Bond yields tread water ahead of Rs 12,000 crore debt auction

21 Dec 2012 Evaluate

Bond yields are treading water with traders awaiting Rs 12,000 crore worth bond sale and central bank's open market operations, scheduled to be held later in the noon, for near-term direction.

Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations (OMO) by purchasing the government securities for an aggregate amount of Rs 8,000 crore on December 21, 2012.

Meanwhile, the Government of India have announced the sale of three dated securities for Rs 12,000 crore on December 21, 2012, which includes, (i) ‘8.07 percent Government Stock 2017-JUL’ for a notified amount of Rs 3,000 crore (nominal) through price based auction; (ii) ‘8.15 percent Government Stock 2022’ for a notified amount of Rs 6,000 crore (nominal) through price based auction; and (iii) ‘8.97 percent Government Stock 2030’ 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, Mumbai Office, Fort, Mumbai on December 21, 2012 (Friday).

On the global front, US 10-year Treasuries rose in Asian trade on Friday, with yields moving away from an eight-week high hit this week, after Speaker of the US House of Representatives John Boehner accepted that his tax bill designed to help avert 'the fiscal cliff' lacked the votes to pass. Boehner said late on Thursday it was now the onus of President Barack Obama to work with fellow Democrats in the Senate to hammer out a deficit-reduction deal. Meanwhile, Brent crude dipped towards $109 a barrel on Friday after talks in Washington to avert a 'fiscal cliff' before year-end stalled, stoking worries about demand from the world's biggest oil consumer.

Closer home, the yields on 10-year 8.79% - 2021 were trading flat at its previous close of 8.15% on Thursday.

The benchmark five-year interest rates were trading flat at its previous close of 7.16% on Thursday.

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