Bond yields ease for fifth consecutive session; Rs 15,000 crore debt sale eyed

18 Apr 2013 Evaluate

Bond yields easing for fifth consecutive session on Thursday dipped to its lowest since February 26, tracing the drop in crude prices, which was seen helping narrow the current account deficit (CAD). However, further up move of the yields could be capped as traders may avoid big purchases before government's debt sale worth Rs 15,000 crore later in the day.

On the global front, US Treasuries firmed in Asian trade on Thursday, pushing the benchmark yield near a four-month low, as profit concerns hit Wall Street shares in a market already rattled by sinking commodity prices.. Meanwhile, Brent crude was trading slightly lower at $97 per barrel on Thursday, after slipping to a nine-month low earlier in the session as worries over the outlook for demand festered amid rising US fuel supplies.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 2 basis points lower at 7.78% from its previous close of 7.80% on Wednesday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 6.97% from its previous close of 7.00% on Wednesday.

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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