Bond yields edge higher ahead of RBI’s OMO

06 Jun 2013 Evaluate

Bond yields edged higher ahead of the central bank's open market operation. However, the yields uptrend was limited as some traders built position ahead of the crucial data next week. While, the IIP for April will be released on June 12, and WPI data for May is due for release on June 14.

Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations (OMOs) by purchasing the government securities for an aggregate amount of Rs 7,000 crore on June 7, 2013 through multi-security auction using the multiple price method.

On the global front, US 10-year Treasuries inched lower on Thursday, with investors looking to jobs data on Friday for hints on whether the Federal Reserve will soon temper the pace of its aggressive monetary stimulus. Meanwhile, Brent futures slipped below $103 a barrel on Thursday amid persistent worries that the US Federal Reserve may roll back its stimulus, although a surprise fall in crude stockpiles in the world's top oil consumer limited the downtrend to some extent.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 1 basis point up at 7.22% against its previous close of 7.21% on Wednesday.

The benchmark five-year interest rate swaps were trading 2 basis points lower at 6.89% from its previous close of 6.71% on Wednesday.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 14,000 crore on June 7, 2013 (i) “8.12 percent Government Stock 2020” 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; (iii) “8.32 percent Government Stock 2032” for a notified amount of Rs 2,000 crore (nominal) through price based auction, and (iv) “8.30 percent Government Stock 2042” 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 June 7, 2013 (Friday).

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