Forex
Bonds: Ahead of themselves?
ALMOST as spectacular as the stockmarket boom is the rally in bond prices. Ten-year gilt yields are now well below 10.5 per cent and 15-year Government securities are trading in the region of 10.75 per cent.

RBI proposes, market disposes
CHENNAI: Excessive enthusiasm and speculative position-building in the bond markets. That is what the Reserve Bank of India seems to have acted against with its Monday/Tuesday move to sell long-dated securities (from its portfolio) below prevailing marke t prices. While the 12.25 per cent 2008 was offered at Rs. 111.20, another long maturity issue, the 12.32 2011, was offered at Rs. 112.75 against its market price around Rs. 113.10/15.

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