Bond yields rise tailing Rupee’s slide past 65.50/$ level

27 Aug 2013 Evaluate

Bond yields soared higher as worries about Rs 53,000 crore worth of debt and treasury bill sales this week kept investors cautious after last week's volatile trading. The yields also edged higher tracking Rupee’s weakness. On the currency front, Indian rupee scaled life time low level of 65.94, after lower house of Parliament approved a nearly $20 billion plan to provide cheap grain to the poor, which ultimately raised the concerns that country's fiscal deficit will blow out even further

On the global front, Prices of US Treasuries rose for a second straight session on Monday as weaker-than-expected economic data fueled views the US Federal Reserve might not trim its massive bond purchase program until later in the year. Meanwhile, brent crude rose above $111 a barrel on Tuesday to trade near its highest in five months as rising tensions over a suspected chemical weapons attack in Syria raised the prospect of more military action in the Middle East.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 8 basis points higher at 8.42% against its previous close of 8.36% on Monday.

The benchmark five-year interest rate swaps were trading 8 basis points higher at 8.50% from its previous close of 8.42% on Monday.

The Government of India has 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. The auction will be conducted using uniform price method on August 27, 2013 (Tuesday).

Eleven State Governments have offered to sell 10 year securities by way of auction for an aggregate amount of Rs 8,605 crore on August 27, 2013.

The Reserve Bank of India has announced the auction of 91 and 182 days Government of India Treasury Bills for notified amount of Rs 7,000 crore and Rs 5,000 crore respectively. The auction will be conducted on August 28, 2013 using 'Multiple Price Auction' method.

Additionally, Reserve Bank has decided to conduct Open Market Operations by purchasing the following government securities for an aggregate amount of Rs 8,000 crore on August 30, 2013 (Friday) through multi-security auction using the multiple price method.

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