Bond yields tread water on in-line street's estimate October inflation data

14 Nov 2013 Evaluate

Bond yields were trading unchanged from its previous closing level on account of in-line expectation inflation data, which soared to eight months high level of 7% in October on back of rise in food inflation, though upwards revision in August inflation muddled the outlook for continued monetary policy tightening by the central bank. Further, disappointing selection of bonds by RBI for the open market operation bond buy scheduled for Monday, also weighed on the sentiment.

Reserve Bank has decided to conduct Open Market Operations by purchasing government securities for an aggregate amount of Rs 8,000 crore on November 18, 2013 (Monday) through multi-security auction using the multiple price method.

On the global front, U.S. Treasury debt prices rose on Wednesday after Janet Yellen, who is likely to become the next Federal Reserve chief, reinforced the market's view that the central bank will maintain accommodative monetary polices for awhile longer. Meanwhile, Brent futures held steady above $107 per barrel on Thursday, as investors balanced dovish Federal Reserve comments with expectations of a rise in U.S. crude inventories.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading unchanged at its Wednesday’s close of 8.95% on Thursday.

The benchmark five-year interest rate swaps were trading unchanged from its Wednesday close of 8.42% on Thursday.

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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