Bond yields trade range ahead; GDP data eyed

29 Nov 2011 Evaluate

Bond yields were treading water as investors refrained from adding fresh positions amid lack of fresh triggers ahead of September-quarter growth data scheduled to be released tomorrow. As per the street estimates, the Indian economy would probably grew an annual 6.9 percent in the quarter through September, its weakest pace in more than two years.

However, bonds yields are trading steady with upward bias as lined-up debt supplies continue to spook sentiment amidst expectations that government may need to borrow more funds in this fiscal year. Finance Minister Pranab Mukherjee on Friday sought parliamentary nod for a net additional spending of $10.9 billion for the fiscal year ending March, increasing fears the government will not be able to meet its fiscal deficit aim of 4.6% of GDP.

On the global front, US treasury debt prices fell on Monday, with benchmark yields reaching the highest in two weeks as optimism over the outcome of the euro zone credit crisis undermined safe-haven demand for US government debt. Meanwhile, US crude futures slipped in early trade on Tuesday after Fitch revised its outlook on the US credit rating to negative from stable, while expectations of higher domestic crude stocks also weighed on prices.

The yields on 10-year benchmark 8.79% - 2021 bonds 2021 bonds were trading at 8.84% from its previous close of 8.83%.

The benchmark five-year interest rate swaps were trading at 7.32%, down from Monday's close 7.33%.

The Reserve Bank of India has announced the auction of 91-day and 364-day Government of India Treasury Bills for notified amount of Rs 4,000 crore each. The auction will be conducted on November 30, 2011 using 'Multiple Price Auction' method.

Meanwhile, the Government of India have announced the sale of three dated securities for Rs 13,000 crore on December 2, 2011, which includes, (i) “7.83% Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (ii) “8.79% Government Stock 2021” for a notified amount of Rs 6,000 crore (nominal) through price based auction and (iii) “New 19 year Government Stock 2030” for a notified amount of Rs 3,000 crore (nominal) through yield based auction.

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