 91-day 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 September 5, 2012 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 16,000 crore on September 7, 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 7,000 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 September 07, 2012 (Friday).

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