Bond yields edge tad higher tracing rising global crude oil prices

06 Feb 2013 Evaluate

Bond yields edged a tad higher tracing global crude oil prices, which shored up to 20 weeks high level, following positive economic data in the US and strong corporate earnings. However, a little caution was witnessed ahead of Treasury Bills auction, which is due to be held later in the day.

The US services sector extended a three-year run of growth, while data showing signs of recovery in Europe's business activity also helped calm nerves jarred by fears a potential political turmoil would derail the region's efforts to resolve its debt crisis.

US 10-year Treasuries were little changed in Asian trade on Wednesday, but the 10-year yield continued to hold above 2 percent after a rebound in US equities a day prior dented appetite for safe-haven government debt. Meanwhile, Brent crude futures held above $116 per barrel on Wednesday after positive economic data from the United States and Europe bolstered the view that the global economy is on recovery.

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 Tuesday

The benchmark five-year interest rate swaps were trading 1 basis points higher to 7.28% against its previous close of 7.27% on Tuesday.

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.

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