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Weekly Newsletter - 2nd February, 2024

Team Harmoney

The interbank call money rate ended at 6.75%, while Indian government bond yields moved down by 15 bps after the interim budget was announced during the week. The 10-year benchmark 7.18% 2033 bond yield ended at 7.03%. The Indian rupee appreciated, while the US 10-Y yield depreciated as the US FED did not announce any major policy statements. Brent prices remained tight in a range of 78-80$ due to global tensions and increasing demand.

Indian Debt

  • The interbank call money rate concluded at 6.75%.
  • The Indian Government 10 Y bond yield moved down by 15 bps after the interim budget announcement from the Finance Minister.
  • The yield on the 10-year benchmark 7.18% 2033 bond finished at 7.03%.
Debt Market Indicators Close Last week Close
Repo rate 6.5 6.5
91 Days Tbill 7.04 7.02
364 Days Tbill 7.15 7.17
1 Y CP Rate 8.00 8.00
1 Y CD Rate 7.90 7.90
5 Y Gilt 6.98 7.05
5 Y Corp bond 7.95 8.03
10 Y Gilt 7.03 7.18
10 Y Corp bond 7.75 7.89
  • The Indian rupee appreciated by 26 paise as the government decided to follow the path of fiscal prudence and fresh inflows from the FII in equity segment.
  • The US 10Y moved down by 20 bps as there were no major policy statement from the FED.
  • Brent prices have remained in a tight range of 78-80$ as the geopolitical tension between Israel and Hamas seems to be reaching at ceasefire.
Indian Indices Close Last week Close
Sensex 72,157.00 70,605.30
Nifty 21,866.00 21,332.50

General News

  • The Indian Finance minister announced the fiscal deficit target for FY 2024-25 will be at 5.1% of the GDP.
  • The US announced no change in rate in its policy meeting. Going forward, the rate cuts will depend on the incoming economic data.
Global Indices Close Last week close
DJIA 38,519.00 37,806.39
NASDAQ 15,361.00 15,481.92
US 10-Y 3.89 4.09
USD/INR 82.86 83.124
Brent 79 80.297

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Nomura Capital Pvt Ltd IND AAA 2.25 Years 50+50 02-Feb-24 NSE
G R Infraprojects Ltd. CARE AA+ 5 Years 100+0 02-Feb-24 BSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 29th Jan to 2nd Feb:

ISIN Security Name Volume (Cr) Avg. yield%
INE040A08AF2 7.75 HDFC BANK 13JUN33 1,425 7.78
INE040A08948 7.79 HDFC BANK 04MAR25 900 8.19
INE153A08170 7.80 MTNL 07NOV33 836.50 7.87
INE261F08EF5 7.80 NABARD 15MAR27 815 7.73

The following are the top-traded odd lot bonds from 29th Jan to 2nd Feb:

ISIN Security Name Volume (Cr) Avg. yield%
INE306N07NS8 8.0980 TATA CAPITAL 22JAN27 15.23 8.19
INE084A08169 8.57 BOI PERP 02DEC27 12.00 8.53
INE414G07IG9 8.43 MUTHOOT FINANCE 31JUL26 10.00 8.54
INE101Q07AO2 10.00 MUTHOOT MINI 31DEC25 9.24 10.93