Bond yields edge higher in early deals on Tuesday; uptrend limited

18 Jun 2013 Evaluate

Bond yields which have edged higher in early deals, but the uptrend was limited given that bonds found some support from the central bank's move to hold a uniform price-based auction on Friday. A uniform price auction ensures that traders with higher price bids also pay the cut-off price.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on June 21, 2013 (i) “7.28 percent Government Stock 2019” for a notified amount of Rs 3,000 crore (nominal) through price based auction; (ii) “7.16 percent Government Stock 2023” for a notified amount of Rs 6,000 crore (nominal) through price based auction;(iii) “8.97 percent Government Stock 2030” for a notified amount of Rs 3,000 crore (nominal) through price based auction, and (iv) “8.83 percent Government Stock 2041” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on June 21, 2013(Friday).

On the global front, US Treasuries edged down in Asian trade on Tuesday, as investors positioned for the possibility that the US Federal Reserve might not offer reassurance on its policy intentions at its meeting later this week. Meanwhile, Brent crude futures were barely changed around $105, holding not far off their strongest level in 10 weeks, as investors were cautious ahead of a US Federal Reserve meeting.

Back home, the yields on 10-year 7.16% - 2013 bonds were trading 1 basis point higher to 7.26% from its previous close of 7.25% on Monday.

The benchmark five-year interest rate swaps were trading 1 basis point higher at 6.95% from its previous close of 6.94% on Monday.

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 19, 2013 using 'Multiple Price Auction' method.

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