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Our Bureau

Mumbai, Dec. 26

Bond prices dropped by 21 paise (yields rose by almost four basis points) on tight liquidity. Traded volumes on the order matching system were Rs 1,150 crore (Rs 1,390 crore). "There was a complete cash drain from the system and call rates closed at a six-year high of 11 per cent," said a dealer at a private bank. "The market recovered intra-day on news of State Bank of India hiking its prime lending rate," he said. Dealers said 10-year yields are expected to be in the range of 7.65-7.67 this week. The 7.59 per cent-10 year-2016 paper opened at Rs 99.75 (7.63 per cent YTM) and closed at Rs 99.74 (7.63 per cent) against Friday's Rs 99.95 (7.59 per cent YTM). The 8.07 per cent-11 year-2017 paper opened at Rs 103.25 (7.60 per cent YTM) and closed at Rs 103.15 (7.62 per cent YTM) against Friday's close at Rs 103.35 (7.59 per cent YTM).

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