Bond yields edge lower in range-bound trade on caution ahead of Rs 15,000 crore debt sale

26 Dec 2013 Evaluate

Bond yields edged lower in the range-bound trade as dealers preferred to stay light ahead of Rs 15,000 debt sale auction. Further, uptick of bond prices is unlikely as investors continue to lighten positions ahead of the year-end, with concerns about the RBI resuming its monetary tightening remaining. Meanwhile, traders also await a report by the RBI due by the end of the month that is expected to unveil a major change in monetary policy to explicitly make managing consumer inflation, rather than wholesale prices, its main objective.

On the global front, U.S. Treasury prices fell on Tuesday with benchmark yields hovering near three-month highs as investors trimmed their bond holdings ahead of a shortened session before Christmas. Meanwhile, brent crude rose above $112 a barrel on Thursday, touching a three-week high, as civil unrest in Africa reduced supply.

Back home, the yields on new 10 year Government Stock 2023 were trading 1 basis point higher lower at 8.86% from its previous close of 8.87% on Tuesday.

The benchmark five-year interest rate swaps were trading unchanged at its previous close of 8.42% on Tuesday.

The Governments of India have announced the sale (re-issue) of four dated securities, including (i) 7.28 % Government Stock 2019 for a notified amount of Rs 3000 crore, (ii) 8.83 % Government Stock 2023 for a notified amount of Rs 7,000 crore, (iii) 8.32 % Government Stock 2032 for a notified amount of Rs 2,000 crore and (iv) 8.30 % Government Stock 2042 for a notified amount of Rs 3,000 crore, to be held on December 27, 2013, using uniform price method.

Additionally, the Government of India have announced the sale (re-issue) of "1.44% Inflation Indexed Government Stock-2023" for a notified amount of Rs 500 crore through price based auction. The auction will be conducted using uniform price method. The auction will be conducted by the Reserve Bank of India, Fort, Mumbai on December 31, 2013 (Tuesday).

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