Bond yields edge lower on higher T-bill issuance for March quarter

31 Dec 2012 Evaluate

Bond yields edged tad lower on quarter-end buying along with higher Treasury bill issuance for March quarter, too weighing on the sentiment. Dealers reportedly believe that government borrowing of around Rs 140,000 crore in the Jan-March quarter, would reduce the chances of more borrowing via bonds.

On the global front, US benchmark Treasury debt prices rose for a third consecutive session on Friday on safe-haven buying as hopes faded for a deal to avoid tax hikes and spending cuts that could throw the US economy back into recession. Meanwhile, Brent crude was steady above $110 per barrel on Monday as worries the United States may not reach a deal by Jan 1 to prevent a fiscal crisis stoked fears of erosion of fuel demand at the world's largest oil consumer.

Closer home, the yields on 10-year 8.79% - 2021 were down by 2 basis points to 8.09% from its previous close of 8.11% on Friday.

The benchmark five-year interest rates were trading 1 basis point lower to 7.13% from its previous close of 7.14% on Friday.

The Reserve Bank of India has announced the auction of 91-day and 182-day Government of India Treasury Bills for notified amount of Rs 5,000 crore each, to be conducted on January 02, 2013 using 'Multiple Price Auction' method.

Meanwhile, the Reserve Bank of India, in consultation with Government of India, after reviewing the cash position of the Government of India and funding requirement in the first quarter of the next financial year, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 2013 as under:

Proposed Auction of T-Bills during Jan-March 2013

(Rs.in Crore)

Date of Auction	91Days	182 Days	364 Days	Total
02-Jan-2013	5000	5000		10,000
09-Jan-2013	5000		5000	10,000
16-Jan-2013	5000	5000		10,000
23-Jan-2013	5000		5000	10,000
30-Jan-2013	5000	5000		10,000
06-Feb-2013	5000		5000	10,000
13-Feb-2013	5000	5000		10,000
20-Feb-2013	5000		5000	10,000
27-Feb-2013	7000	5000		12,000
06-Mar-2013	7000		5,000	12,000
13-Mar-2013	7000	5000		12,000
20-Mar-2013	7000		5,000	10,000
27-Mar-2013	7000	5000		12,000
Total	75,000	35,000	30,000	140,000

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