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Weekly Newsletter - 27th May 2024

Team Harmoney

The Indian 10Y government bond yield dropped by 10bps during the week, aided by RBI's dividend bonanza to the central government. FOMC minutes kept the bond market nervous in US and across the globe. Market participants will closely monitor whether the sub-7% level in the Indian 10Y bond yield will sustain or if some profit booking can be witnessed.

Indian Debt

  • The interbank call money rate ended at 6.80%.
  • The Indian 10Y bond yield moved down by 10bps during the week, backed by RBI's dividend payout of 2.11 lakh crore to the central government for FY24.
  • The yield of the 10Y benchmark 7.10% 2034 bond ended at 6.99%.
  • The Indian rupee strengthened by 22 paise against the US dollar over the week, driven by a net inflow of ₹3,634 crore from FIIs into the Indian equity market.
  • The yield on the US 10Y Treasury note rose toward the 4.47% level, extending its rebound from the one-month low of 4.35% as fresh economic data pointed to a macroeconomic backdrop that favours restrictive monetary policy by the Fed.
  • Brent crude steadied north of $81 per barrel on Friday, having declined approximately 3% over the week. This was attributed to the stronger-than-expected US PMI data that reduced the expectations for Federal Reserve interest rate cuts this year.

General News

  • RBI approves Rs 2.11 lakh crore dividend payout to govt for FY24.
  • Federal Reserve minutes indicate worries over lack of progress on inflation.
Global Markets Close Last week close
US 10Y 4.47 4.37
USD/INR 83.25 83.47
Brent 81.50 83.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Krazybee Services CARE A- 14 months 50+50 24-May-24 BSE
Tata Capital Hsg Fin CRISIL AAA 38 months 250+600 24-May-24 NSE

Insights from our Team

Bonds with the highest number of quotes on our Platform:

ISIN Security Name Total Bids Total Offers
INE342T07460 10.65 NAVI FINSERV 13MAR27 9 10
INE583D07356 10.50 UGRO CAPITAL 08MAR26 4 7

Yield Curve:

Most actively traded bonds in the Standard Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE205A07246 12.00 VEDANTA 21JUN25 650 14.78
INE087A07677 11.25 KESORAMINDLTD - C 05FEB34 570 12.3
INE261F08DF7 5.27 NABARD 23JUL24 485 7.35
INE860H07IY4 8.33 ABFL 19MAY27 275 8.32

Most actively traded bonds in the Odd Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE413U07210 10.00 IIFLSAMASTA 26NOV26 11 10.17
INE906B07HG7 7.49 NHAI 01AUG29 10 7.50
INE062A08223 8.50 SBI PERP 22NOV24 C 9.60 8.40
INE818F07252 8.89 KFC 13MAR30 8.40 9.21

Maturity-based traded volume:

Maturity Volume(in Cr)
1Y 4758
3Y 2752
5Y 1295
7Y 634
10Y 2037

Outlier Trades:

ISIN Security Name YTM
May 22(%)
May 21(%)
INE04VS07305 0% OXYZOFINSERV 24JAN25 10.47 10.72 -0.26
INE0NES07105 11.40 KEERTANA 10MAY26 13.34 14.02 -0.68
INE572J07679 10.75 SPANDANA 03APR26 11.83 11.60 0.23

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