India's 10-year yield jumps 10 basis points on unscheduled auction

MUMBAI: India's 10-year benchmark bond yield jumped as much as 10 basis points in early morning trade on Tuesday after the government announced an unscheduled $2.84 billion bond sale on Dec. 30.

At 9:16 a.m. (0346GMT), the 10-year bond yield was at 8.56 percent, compared with Monday's close of 8.49 percent.

The government will sell 30 billion rupees each of 7.99 percent 2017 bonds, 8.28 percent 2027 bonds and 8.83 percent 2041 bonds, as well as 60 billion rupees of 9.15 percent 2024 bonds on Friday.