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India’s Bond Yields Near Six-Week Low as Borrowing Completed

The yield on India’s 11-year bond held near a six-week low on speculation demand for debt in the secondary market is increasing due to the absence of new offerings for at least the next month.

The finance ministry has sold 4.27 trillion rupees ($94.4 billion) of fixed-income securities since April, completing its borrowing program for the fiscal year ending March 31, according to data compiled by Bloomberg. Banks and fund managers are adding to their holdings from the secondary market due to the lack of new offerings, said Anoop Verma, a fixed-income trader at Development Credit Bank Ltd. in Mumbai.

“The positive is there are no supplies scheduled for at least a month more,” Verma said. “That is spurring some buying.”

The yield on the 8.13 percent note due September 2022, the most-traded government debt, rose two basis points to 8.11 percent at the 5 p.m. close in Mumbai, according to the central bank’s trading system. It touched 8.08 percent yesterday, the lowest since Jan. 5.

The cost of one-year interest-rate swaps, or derivative contracts used to guard against fluctuations in borrowing costs, was little changed at 7.48 percent. A basis point is 0.01 percentage point.

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