Bonds yields edge lower tailing Rupee’s appreciation

27 Nov 2013 Evaluate

Bonds yields edged lower on Tuesday, tracking overnight gains in US Treasury prices. Additionally, Rupee’s appreciation also pushed bonds higher. On the currency front, corporate dollar inflows reportedly on account of Mylan Inc's purchase of a unit of Strides Arcolab, for a deal valued at $1.6 billion, mainly kept the momentum positive for Indian currency against the backdrop of negative local equities. Further, traders will be eyeing Treasury bills auctions, to be held in the later part of the session, for further cues.

On the global front, U.S. Treasury prices held onto their gains on Tuesday after the Treasury sold $35 billion in five-year notes to solid demand, the second of three sales of $96 billion in new coupon-bearing debt this week. Meanwhile, brent futures held near $111 a barrel on Wednesday as ongoing unrest in Libya stoked supply fears just as winter demand for oil rises, while a higher-than-expected build in U.S. crude stocks capped the gains.

Back home, the yields on 10-year 7.16% - 2023 bonds, were trading 3 basis points lower at 9.01% from its previous close of 9.04% on Tuesday. The new 10 year Government Stock 2023 also was trading 3 basis points lower at 8.71% from its previous close of 8.74% on Tuesday.

The benchmark five-year interest rate swaps were trading 3 basis points lower at 8.40% from its previous close of 8.43% on Tuesday.

Government of India announce the sale of four dated securities for Rs 14,000 crore on November 29, 2013, which include, (i) 8.12 % Government Stock 2020 for a notified amount of Rs 3000 crore, (ii) 8.24 % Government Stock 2027 for a notified amount of Rs 6000 crore, (iii) 9.20 % Government Stock 2030 for a notified amount of Rs 2000 crore and (iv) 8.83 % Government Stock 2041 for notified amount of Rs 3000 crore, which will be available in auctions that will be conducted using uniform price method.

The Reserve Bank of India has announced the auction of 91 days and 364-days Government of India Treasury Bills for notified amount of Rs 6,000 crore each. The auction will be conducted on November 27, 2013 using 'Multiple Price Auction' method.

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