Bonds spurt to months high level on Fed’s stance

19 Sep 2013 Evaluate

Bonds rose to their highest in a month i.e., since Aug 8, after the Fed decision to stick to its bond purchase programme for now, which in turn fuelled hopes of RBI reversing some of its cash tightening steps. Expectations are that RBI would reduce the Marginal Standing Facility rate, currently at 10.25% by 100 bps, while few dealers also expect India’s Apex Bank to lower the daily average CRR requirements and ease repo rate.

On the global front, U.S. Treasury yields dropped on Wednesday, to their lowest in over a month after the Federal Reserve said it would maintain its bond purchases at $85 billion a month, surprising investors who had expected it would reduce the size of its buying program. Meanwhile, brent crude edged up towards $111 a barrel on Thursday, extending gains for a second day after the United States kept its monetary stimulus programme intact, boosting global equity and commodity prices.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 19 basis points lower at 8.18% from its previous close of 8.37% on Wednesday.

The benchmark five-year interest rate swaps were trading 29 basis points lower at 8.83% from its previous close of 9.12% on Wednesday.

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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