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Weekly Newsletter - 22nd Mar 2024

Team Harmoney

Indian government 10Y bond has been consistently trading within the range of 7.00% to 7.10%. Buying at the 7.10% level neutralized the attempt to breach the upper end of the range during the week. Market participants believe Indian 10Y should trade in the range of 7.00% to 7.10%. Meanwhile, the US Fed kept the rates steady with 3 rate cuts expected this year. The commentary leaned towards dovishness which calmed the market nerves globally.

Indian Debt

  • The interbank call money rate ended at 6.80%
  • Indian Government 10Y bond traded within the range of 7.00% to 7.10% during the week, eventually settling at 7.07% as the market witnessed buying activity towards the upper end of the trading range
  • The yield of the 10Y benchmark 7.18% 2033 bond ended at 7.07%
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.88 6.88
364 Days Tbill 7.08 7.09
1Y CP Rate 7.70 7.75
1Y CD Rate 7.62 7.63
5Y Gilt 7.04 7.04
5Y Corp bond 7.87 7.87
10Y Gilt 7.07 7.05
10Y Corp bond 7.70 7.70
  • Indian rupee depreciated by 34 paise against USD as the equity market witnessed a net outflow of 4207crs by FIIs     
  • US 10Y remained flat as the Fed kept the rate unchanged
  • Brent witnessed some volatility during the week, ultimately closing at $85 per barrel. There were reports that the US is poised to bring a draft UN resolution calling for an immediate and sustained ceasefire on Gaza to a vote in the Security Council on Friday. The market will closely monitor this outcome.
Indian Indices Close Last week Close
Sensex 72,231 72,616
Nifty 21,932 21,970

General News

  • The Bank of Japan (BOJ) increased its key interest rate from -0.1% to a range of 0%-0.1%, hiking the rate for the first time in 17 years
  • Fed holds interest rates steady and maintains three cuts coming sometime this year
Global Markets Close Last week close
DJIA 38,905 38,905
NASDAQ 16,128 16,128
US 10Y 4.28 4.28
USD/INR 82.91 82.91
Brent 85.50 85.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
KIIFB IND AA 120 months 500+350 22-Mar-24 BSE
Muthoot Finance Crisil AA+ 36 months 190 22-Mar-24 NSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 18th Mar to 22nd Mar:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE261F08EG3 7.68 NABARD 30APR29 1405.00 7.62
INE756I07EY1 8.3324 HDB 10MAY27 717.55 8.34
INE0J7Q07249 7.55 DME 01MAR39 626.20 7.69
INE115A07QK0 7.67 LIC HFL 15APR33 550.00 7.69

The following are the top-traded odd lot bonds from 18th Mar to 22nd Mar:

ISIN Security Name Volume (Cr) Avg. yield%
INE549K08459 12.00 MUTHOOT FINCORP PERP C 36.85 11.00
INE539K08252 9.60 CREDILA 24FEB34 36.30 8.97
INE487N07029 0% MANIPAL EDUCATION 17NOV27 22.90 12.50
INE658F08128 8.95 KIIFB 22DEC28 20.40 9.22

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