Bond yields slip for second consecutive session on RBI chief’s comments

09 Oct 2013 Evaluate

Bond yields dropped for second day in row on Wednesday after overall tone of RBI’s governor appeared to be less hawkish about the future scope of monetary policy in slew of media interviews. October 29 is the date of RBI's next rate-setting meeting. Meanwhile, Rajan had, on September 20, raised the repo rate, the rate at which RBI lends to banks, by 25 basis points to 7.5%.

On the global front, U.S. Treasury prices slipped slightly on Tuesday, but losses were held in check by a liquidity bid inspired by stock market losses and an apparent lack of progress on resolving a partial government shutdown and lifting the U.S. debt ceiling. Meanwhile, brent futures slipped below $110 per barrel on Wednesday, after lawmakers in Washington made little progress to end a budget impasse that threatens to curb demand in the world's biggest oil consumer and hurt investor confidence.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 2 basis points lower at 8.48% from its previous close of 8.50% on Tuesday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 8.10% from its previous close of 8.11% on Tuesday.

The Reserve Bank of India has announced the auction of 91 and 182 days Government of India Treasury Bills for notified amount of Rs 6,000 crore each. The auction will be conducted on October 9, 2013 using 'Multiple Price Auction' method.

The Government of India has announced the sale (Re-issue) of four dated securities for Rs 15,000 crore on October 11, 2013, including (i) “8.12 percent Government Stock 2020” for a notified amount of Rs 4,000 crore (nominal) through price based auction; (ii) “8.28 percent Government Stock 2027” for a notified amount of Rs 6,000 crore (nominal) through price based auction;(iii) “ 9.20 percent Government Stock 2030” for a notified amount of Rs 3,000 crore (nominal) through price based auction, and (iv) “8.83 percent Government Stock 2041” for a notified amount of Rs 2,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Fort, Mumbai on October 11, 2013 (Friday).

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