Bond yields tread water ahead of OMO, debt sale later in the day

07 Jun 2013 Evaluate

Bond yields were treading water ahead of the open market operations (OMOs) and debt sale later in the day. However, traders also preferred to be on the sidelines ahead of the release of crucial data next week. While, the IIP for April will be released on June 12 and the WPI data for May is due for release on June 14.

On the global front, US 10-year Treasuries held firm in Asia on Friday before the release of jobs data which could shed light on whether the Federal Reserve will soon scale back its aggressive monetary stimulus. Meanwhile, Brent futures posted light gains to hold above $103 a barrel on Friday, supported by a sharp fall in the dollar and expectations the Federal Reserve will stick with its stimulus.

Back home, the yields on 10-year 8.79% - 2021 bonds were trading 1 basis point lower at 7.20% against its previous close of 7.21% on Thursday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 6.87% from its previous close of 6.88% on Thursday.

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.

Additionally, 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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