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Weekly Newsletter - 3rd May 2024

Team Harmoney

The Indian 10Y government bond is respecting the trading range of 7.15% to 7.25%. With the Fed reserve outcome having little impact and Brent crude trading below $85 a barrel, there was buying activity observed at 7.23% for the Indian 10Y bond. Market observers will closely watch to see if the current level of 7.16% holds or if there will be another round of selling. Participants in the market anticipate that unless there's a clear break below the lower end of the trading range, the Indian 10Y bond will continue to fluctuate between 7.15% and 7.25%.

Indian Debt

  • The interbank call money rate ended at 6.50%.
  • Indian 10Y bond yield was supported by the falling US 10Y and decreasing Brent prices.
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.16%.
  • Indian rupee remained flat against the US dollar.   
  • The US 10-year Treasury note has descended to 4.58% from its recent peak at 4.70%. The Fed chairman's emphasis on abstaining from rate hikes and future policy decisions being contingent on inflation data indicates that the 4.70% level on the US 10-year Treasury note may have been a temporary peak.
  • Brent crude settled around $84 per barrel amid diminishing concerns regarding a broader conflict in the Middle East, coupled with an increase in US crude inventories and rising uncertainty regarding the demand outlook, all of which exerted pressure on oil prices.

General News

  • The US Federal Reserve maintained interest rates at current levels and indicated a continued inclination towards potential future cuts in borrowing costs. However, it raised concerns about recent disappointing inflation figures.
  • The US non-farm payroll and unemployment data are scheduled for release on May 3, 2024.
Global Markets Close Last week close
US 10Y 4.58 4.55
USD/INR 83.38 83.34
Brent 84.50 89.40

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Onesource Spec CARE BBB+ 52 months 200+0 03-May-24 BSE

Insights from our Team Experts

Bonds with the highest number of quotes on our Platform:

ISIN Security Name Total Bids Total Offers
INE342T07429 10.25 NAVI FINSERV 31DEC26 11 13
INE658F08094 8.95 KIIFB 22DEC31 6 7
INE146O08233 9.45 HINDUJA LEYLAND 23AUG33 6 14
INE342T07460 10.65 NAVI FINSERV 13MAR27 5 17

Yield Curve:

Most actively traded bonds in the Standard Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE557F08FX6 7.51 NATIHBK 04APR31 710 7.51
INE261F08BK1 7.69 NABARD 29MAY24 380 7.14
INE296A07SJ6 8.00 BAJAJ FINANCE 27FEB26 300 8.10
INE040A08922 7.80 HDFC BANK 02JUN25 250 8.06

Most actively traded bonds in the Odd Lot Market:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE721A07RI7 1.00 SHRIRAMFIN 21APR25 26 8.48
INE296Q07050 13.15 MONEYBOXX FIN 21FEB26 17 11.83
INE101Q07AQ7 10.00 MUTHOOTU MINI 25APR27 12.25 10.82
INE342T07460 10.65 NAVIFIN 13MAR27 11.83 11.16

Maturity-based traded volume:

Maturity Volume(in Cr)
1Y 2095
3Y 910
5Y 904
7Y 928
10Y 705

Outlier Trades:

ISIN Security Name YTM May 2(%) YTM Apr 30(%) Deviation(%)
INE08XP07191 13.00 AKARA 09APR25 14.70 13.65 1.06
INE06E507199 10.47 HELLA INFRA 26SEP25 16.55 15.62 0.93
INE0M2307040 9.62 AP BEV 29MAY26 9.4 8.9 0.5

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