Bond yields ease with declining crude oil prices

18 Sep 2013 Evaluate

Bond yields eased as global crude oil prices cooled, a development which could give some relief to the Reserve Bank of India (RBI), which is battling resurgent inflation. However, trade remains largely range-bound as all eyes are on Federal Reserve's decision on stimulus tapering later in the day. There is some amount of caution also ahead of RBI’s monetary policy review on September 20, with the market broadly factoring in a status quo on rates.

On the global front, U.S. Treasury debt prices rose on Tuesday as investors awaited a decision from the Federal Reserve on a possible reduction of its bond-purchase stimulus and clues on how it might manage short-term interest rates. Meanwhile, brent crude oil prices slipped towards $108 a barrel on Wednesday as Libya resumed output and as the start of diplomatic talks to eliminate Syria's chemical weapons eased worries that crude supply from the Middle East would be at risk.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 2 basis points lower at 8.42% from its previous close of 8.44% on Tuesday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 8.32% from its previous close of 8.35% on Tuesday.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on September 23, 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) “8.32 percent Government Stock 2032” for a notified amount of `3,000 crore (nominal) through price based auction, and (iv) “8.30 percent Government Stock 2042” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. In partial deviation from the Issuance Calendar for marketable dated securities for April-Sept 2013 wherein period September 16-20, 2013 was indicated for the auction of dated securities, auctions for the week September 16-20, 2013 will be conducted by the Reserve Bank of India on September 23, 2013 (Monday).

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