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Bond yields perked up to three year high on Tuesday as the market geared up for the sale of a new 10-year paper later this week, which is likely to become the next benchmark. After the market closed on Monday, the Government of India announced the sale (re-issue) of three dated securities for Rs 13,000 crore on November 4, 2011, which included (i) “7.83% Government Stock 2018” for a notified amount of Rs 4,000 crore (nominal) through price based auction, (ii) “New 10 year Government Stock 2021” for a notified amount of Rs 6,000 crore (nominal) through yield based auction and (iii) “8.26% Government Stock 2027” for a notified amount of Rs 3,000 crore (nominal) through price based auction.
The announcement of a new 10-year paper means that the existing 7.80 percent 2021 bond would gradually become illiquid, thereby making way for the new paper to become the benchmark bond. Further, expectation of slippages on the fiscal deficit front also fanned the fears of additional supply from the government. India's fiscal deficit reached almost 71 percent of its full-year target in the first half of the year, casting doubts over its ability to meet budget goals as federal finances feel the pressure of squeezed revenues and slowing growth.
On the global front, US Treasuries soared on Monday, with 30-year bonds posting their best day since the Federal Reserve announced its first massive stimulus program, as stock market losses bolstered the bid for safe-haven US government debt.
The yields on 10-year benchmark 7.80% - 2021 bonds 2021 bonds were trading at 8.94%, higher from Monday's close of 8.88%.
The benchmark five-year interest rate swaps were trading lower at 7.43% from Monday's close of 7.48%.
The Reserve Bank of India has announced the auction of 364-day and 91-day Government of India Treasury Bills for notified amount of Rs 4,000 crore each. The auction will be conducted on November 2, 2011 using 'Multiple Price Auction' method.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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