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Weekly Newsletter - 10th May 2024

Team Harmoney

The Indian 10Y government bond convincingly breached the 7.15% threshold on the downside, aided by a fall in the US 10Y Treasury note. Going ahead, it is anticipated that the Indian 10Y yield will trade within the range of 7.10% to 7.15%. The upcoming Indian CPI number for April 2024 will be the next big trigger for the market to determine its future course.

Indian Debt

  • The interbank call money rate ended at 6.78%.
  • Indian 10Y bond yield decreased by 4bps over the week, aligning with movements in the US 10Y Treasury note.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.12%.
  • Indian rupee depreciated by 12 paise against the US dollar as the Indian equity market witnessed a net outflow of 22430crs. It is speculated that the RBI may have taken measures to stabilize the depreciating INR.
  • The yield on the US 10Y Treasury note initially rose but later retreated below 4.5%, following a surge in initial jobless claims to their highest levels in 8 months. This development provides additional indications of a weakening labor market, potentially setting the stage for a Federal Reserve interest rate reduction.
  • Brent crude futures surpassed the $84 per barrel mark, poised for a significant weekly gain driven by an optimistic global demand forecast and continued tensions in the Middle East, which have buoyed oil prices.

General News

  • Indian CPI numbers for April 2024 will be published on 13 May 2024
  • The market will be keen to hear Fed Chair Powell's speech on 14 May 2024
Global Markets Close Last week close
US 10Y 4.46 4.58
USD/INR 83.50 83.38
Brent 84.50 84.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
SBFC Finance IND AA- 36 months 200+0 10-May-24 BSE
AK Capital CARE AA- 36 months 35+35 10-May-24 NSE

Insights from our Team Experts

Bonds with the highest number of quotes on our Platform:

ISIN Security Name Total Bids Total Offers
INE741K07579 9.70 CREDITACCESS GRAMEEN 07SEP28 11 13
INE053F07835 7.28 IRFC 21DEC30 6 7
INE540P07400 9.70 UPPCL 30MAR29 6 14
INE950O08022 9.25 MAHINDRA RURAL HSG FIN 13OCT25 5 17

Yield Curve:

Most actively traded bonds in the Standard Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE040A08930 7.65 HDFC BANK 25MAY33 1595 7.85
INE296A07SL2 7.75 BAJAJ FINANCE 16MAY33 1050 8.02
INE261F08EG3 7.68 NABARD 30APR29 900 7.68
INE296A07SX7 0.00 BAJAJ FINANCE 10MAY27 805 8.16

Most actively traded bonds in the Odd Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE515Q08267 12.00 AFPL 24JAN30 38 12.24
INE572J07679 10.75 SPANDANA 03APR26 29 11.81
INE07HK07726 9.84 KRAZYBEE SERVICES 26JUL25 24 11.95
INE540P07400 9.70 UPPCL 30MAR29 20 8.94

Maturity-based traded volume:

Maturity Volume(in Cr)
1Y 7874
3Y 2886
5Y 2740
7Y 411
10Y 835

Outlier Trades:

ISIN Security Name YTM
May 9(%)
May 8(%)
INE0M2307057 9.62 AP BEV 31MAY27 8.88 9.44 -0.56
INE516Y07477 8.80 PIRAMAL CAPITAL 30DEC24 9.11 8.81 0.3
INE540P07400 9.70 UPPCL 30MAR29 8.99 8.74 0.25

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