Bond yields ease tracing sharp fall of Brent crude, gold

16 Apr 2013 Evaluate

Bond yields dropped tracing the sharp fall of US Treasuries yields and Brent crude. Meanwhile, lower gold prices also weighed on the sentiment. Lower commodity and metals prices help ease pressure on the current account deficit (CAD), which has been cited by the RBI as a factor in monetary policy decisions.

Gold plunged more than 9 percent to its lowest price in two years in a rout sparked by worries over Chinese growth and a possible sell off by struggling Cyprus's central bank.

On the global front, US 10-year Treasuries slipped in Asian trade on Tuesday with profit-taking weighing on prices, although losses were limited due to concerns about slower growth in the United States and China. Meanwhile, Brent crude sank below $100 a barrel for the first time in nine months on Tuesday amid a wider commodities rout, with investors making a beeline for the exits after recent weak data from China and the United States fuelled worries about demand.

Back home, the yields on 10-year 8.79% - 2021 bonds were 2 basis points lower at 7.81% from its previous close of 7.83% on Monday.

The benchmark five-year interest rate swaps were trading lower by 3 basis points at 7.08% from its previous close of 7.11% on Monday.

The Reserve Bank of India has announced the auction of 364 and 91 days Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on April 17, 2013 using 'Multiple Price Auction' method.

Meanwhile, the Government of India have announced the sale re-issue of four dated securities for Rs 15,000 crore on April 18, 2013 (Revised), which includes (i) “8.12 percent Government Stock 2020” 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 (iii) “8.32 percent Government Stock 2032” for a notified amount of Rs 3,000 crore (nominal) through price based auction and (iv) “8.30 percent Government Stock 2042” 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 18, 2013 (Thursday).

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