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Wednesday, December 11, 2013

Evening Bells: Bond yields steady

10-year G-sec Paper yield closes at 9.17% 

The yield on 10-year benchmark federal paper, 7.16% GS 2023, closed steady at 9.17% same as the close in the previous trading session. Meanwhile, the yield on most traded 8.83% GS 2023, decreased 01 basis points to close at 8.83% compared to 8.84% close in the previous trading session. The total trading volume on central bank's gilts trading platform stood at Rs 11250 crore. 

The bond yields largely traded range bound and closed nearly steady tracking substantial fall in imports and trade deficit for the month of November 2013. 

The scheduled commercial banks borrowed Rs 19909 crore from RBI against 27 bids submitted at repo window under LAF operation held today. 

The weighted average rate in the overnight call money eased to 7.43% compared to 7.60% in previous session. The call money rate hovered in the range of 6.75% to 7.80% with the volume of Rs 10051.32 crore. 

The 91-Days T-Bill auction worth Rs 6000 crore held today was fully subscribed. The cut-off was set at Rs 97.86, implying a yield of 8.77%. The 364-Days T-Bill auction worth Rs 6000 crore held today was fully subscribed. The cut-off was set at Rs 91.89, implying a yield of 8.85%. 

As the liquidity conditions are expected to tighten on account of advance tax payments commencing from mid-December 2013, Reserve Bank has decided to provide additional liquidity of Rs 10000 crore through the 14-day term repo scheduled to be conducted on 13 December 2013.
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