Bond yields edge higher on profit-booking ahead of Rs 15,000 crore debt sale auction

07 Nov 2013 Evaluate

Bond yields edged higher on account of profit-booking ahead of Rs 15,000 crore debt sale auction on Friday, while weakness of Indian currency also weighed on bonds, further lifting yields higher. On the currency front, rupee, extending previous three sessions’ southbound journey, depreciated the most in two months on Wednesday on account of continued dollar demand from state-owned banks, which were speculated to be buying on behalf of oil refiners, thereby fueling fears that central bank was gradually withdrawing the oil window.

On the global front, prices for U.S. Treasuries were mixed on Wednesday as investors looked for clues about future Federal Reserve policy ahead of a new incoming chairman and a gathering, but still fragile, recovery in the world's biggest economy. Meanwhile, brent crude slipped below $105 a barrel on Thursday to its lowest since early July as investors were reluctant to lock in fresh positions ahead of key announcements due later in the day from Europe and the United States.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 2 basis points higher at 8.84% from its previous close of 8.82% on Wednesday.

The benchmark five-year interest rate swaps were trading flat at its previous close of 8.32% on Wednesday.

The Government of India have announced the sale (re-issue) of four dated securities for Rs 15,000 crore on November 8, 2013 (i) “7.28 percent Government Stock 2019” for a notified amount of Rs 4,000 crore (nominal) through price based auction; (ii) “7.16 percent Government Stock 2023” for a notified amount of Rs 7,000 crore (nominal) through price based auction;(iii) “8.32 percent Government Stock 2032” for a notified amount of Rs 2,000 crore (nominal) through price based auction, and (iv) “8.30 percent Government Stock 2042” 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 November 8, 2013 (Friday).

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 respectively, to be conducted on November 6, 2013 using 'Multiple Price Auction' method.

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