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Indian bonds steady as cash ample ahead of auctions

Indian bonds steady as cash ample ahead of auctions
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First Published: Wed, Sep 05 2007. 10 52 AM IST
Updated: Wed, Sep 05 2007. 10 52 AM IST
Reuters
Mumbai: Indian federal bond yields were barely changed on Wednesday, as traders expected cash surpluses with banks to help this week’s bond auctions to sail through. At 9:30am (0400 GMT), the 10-year federal bond yield was at 7.89% , unchanged from the previous close.
The central bank will sell Rs60 billion (Rs6,000 crore, $1.5 billion) of treasury bills on Wednesday, and auction 70 billion rupees of federal bonds on Friday.
“The local factors appear stable,” a foreign bank trader said, adding the market was awaiting central bank meetings in Europe and US data later this week.
The European Central Bank and the Bank of England are set to decide on interest rates on Thursday. U.S. data due this week includes manufacturing activity on Thursday and non-farm payrolls the following day.
India’s central bank accepted bids worth Rs370 billion at its daily reverse repurchase auction on Tuesday, a sign cash conditions were comfortable.
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First Published: Wed, Sep 05 2007. 10 52 AM IST
More Topics: Bonds | Auction | Treasury bill | RBI | Yield |