Bond yields edge tad lower on receding oil prices

05 Feb 2013 Evaluate

Bond yields were trading a tad lower in early deals on Tuesday tracking a fall in global crude oil prices. Range-bound movement for the safe haven instrument is expected ahead of 12,000 crore debt sale on Friday.

On the global front, US 10-year Treasury yields, taking a breather after rallying the previous day, inched lower on Tuesday, as safe haven US debt rose on worries about mounting political uncertainty in Spain and Italy.

Meanwhile, Brent crude slipped towards $115 per barrel on Tuesday on renewed euro zone worries and a slightly firmer dollar. The outlook for oil demand weakened as fresh political uncertainty in Spain and Italy threatened to disrupt the euro zone's efforts to resolve its debt crisis. Adding to worries, a gauge of business investments in the United States edged lower, eroding the confidence from last week's data.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 1 basis point lower at 7.93% from its previous close of 7.94% on Monday.

The benchmark five-year interest rate swaps were trading 2 basis points higher to 7.27% from its previous close of 7.25% on Monday.

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.

The Government of India have announced the sale (re-issue) of three dated securities for Rs 12,000 crore on February 8, 2013, 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 multiple price method.

Additionally, Seven State Governments have offered to sell dated securities by way of auction for an aggregate amount of Rs 7670.00 crore on February 5, 2013.

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