Bond yields continue to soar in absence of OMO announcement

12 Nov 2013 Evaluate

Bond yields, after soaring to the highest level since August in the previous session, prolonged is gaining streak in absence of Open Market Operations (OMO) so far. Meanwhile, cautiousness of traders ahead of release of macro-economic data, IIP and CPI later in the evening, also weighed on bonds. Meanwhile, positive surprise from IIP is expected on account of jump in core sector numbers for September.

On the global front, U.S. 10-year Treasury yields touched two-year high levels at 2.77% in Tokyo today. Meanwhile, Brent crude futures dropped towards $106 per barrel on Tuesday, as investors eyed the next round of talks on Iran's nuclear programme and possible economic reforms to be announced by Chinese leaders later in the day.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 9 basis points higher at 9.04% from its previous close of 8.95% on Monday.

The benchmark five-year interest rate swaps were trading 3 basis points higher 8.46% against its previous close of 8.43% on Monday.

The Reserve Bank of India has announced the auction of 91 and 364 days Government of India Treasury Bills for notified amount of Rs 6,000 crore each. The auction will be conducted on November 13, 2013 using 'Multiple Price Auction' method.

The Government of India have announced the sale (Re-issue) of four dated securities for Rs 15,000 crore on November 15, 2013 (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 7,000 crore (nominal) through price based auction;(iii) “ 9.20 percent Government Stock 2030” for a notified amount of Rs 2,000 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 November 15, 2013 (Friday).

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