Bond yields sustain positive momentum for second consecutive session on Wednesday

02 Nov 2011 Evaluate

Bond yields sustained the positive momentum for second consecutive session on Wednesday as traders stayed on the sidelines ahead of the sale of a new 10-year paper on Friday and the outcome of the US Federal Reserve's two-day policy meeting. The expectation is that the Federal Reserve could begin to prepare financial markets for further monetary easing at the conclusion of a two-day meeting that began on Tuesday, even if it refrains from any new stimulus just yet.

However, federal bond yields may edge higher as global risk aversion may heighten post the cabinet’s decision of supporting Greek’s president’s proposal of holding a referendum on a 130 billion euro bailout package.

On the global front, US Treasuries prices climbed for a third straight day on Tuesday as worries that a euro zone plan reached last week would not resolve the region's debt crisis fueled safe-haven buying of US government debt. However, in Asian trade, the 10-year US benchmark bond yield was at 2.02 percent from 1.98 percent in late New York trade, when it had dropped 13 bps. Meanwhile, Oil fell in New York for a fourth day, the longest losing streak in three months, on concern a Greek referendum on Europe’s rescue plan will worsen the region’s debt crisis and curb economic growth.

The yields on 10-year benchmark 7.80% - 2021 bonds 2021 bonds were trading tad up at up at 8.95% against its previous close of 8.94%.

The benchmark five-year interest rate swaps were trading at 7.40% from 7.39% on Tuesday.

The Reserve Bank of India has announced the auction of 364-day and 91-day Government of India Treasury Bills for notified amount of Rs 4,000 crore each. The auction will be conducted on November 2, 2011 using 'Multiple Price Auction' method.

The Government of India has announced the sale (re-issue) of three dated securities for Rs 13,000 crore on November 4, 2011, which includes (i) “7.83% Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (ii) “New 10 year Government Stock 2021” for a notified amount of Rs 6,000 crore (nominal) through yield based auction and (iii) “8.26% Government Stock 2027” for a notified amount of Rs 3,000 crore (nominal) through price based auction.

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