Bond yields slides for 4th consecutive session; slumps near a month low level

06 Sep 2012 Evaluate

Registering fourth session of downtrend, bond yields on Thursday slumped near a month low level as cash deficit in the banking system fell to its lowest since October, spurring buying in debt. Repo bids at the RBI's borrowing window fell to Rs 2,120 crore, having eased significantly from the 1 trillion rupees deficit seen in late June.

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 2,120 crore through repo window on September 6, 2012, while, the banks borrowed Rs 2,970 crore through repo window and parked Rs 2,380 crore vie reverse repo window on September 5, 2012.

On the global front, US 10-year Treasuries dipped on Thursday but the moves were subdued as investors waited for the European Central Bank to divulge more details about its new bond-buying programme, to get a sense of how effective the scheme might be in helping lower Spanish and Italian bond yields. Meanwhile, Brent crude futures climbed above $113 per barrel on Thursday as hopes that the ECB may employ new tactics to counter the perennial European debt crisis, which in turn would boost the demand for oil.

The yields on 10-year benchmark 8.79% - 2021 edged 3 basis points lower at 8.15% from its previous close of 8.18%.

The benchmark five-year interest rates were trading steady at its previous close of 7.14%.

The Government of India has announced the sale (re-issue) of four dated securities for Rs 16,000 crore on September 7, 2012, which includes (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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