Bond yields edge lower on chief economic adviser’s comments

26 Jul 2013 Evaluate

Bond yields edged lower after the comments from the chief economic adviser, but sale of Rs 15000 crore of bonds later in the day will prevent a sharp fall. Chief Economic Adviser Raghuram Rajan said all options were being considered to fund the country's record-high current account deficit. He said policy measures were geared to stabilise a weak rupee in a way that only does 'minimal damage' to growth.

Meanwhile, Fixed Income Money Market and Derivatives Association of India has removed the trading bands for government bonds and other securities on Friday ahead of the bond auction.

On the global front, US Treasury debt prices ended little changed on Thursday, with investors reluctant to buy bonds before a Federal Reserve meeting next week that will be scrutinized for signs on when the US central bank may start paring back its bond purchase program. Meanwhile, Brent crude held steady above $107 a barrel on Friday as a weak dollar and supply disruptions at some Middle Eastern and African oil producers offset worries about China’s economic slowdown and decades-high oil output in the United States.

Back home, the yields on 10-year 7.16% - 2023 bonds were trading 9 basis points lower at 8.10% from its previous close of 8.19% on Thursday.

The benchmark five-year interest rate swaps rose 6 basis points lower to 8.22% from its previous close of 8.28% on Thursday.

The Government of India has announced the sale (Re-issue) of four dated securities for Rs 15,000 crore on July 26, 2013 (i) “7.38 percent Government Stock 2015” for a notified amount of Rs 2,000crore (nominal) through price based auction; (ii) “8.12 percent Government Stock 2020” for a notified amount of Rs 3,000crore (nominal) through price based auction; (iii) “8.20 percent Government Stock 2025” for a notified amount of Rs 7,000 crore (nominal) through price based auction; and (iv) “8.32 percent Government Stock 2032” for a notified amount of Rs 3,000 crore (nominal) through price based auction on July 26, 2013 (Friday).

Additionally, the Government of India have announced the sale (re-issue) of “1.44% Inflation Indexed Government Stock-2023” for a notified amount of Rs 1,000 crore through price based auction on July 29, 2013 (Monday). Up to 20% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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