Bond yields edge tad lower on RBI’s announcement of OMO

26 Dec 2012 Evaluate

Bond yields edged tad lower as expectations of a rate cut in January monetary policy and support from consistent bond purchases by the RBI, spurred buying in bonds.

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 by purchasing government securities for an aggregate amount of Rs 8,000 crore on December 28, 2012.

On the global front, US 10-year Treasuries held steady in Asian trade on Wednesday, with investors waiting to see whether US lawmakers will reach a last-minute deal to avoid a looming fiscal crunch. Meanwhile, Brent crude rose above $109 per barrel on Wednesday in thin trade as investors clung to hopes US lawmakers would come up with a last-minute deal to avert a looming fiscal crisis in the world's largest oil consumer.

Closer home, the yields on 10-year 8.79% - 2021 were down by 1 basis point to 8.12% from its previous close of 8.13% on Monday.

The benchmark five-year interest rates were trading 1 basis point lower to 7.16% from its previous close of 7.17% on Monday.

The Reserve Bank of India has announced the auction of 364-day Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on December 26, 2012 using 'Multiple Price Auction' method.

The Government of India have announced the sale (new/re-issue) of three dated securities for Rs 12,000 crore on December 28, 2012, which includes (i) “8.12 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 6,000 crore (nominal) through price based auction; and (iii) “a new 30-Year Government Stock 2042” for a notified amount of Rs 3,000 crore (nominal) through yield 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 December 28, 2012 (Friday).

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