Bond yields eases after inflations slows down to 41 month low level

14 May 2013 Evaluate

Bond yields eased after annual rate of inflation based on monthly WPI, slowed down to its lowest since November 2009 at 4.89% (Provisional) for the month of April, 2013 (over March, 2012), re-igniting hopes that RBI may cut rates in its upcoming monetary policy review. Yields also edged lower with C Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, saying that “RBI will have room to cut interest rates further if inflation eases”.

On the global front, US 10-year Treasuries eased in Asia on Tuesday, after recent signs of an improvement in US labour market conditions helped trigger a sharp selloff. Meanwhile, Brent futures held steady near $103 a barrel on Tuesday, caught between hopes of a revival in demand growth after an unexpected jump in US retail sales and concerns about a rise in stockpiles in the world's largest oil consumer.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 4 basis points lower at 7.54% from its previous close of 7.58% on Monday.

The benchmark five-year interest rate swaps were trading 6 basis points higher at 6.79% from its previous close of 6.73% on Monday.

The Reserve Bank of India has announced the auction of 91 and 364-day Government of India Treasury Bills for notified amount of Rs 5,000 crore respectively. The auction will be conducted on May 15, 2013 using 'Multiple Price Auction' method.

Additionally, the Government of India have announced the sale (re-issue / issue) of four dated securities for Rs 15,000 crore on May 17, 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) “New 10 – year Government Stock 2023” for a notified amount of Rs 7,000 crore (nominal) through yield based auction; (iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 2,000 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 May 17, 2013 (Friday).

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