Bond yields trade tad changed on Wednesday

16 Nov 2011 Evaluate

Indian federal bond yields were little changed on Wednesday as positive sentiment from a cut in gasoline prices and losses in the euro was counterbalanced by supply worries and profit-taking after the previous session's sharp rise in prices. Demand for bonds was also tempered because of a Rs 13,000 crore auction on Friday. State-run refiners said late Tuesday that they would cut gasoline prices by about 3.2% from Wednesday, the first reduction in three years. However, the hopes of the Reserve Bank of India’s possibly taking measures to ease tight liquidity in the banking system was also aiding sentiment to some extent.

On the global front, US Treasuries made little headway on Tuesday as stock market gains curbed the bid for safe-haven US government bonds, but persistent worries about European debt and banking issues limited losses. In late trade, benchmark 10-year notes were up 2/32 in price, leaving their yields at 2.05 percent. Meanwhile, US crude futures slipped in early Asian trade on Wednesday, reversing some of the previous session's gains as a surprise build in oil inventories overshadowed signs of economic recovery in industrialized nations.

The yields on new 10-year benchmark 8.79% - 2021 bonds 2021 were trading at 8.89%, from its previous close of 8.88% on Tuesday.

While, the benchmark five-year interest rate swaps were trading higher at 7.38% from its Tuesday's close of 7.31%.

The Reserve Bank of India has announced the auction of 91-day and 364-day Government of India Treasury Bills for notified amount of Rs 4,000 crore and Rs 4000 crore respectively. The auction will be conducted on November 16, 2011 using 'Multiple Price Auction' method.

The Government of India have announced the sale (re-issue) of (i) “7.83 percent Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal), (ii) “8.79 percent Government Stock 2021” for a notified amount of Rs 6,000 crore (nominal) and (iii) “8.28 percent Government Stock 2027” for a notified amount of Rs 3,000 crore (nominal) through price based auctions. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on November 18, 2011 (Friday).

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