Bond yields nudge higher for the fourth straight session on Monday

24 Oct 2011 Evaluate

Bond yields nudged higher for the fourth straight session on Monday as traders trimmed positions ahead of the policy review, while worries over heavy supplies also weighed in a truncated trading week. Meanwhile, higher oil prices and hopes of resolution of the euro zone crisis also spurred buying of riskier assets, thereby sapping the demand for safe heaven bonds. The Reserve Bank of India will reviewing its monetary policy on Tuesday, is widely expected to deliver one final interest rate increase and then pause until the end of the fiscal year in March.

On the global front, longer-dated US Treasury debt prices fell for the fourth day in a row on Friday as investors turned less pessimistic about euro zone debt problems after promises of a comprehensive solution by the middle of next week. Meanwhile, Brent crude rose above $110 a barrel on Monday after European leaders made some progress over the weekend on a plan to fight the euro zone debt crisis, while manufacturing data from China also supported sentiment.

The yields on 10-year benchmark 7.80% - 2021 bonds 2021 bonds were trading at 8.84%, higher from 8.82% at the previous close.

The benchmark five-year interest rate swaps were trading at 7.48% from 7.45% previously.

The Government of India has announced the sale of Four dated securities for Rs 15,000 crore on October 28, 2011, which includes, (i) “7.99 percent Government Stock 2017” for a notified amount of Rs 4,000 crore (nominal), (ii) “8.13 percent Government Stock 2022” for a notified amount of Rs 6,000 crore (nominal) (iii) “8.28 percent Government Stock 2027” for a notified amount of Rs 2,000 crore (nominal) and (iv) “8.30 percent Government Stock 2040” for a notified amount of Rs 3,000 crore (nominal) through price based auctions. The auctions will be conducted using uniform price method.

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 25, 2011 using 'Multiple Price Auction' method.

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