Bond yields tread water on Monday morning

04 Feb 2013 Evaluate

Bond yields were treading water on Monday. However, the yields rose a tad in early trade, after RBI deputy governor H.R.Khan stated the possibility of central bank slashing the held-to-maturity ratio requirement for bonds in the next fiscal year.

Held-to-maturity is a category of debt that banks must hold until redemption but which can be reshuffled once a year.The limit is currently set at 25 percent but traditionally has been aligned with the banks' statutory liquidity ratio (SLR), or the mandated portion of deposits which banks must invest in government bonds and other approved securities, which is currently at 23%.

On the global front, US 10-year Treasury yield hit a nine-month high on Monday after jobs and manufacturing data on Friday showed the US economy's recovery remained on track, which in turn helped lift equities to five-year highs level. US employment grew modestly in January and job gains in the previous two months were larger than first reported, while factory activity hit a nine-month high in January, data released on Friday showed.

Meanwhile, brent crude holding near a more than four-month high, steadied above $116 per barrel on Monday, as data from top consumers United States and China reinforced a view that the global economy was headed for a modest uptick this year.Back home, the yields on 10-year 8.79% - 2021 bonds were trading flat at its previous close of 7.91%.

The benchmark five-year interest rate swaps were trading 3 basis points higher to 7.30% from its previous close of 7.27% on Friday.

The Reserve Bank of India has announced the auction of 364 and 91 day Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on February 6, 2013 using 'Multiple Price Auction' method.

Seven State Governments have offered to sell dated securities by way of auction for an aggregate amount of Rs 7670.00 crore.

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