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Weekly Newsletter - 5th Apr 2024

Team Harmoney

The outcome of the RBI's MPC meeting was as anticipated, with no alterations to the repo rates or stance. The absence of a clear indication for a rate cut from the governor disappointed the market, leading to Indian 10Y yields trading above 7.10%. Market attention will be focused on Brent prices and global yields. It remains to be seen whether there will be buying interest in Indian 10Y bonds at current levels or if higher levels will prevail.

Indian Debt

  • The interbank call money rate ended at 6.55%
  • The Indian Government 10Y bond moved in the range of 7.00% to 7.12% during the week, eventually closing at 7.11% as the rising Brent crude price and rise in US 10Y are keeping the market cautious     
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.11%
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.88 7.01
364 Days Tbill 7.05 7.08
1Y CP Rate 7.65 7.75
1Y CD Rate 7.60 7.65
5Y Gilt 7.09 7.03
5Y Corp bond 7.90 7.85
10Y Gilt 7.11 7.04
10Y Corp bond 7.75 7.70
  • Indian rupee against the US dollar remained flat during the week.     
  • The US 10-year Treasury yield fluctuated between 4.25% and 4.40% throughout the week before settling at 4.33%. Mixed economic data and less-than-expected rate cuts for the year 2024 by some of the Fed members can be attributed to the rise in yield.    
  • OPEC+ decision to keep the output the same till June 24 and continuing geo-political tension has pushed the price of Brent above 90$ per barrel.
Indian Indices Close Last week Close
Sensex 74,150 73,470
Nifty 22,489 22,290

General News

  • OPEC+’s ministerial committee—Joint Ministerial Monitoring Committee (JMMC)—has confirmed that the group’s output would remain unchanged till mid-2024 while urging some nations to cut production to comply with the output policy.     
  • RBI's monetary policy committee (MPC) has decided to keep the repo rate unchanged at 6.50%, maintaining its "withdrawal of accommodation" stance. Additionally, the committee has upheld its GDP forecast for the fiscal year 2024-2025 at 7%.
Global Markets Close Last week close
DJIA 38,597 39,760
NASDAQ 16,049 16,399
US 10Y 4.33 4.23
USD/INR 83.40 83.40
Brent 91.00 85.75

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Poonawalla Fincorp Crisil AAA 24 months 75+375 05-Apr-24 BSE
Kotak Mahindra Crisil AAA 34 months 150+500 05-Apr-24 NSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 1st Apr to 5th Apr:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE160A08308 8.47 PNB PERP 22MAR29 C 936.00 8.48
INE040A08948 7.79 HDFC BANK 04MAR25 900.00 7.88
INE261F08EF5 7.80 NABARD 15MAR27 835.00 7.65
INE018A08BK6 7.66 L&T 09NOV25 800.00 7.58

The following are the top-traded odd lot bonds from 1st Apr to 5th Apr:

ISIN Security Name Volume (Cr) Avg. yield%
INE774D08MW0 8.35 M&M FINANCE 16JAN34 27.00 8.17
INE540P08028 9.70 UPPCL 04JUL31 20.55 9.38
INE160A08308 8.47 PNB PERP 22MAR29 C 14.00 8.38
INE148I07GK5 8.85 INDIABULLS HOUSING 26SEP26 12.64 12.70

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