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Weekly Newsletter - 12th Apr 2024

Team Harmoney

The bonds market opened on a weak note, following a surge in US Treasury yields. Throughout the week, the persistent rise in crude oil prices continued to exert pressure on bonds. Additionally, bonds traded within a narrow price range until the outcome of the April 2024 MPC meeting. On Friday, market sentiment remained subdued as the MPC outcome did not suggest any imminent rate cuts. Consequently, the 10Y benchmark 7.18% 2033 closed at 7.18%, up from 7.11% at the previous week's close.

Indian Debt

  • The interbank call money rate ended at 6.55%
  • The Indian Government 10Y bond moved in the range of 7.00% to 7.15% during the week, eventually closing at 7.13% as the rising Brent crude price and rise in US 10Y are keeping the market cautious     
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.18%
  • Indian rupee against the US dollar remained flat during the week.     
  • The US 10-year Treasury yield fluctuated between 4.35% and 4.60% throughout the week before settling at 4.58%. Mixed economic data and less-than-expected rate cuts for the year 2024 by some of the Fed members can be attributed to the rise in yield.    
  • OPEC+ decision to keep the output the same till June 24 and continuing geo-political tension has pushed the price of Brent above 90$ per barrel.
Indian Indices Close Last week Close
Sensex 75,038 74,150
Nifty 22,754 22,489

General News

  • March 2024 saw a higher-than-anticipated rise in US inflation, dashing hopes for a potential interest rate cut from the US Fed in June. The CPI surged to 3.5% YoY, marking the highest gain in six months.
  • Recent tensions in the Middle East and supply disruptions have led to a rally in oil prices, raising the possibility of the global benchmark reaching the hundred-dollar mark.
Global Markets Close Last week close
DJIA 38,459 38,597
NASDAQ 16,442 16,049
US 10Y 4.58 4.33
USD/INR 83.35 83.40
Brent 89.74 91.00

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
CIFCL ICRA AA+ 60 months 500+500 10-Apr-24 BSE
Rural Electrification Crisil AAA 37 months 150+500 10-Apr-24 BSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 8th Apr to 12th Apr:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE261F08EG3 7.68 NABARD 30APR29 850.00 7.65
INE556F08KP4 7.68 SIDBI 10AUG27 600.00 7.69
INE134E08MO2 7.37 PFC 22MAY26 300.00 7.63
INE261F08DO9 7.40 NABARD 30JAN26 300.00 7.75

The following are the top-traded odd lot bonds from 8th Apr to 12th Apr:

ISIN Security Name Volume (Cr) Avg. yield%
INE027E07BY2 0% LTFL 15SEP25 12.60 8.35
INE01YL07268 11.50 EARLYSALARY 06OCT25 11.91 11.69
INE0M2307057 9.62 AP BEV 31MAY27 9.20 9.19
INE062A08215 8.75 SBI PERP 30AUG24 C 8.10 8.29

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