Bond yields tread water on Tuesday

06 Nov 2012 Evaluate

Bond yields were treading water on Tuesday after rising sharply in the previous session on concerns of government resorting to additional borrowing to fund a fiscal deficit target, which is expected to widen. Finance Minister P Chidambaram has reportedly raised government borrowing budget to fund a fiscal deficit expected to reach 5.3 percent, higher than the 5.1 percent target announced in March. Further, the yields were also impacted after reports suggested that RBI Governor D Subbarao said that the central bank may ease monetary policy as early as January, but any easing in December was 'highly improbable.'

On the global front, US 10-year Treasuries edged slightly lower in Asian trade on Tuesday but did not drift far from their recent ranges as investors awaited the outcome of Tuesday's presidential election, as well as a Greek vote later in the week on more austerity steps. Meanwhile, Brent oil oscillated in a tight range sub $108 per barrel on Tuesday, caught between uncertainty ahead of the US elections and renewed worries about Greece and the euro zone crisis, which could delay a global economic recovery further sapping oil demand.

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

The benchmark five-year interest rates were trading 1 basis point lower at 7.08% from its previous close of 7.09%.

The Reserve Bank of India has announced the auction of 91-day and 128-day Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on November 07, 2012 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of three dated securities for Rs 13,000 crore on November 09, 2012, which includes (i) “8.19 percent Government Stock 2020” for a notified amount of Rs 3,000 crore (nominal) through price based auction; (ii) “8.20 percent Government Stock 2025” for a notified amount of Rs 7,000 crore (nominal) through price based auction; and (iii) “8.83 percent Government Stock 2041” for a notified amount of Rs 3,000 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, and Mumbai on November 09, 2012 (Friday).

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