Bond yields nudge up ahead of IIP data

12 Oct 2011 Evaluate

Bond yields nudged up on Wednesday after a deputy governor at the central bank said it would change its policy stance only if inflation eases. However, the yields also rose as traders stayed on the sidelines awaiting factory output data due to be released in the noon. Industrial output probably grew 5.0 percent in August from a year earlier, on a favourable statistical base effect, despite successive rate rises slackening the pace of growth.

On the global front, prices of US Treasuries retreated on Tuesday, pushing benchmark yields to their highest in more than a month, as fears about Europe's debt crisis eased after most euro zone countries voted to expand the region's bailout fund. US crude futures erased the previous day's gains on Wednesday amid worries over a global economic slowdown after the parliament of tiny Slovakia stalled the expansion of a bailout fund to rescue the euro zone from its debt crisis

The yields on 10-year benchmark 7.80% - 2021 bonds 2021 bonds were 2 basis points higher at 8.72% from its previous close.

The benchmark five-year interest rate swaps were at 7.33% from 7.30% at the previous close.

The Reserve Bank of India has announced the auction of 91-day and 182-day Government of India Treasury Bills for notified amount of Rs 4,000 crore each. The auction will be conducted on October 12, 2011 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of three dated securities for Rs 13,000 crore on October 14, 2011, which includes (i) “7.83 percent Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal), (ii) “7.80 percent Government Stock 2021” for a notified amount of Rs 6,000 crore (nominal) and (iii) “8.26 percent Government Stock 2027” for a notified amount of Rs 3,000 crore (nominal) through price based auctions. The auctions will be conducted using uniform price method.

Meanwhile, confirming economic slowdown, the industrial growth number came in at 4.1%, better than the 21-month low of 3.3% reported in July. However, the Industrial output growth for July was upwardly revised to 3.84 percent. Growth in factory output, as measured in terms of the Index of Industrial Production (IIP), stood at 4.5% in August last year. During the April-August period this fiscal, IIP growth stood at 5.6%, as against 8.7% in the same period last year.

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