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Weekly Newsletter - 15th Mar 2024

Team Harmoney

Indian government 10Y bond witnessed some profit booking at 7.00%, aided by a higher-than-expected CPI number. Concerns about inflation have also surfaced globally, particularly in the US, where both CPI and PPI figures indicate stickiness in inflation, leading to an increase in the US 10Y yield. With Brent crude trading above $85 per barrel, the Indian markets may face some apprehension. However, market participants anticipate that the trading range for the Indian 10Y of 7.00% to 7.10% will likely be maintained unless there's a clear break on either side of the range.

Indian Debt

  • The interbank call money rate ended at 6.7%
  • Indian Government 10Y bond yield remained flat during the week as the CPI number for the month of February was above the market expectations   
  • The yield of the 10Y benchmark 7.18% 2033 bond ended at 7.05%
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.88 6.90
364 Days Tbill 7.09 7.10
1Y CP Rate 7.75 7.90
1Y CD Rate 7.63 7.70
5Y Gilt 7.04 7.04
5Y Corp bond 7.87 7.85
10Y Gilt 7.05 7.05
10Y Corp bond 7.70 7.70
  • Indian rupee depreciated by 16 paise against the USD as the equity market witnessed a net outflow of 1666crs by FIIs
  • US 10Y moved up by 16bps as the published CPI and PPI data displayed signs of stickiness in inflation
  • Brent broke the trading range of 80$ to 85$ per barrel and is trading above 85$ per barrel because of increased global demand and cuts in production by OPEC+ countries
Indian Indices Close Last week Close
Sensex 72,616 74,104
Nifty 21,970 22,487

General News

  • India's CPI number for February 2024 stands at 5.09%
  • US CPI number for the month of February was higher than the expected CPI of 3.2%
Global Markets Close Last week close
DJIA 38,905 38,661
NASDAQ 16,128 16,031
US 10Y 4.28 4.12
USD/INR 82.91 82.75
Brent 85.50 83.00

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Adani Capital Crisil AA- 36 months 150+0 15-Mar-24 BSE
Aditya Birla Finance Icra AAA 38 months 750+1250 15-Mar-24 BSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 11th Mar to 15th Mar:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE261F08EG3 7.68 NABARD 30APR29 1395.00 7.62
INE0J7Q07249 7.55 DME 01MAR39 626.20 7.69
INE756I07EY1 8.3324 HDB 10MAY27 611.50 8.35
INE047A08158 7.60 GRASIM 04JUN24 540.00 7.67

The following are the top-traded odd lot bonds from 11th Mar to 15th Mar:

ISIN Security Name Volume (Cr) Avg. yield%
INE549K08459 12.00 MUTHOOT FINCORP PERP C 33.20 10.80
INE06E507181 10.47 HELLA INFRA MARKET 19JUL25 18.71 13.65
INE692A08185 8.50 UNION BANK PERP 02MAR27 C 17.00 8.63
INE07HK07692 9.85 KRAZYBEE SERVICES 16MAY25 16.78 11.90

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