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Our Bureau

Mumbai, Feb 23

The bond market was flat to weak after the auction of state government loans yesterday. The worry among dealers is that there are no signs of improvement in the liquidity situation. "There was no need for this auction because state governments have surplus funds. This shows the government is really concerned about inflation. As of now the government's concern seems to be to keep inflation under control and not liquidity," said a bond dealer. The 8.07 per cent 11-year 2017 paper opened at Rs 105.05 (7.39 per cent YTM) and closed at Rs 105.15 (7.37 per cent YTM), up from the previous close of Rs 105.23 (7.36 per cent YTM).

The 9.39 per cent 5-year 2011 opened at Rs 110.10 (7.09 per cent YTM) and closed at Rs 110.15 (7.08 per cent YTM).

The 7.37 per cent eight-year 2014 paper opened at Rs 100.84 (7.22 per cent YTM) and closed at Rs 100.41 (7.30 per cent YTM). In the first one-day auction, the Reserve Bank of India did not receive any bids in the repo auction, but received and accepted 28 bids for Rs 14,525 crore in reverse repo.

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