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Weekly Newsletter - 17th May 2024

Team Harmoney

The Indian 10Y government bond yield fluctuated between 7.05% and 7.15% during the week. A decline in the US 10Y Treasury note brought the Indian 10Y yield down to 7.05%, prompting some market participants to book profits at this level. With Brent crude prices trading within a narrow range and the US 10Y yield easing from recent highs, the Indian 10Y yield is expected to remain in the 7.05% to 7.15% range.

Indian Debt

  • The interbank call money rate ended at 6.77%.
  • The Indian 10Y bond yield closed 3bps lower than the previous week's close, due to inflation numbers meeting expectations and being further supported by a decline in the US 10Y yield.
  • The yield of the 10Y benchmark 7.18% 2033 bond ended at 7.09%.
  • Indian rupee appreciated marginally against the US dollar as the lower-than-expected inflation number weakened the US dollar index.
  • The yield on the US 10Y Treasury note decreased by 10bps during the week as a cooldown in inflation raised the expectation for a rate cut.
  • Brent crude firmed north of $83 per barrel underpinned by recent declines in US crude oil inventories and growing optimism that the US Federal Reserve will cut interest rates this year.

General News

  • Indian CPI number for April 2024 was recorded at 4.83%
  • US CPI number for April 2024 was recorded at 3.40%
Global Markets Close Last week close
US 10Y 4.37 4.46
USD/INR 83.47 83.50
Brent 83.50 84.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
NABARD ICRA AAA 40 months 200+300 17-May-24 NSE
Tata Capital CRISIL AAA 58 months 250+166 17-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
INE540P07400 9.70 UPPCL 30MAR29 3 21
INE053F07835 9.00 SHRIRAM TRANSPORT FIN 28MAR28 10 17
INE818W08123 11.00 ESAF SMALL FINANCE BANK 20APR30 2 21
INE516Y07444 6.75 PIRAMAL CAPITAL & HSG FIN 26SEP31 2 19

Yield Curve:

Most actively traded bonds in the Standard Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE040A08922 7.80 HDFC BANK 02JUN25 2600 8.01
INE0VB407010 10.00 VEDANTA SEMICONDUCTORS 14MAY26 1484 12.22
INE296A07SV1 0.00 BAJAJ FINANCE 31JAN34 1425 7.97
INE261F08EH1 7.62 NABARD 10MAY29 1065 7.66

Most actively traded bonds in the Odd Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE00MX08029 13.75 SVATANTRA MICROFIN 31MAR26 32 9.60
INE572J07695 10.75 SPANDANA 21DEC26 15 11.46
INE906B07EI0 7.35 NHAI 11JAN31 14 5.22
INE06E507199 10.47 HELLAINFRA 26SEP25 13 13.51

Maturity-based traded volume:

Maturity Volume(in Cr)
1Y 9448
3Y 4903
5Y 3202
7Y 671
10Y 4241

Outlier Trades:

ISIN Security Name YTM
May 16(%)
May 15(%)
INE06E507199 10.47 HELLAINFRA 26SEP25 16.07 13.07 3.00
INE906B07EI0 7.35 NHAI 11JAN31 5.10 5.35 -0.25
INE572J07679 10.75 SPANDANA 03APR26 11.93 11.53 0.39

For any inquiries or assistance related to market data, please reach out to us at