Bond yields edged up in thin range post hawkish comments of planning commission’s official

21 Nov 2011 Evaluate

Bond yields edged up though in a thin range on Monday amid lack of fresh triggers, with details of this week's Rs 13,000 debt sale and the central bank's buyback papers, to be announced later in the day, awaited for direction. The Reserve Bank of India had said late last Wednesday it would conduct open market operations (OMO) to buyback up to Rs 10,000 worth bonds on November 24.

However, the bond yields edged up in the noon deals after the deputy chairman of the Planning Commission Montek Singh Ahluwalia reportedly said that India's fiscal deficit in the current fiscal year would exceed the targeted 4.6% of gross domestic product. On Sunday, Ahluwalia told that economic growth for the current fiscal year would likely be about 7-7.5%, while it was 'not impossible' that the fiscal deficit could swell to 5.5%, against the government's target of 4.6% for the year.

On the global front, US Treasuries prices fell on Friday as Italian government bond yields eased and the European Central Bank intervened in markets to lean against the higher premiums investors have been demanding for European debt. Meanwhile, oil fell for a third day as investors speculated that fuel demand may falter amid signs of slowing global economic growth in Asia and debt crises in the US and Europe.

The yields on 10-year benchmark 7.80% - 2021 bonds 2021 bonds were trading at 8.85% from its previous close of 8.83% on Friday.

The benchmark five-year interest rate swaps were trading at 7.30% from Tuesday's close of 7.27%.

The Reserve Bank of India has announced the auction of 91-day and 182-day Government of India Treasury Bills for notified amount of Rs 4,000 crore each. The auction will be conducted on November 23, 2011 using 'Multiple Price Auction' method.

Eleven State Governments have announced Auction of State Development Loans 2021 for Rs 5860.000 crore on November 22, 2011.

Also, consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank of India has decided to conduct Open Market Operations (purchase of government securities) for an aggregate amount of Rs 10,000 crore on November 24, 2011.

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