Bond yields edge lower on upbeat sentiment

23 Nov 2011 Evaluate

Bond yields edged lower on Wednesday as traders were upbeat about the central bank's buyback details were announced after market hours on Tuesday, coupled with risk aversion globally aiding sentiment. The Reserve Bank of India said late Tuesday it will buyback government bonds up to Rs 10,000 crore via open market operations that would include the old 10-year benchmark bond, the 7.80 percent 2021. The other papers to be bought back on Thursday are 7.99 percent 2017 bond, 7.83 percent 2018 bond and the 8.13 percent 2022 bond.

On the global front, US Treasuries prices rose on Tuesday on weaker stocks and indications that the Federal Reserve is mulling further economic stimulus underpinned a bid for government debt.

The yields on 10-year benchmark 8.79% - 2021 bonds 2021 bonds were trading tad lower at 8.83% from Tuesday's close of 8.84% .

The benchmark five-year interest rate swaps were trading at 7.32% from its previous close of 7.33%.

The Government of India has announced the sale of three dated securities for Rs 13,000 crore on November 25, 2011, which includes (i) “Floating Rate Bond 2020” for a notified amount of Rs 3,000 crore (nominal) through price based auction. The variable interest rate for payment of interest on FRB 2020 will be the average of the implicit yields at cut-off prices of last three auctions of Government of India 182 day Treasury Bills. The reset of variable interest rates will be made semi-annually and will be announced by the Reserve Bank of India on or before the commencement of the respective coupon periods. (ii) “9.15 percent Government Stock 2024” for a notified amount of Rs 6,000 crore (nominal) through price based auction and (iii) “8.30 percent Government Stock 2040” for a notified amount of Rs 4,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method.

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.

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