Bond yields hover near three-week low-level ahead of CPI, IIP data

09 Apr 2013 Evaluate

Bond yields, after easing to three week low level in previous session, edged further lower on Tuesday on account of continued buying by dealers ahead of the crucial consumer inflation and industrial production data set to be released on April 12, which will provide some cues on RBI’s stance in upcoming policy review on May 3.

On the global front, US Treasury 10-year yields were near a four-month low after Federal Reserve Chairman Ben S Bernanke signaled there is room for improvement in the economy, spurring bets the central bank will continue asset purchases. Meanwhile, Brent crude futures rose above $105 per barrel on Tuesday after data showed China's inflation in March was slower than expected, giving its central bank room to keep monetary policy easy and supportive of oil demand in the world's second-biggest consumer

Back home, after hovering near three week low in previous session, the yields on 10-year 8.79% - 2021 bonds, eased 2 basis points to 7.89% against 7.91% on Monday.

The benchmark five-year interest rate swaps were down by 3 basis points each at 7.17% from its previous close of 7.20%.

The Reserve Bank of India has announced the auction of 91-day and 182-days Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on April 10, 2013 using 'Multiple Price Auction' method.

Additionally, five State Governments, namely, Haryana, Himachal Pradesh, Meghalaya, Mizoram and Punjab, have offered to sell dated securities by way of auction for an aggregate amount of Rs 2,593 crore (Face Value).

Separately, the Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on April 12, 2013, which includes, (i) “7.83 percent Government Stock 2018” for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) “8.20 percent Government Stock 2025” for a notified amount of Rs 6,000 crore (nominal) through price based auction, (iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 3,000 crore (nominal) through price based auction and (iv) “8.83 percent Government Stock 2041” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on April 12, 2013 (Friday).

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