Bond yields edge tad lower; Rs 15,000 crore debt auction eyed

30 Apr 2013 Evaluate

Bond yields were trading tad lower on Tuesday as dealers continued to build long positions in the run-up to the RBI’s monetary policy on May 3, where it is widely expected to be slashing repo rate by 25 basis points. Nevertheless, little cautiousness on trader’s part, who would also wait for policy statement to see whether the RBI loosens it stance on further easing has weighed on the sentiment. Additionally, dealers would also watch the sale of four dated securities for Rs 15,000 crore, to be held during the later part of the session.

On the global front, US 10-year Treasuries edged down in Asian trading on Tuesday, taking their cue from firmer stocks but mostly sticking close to recent levels as investors awaited key events later this week. Meanwhile, Brent crude steadied under $104 a barrel on Tuesday; holding on to most of its gains from the previous session as investors remained cautiously optimistic that further global stimulus measures would boost oil demand.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 1 basis point lower at 7.75% from its previous close of 7.76% on Monday.

The benchmark five-year interest rate swaps were trading steady at its previous close of 6.93% on Monday.

The Reserve Bank of India has announced the auction of 91-day and 364-day Government of India Treasury Bills for notified amount of Rs 5,000 crore each. The auction will be conducted on April 30, 2013 using 'Multiple Price Auction' method.

Additionally, Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on May 3, 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) “8.33 percent Government Stock 2026” 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, (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 May 3, 2013 (Friday).

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