Bond yields ease tracing sharp fall in crude prices

03 Jun 2013 Evaluate

Bond yields eased tracking a sharp fall in crude prices amid thin volumes in early trades. Further, the sentiment for bonds too, some extent was also supported after weak manufacturing data suggested that RBI is likely to fire another salvo at its June policy meeting. Shrinking for the first time in over four years, the seasonally adjusted HSBC Purchasing Managers’ Index, a composite indicator of operating conditions in the manufacturing economy slowed to 50.1 in May against its previous reading of 51.1 in April, registering its third monthly decline.

On the global front, US 10-year Treasuries fell on Monday, with investors cautious after last month's sharp selloff, which was sparked by worries that the Federal Reserve might slow its bond purchases later this year. Meanwhile, Brent futures slipped below $100 a barrel for the first time in a month on demand growth concerns after factory activity data from China pointed to momentum slowing in the world's second-biggest oil consumer. The HSBC/Markit Purchasing Managers' Index (PMI) in China for May slipped to 49.2, the lowest level since October 2012 and down from April's final reading of 50.4.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 2 basis points (bps) lower at 7.22% against its previous close of 7.24% on Friday. The new 10-year bond was 3 bps lower at 7.41% against its previous close of 7.44% on Friday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 6.93% from its previous close of 6.94% on Friday.

Five State Governments have offered to sell dated securities by way of auction for an aggregate amount of Rs.3,600 crore (Face Value).

The Reserve Bank of India has announced the auction of 182 and 91-days Government of India Treasury Bills for notified amount of Rs 5,000 crore and Rs 7,000 crore respectively. The auction will be conducted on June 5, 2013 using 'Multiple Price Auction' method.

The Government of India have announced the sale “New Inflation Indexed Government Stock-2023” for a notified amount of Rs 1,000 crore through yield based auction on June 4, 2013. The auction will be conducted using uniform price method.

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