Bond yields ease tracing Rupee’s appreciation

19 Jun 2013 Evaluate

Bond yields eased tracing the appreciation of Indian currency, they also found 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.

Meanwhile, Indian rupee, after nearing the record low level in early deals, have recuperated some lost ground to trade strong on Wednesday, on increased selling of the US currency by exporters.

On the global front, US Treasuries were trading steady in Asian trade on Wednesday as investors looked for clarity from the US Federal Reserve on exactly how the central bank plans to taper its stimulus programme after it concludes its June policy meeting later in the day. Meanwhile, Brent crude futures held above $106 a barrel on Wednesday as investors looked to a Federal Reserve meeting for clues on the outlook for a U.S. stimulus programme that has underpinned commodity prices.

Back home, the yields on 10-year 7.16% - 2013 bonds were trading 2 basis points lower to 7.26% from its previous close of 7.28% on Tuesday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 6.94% from its previous close of 6.97% on Tuesday.

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).

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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