Bond yields prolong gaining streak on higher Retail Inflation

13 Nov 2013 Evaluate

Bond yields prolonged their gaining streak after Retail Inflation came in double-digits, above market expectations at 10.09% in October on account of surge of food inflation, which raised worries that yet another hike may be in store for markets once RBI unveils its monetary policy in Mid-December. Further, absence of Open Market Operations (OMOs) announcement so far also kept bonds under pressure.

On the global front, U.S. Treasury debt prices slid on Tuesday after a sale of 3-year notes in the aftermath of a surprisingly strong reading on job growth in October. Meanwhile, Brent crude soared past $106 per barrel on Wednesday, recovering some lost ground after oil was hit by speculation the U.S. Federal Reserve may soon start to reduce its monetary stimulus and expectations of a build-up in U.S. crude stocks.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 6 basis points higher 9.11% against its previous close of 9.05% on Tuesday.

The benchmark five-year interest rate swaps were trading 2 basis points higher 8.56% against its previous close of 8.54% on Tuesday.

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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