Bond yields edge lower on March rate cut hopes

08 Feb 2013 Evaluate

Bond yields edged lower as the previous day's weak advance GDP Estimates re-ignited hopes of rate cuts in the March policy, especially since RBI Governor D Subbarao said he would factor in the advance estimates numbers while formulating the policy. However, gains were limited ahead of fresh supply with RBI to auction Rs 12,000 crore of bonds in session.

In a big shocker, the Central Statistical Office (CSO) in the advance estimates has pegged country's Gross Domestic Product (GDP) growth rate for the current fiscal year to 5%, way lower than the government’s downward revision to economic growth for fiscal 2011-12, in the previous month to 6.2% from the earlier estimate of 6.5%.

On the global front, US Treasuries were slightly lower in Asian trading on Friday after better-than-expected trade data from China confirmed a recovery is under way in the world's second-largest economy, thereby boosting investors' fervor for riskier assets. Meanwhile, heading for a fourth weekly gain, Brent futures rose towards $118 per barrel on Friday, as robust trade data from China bolstered the outlook for demand, while escalating tensions in the Middle East stoked concerns over supply.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 1 basis point lower at 7.87% from its previous close of 7.88% on Thursday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 7.24% against its previous close of 7.25% on Thursday.

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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