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Weekly Newsletter - 7th Mar 2024

Team Harmoney

The Indian government's 10-year bond is currently trading at 7.05%, which represents the lower end of its trading range spanning from 7.05% to 7.12%. Subdued reaction from the market even after the announcement of India's inclusion in the Bloomberg Emerging Market Local Currency Index and associated indices implies that the market had already anticipated this positive news. A decline in the US government's 10Y bond yield after the FED Chairman's speech in Congress also aided minimal decline in the Indian 10Y yield. Market participants speculate that unless the trading range of 7.05% to 7.12% is convincingly broken on either side, the market will likely continue to fluctuate within this range.

Indian Debt

  • The interbank call money rate ended at 6.65%
  • Indian Government 10Y bond yield remained flat during the week as the market had already discounted news of India's inclusion in the Bloomberg emerging market bond index
  • The yield of the 10-year benchmark 7.18% 2033 bond ended at 7.05%
Debt Market Indicators Close Last week Close
Repo rate 6.50 6.50
91 Days Tbill 6.90 6.96
364 Days Tbill 7.10 7.12
1 Y CP Rate 7.90 8.00
1 Y CD Rate 7.70 7.80
5 Y Gilt 7.04 7.05
5 Y Corp bond 7.85 7.85
10 Y Gilt 7.05 7.07
10 Y Corp bond 7.70 7.72
  • Indian rupee appreciated by 11 paise against the USD due to the weakening dollar index and net inflow in the equity market of 2904crs
  • US 10Y moved down by 13bps as the FED chairman's speech to Congress was in line with the market expectations
  • Brent traded in the range of 82-83 dollars per barrel as Fed Chair Jerome Powell indicated that he expects rate cuts this year, boosting the outlook for global growth and energy demand
Indian Indices Close Last week Close
Sensex 74,104 73,021
Nifty 22,487 22,150

General News

  • Bloomberg Index Services Ltd has announced the inclusion of India's bonds through the fully accessible route in the Bloomberg Emerging Market Local Currency Index and associated indices. This phased inclusion will commence on January 31, 2025 and span 10 months.         
  • US Fed chairman in his speech to Congress emphasized that the rate cuts will depend on the path of the economy.
Global Markets Close Last week close
DJIA 38,661 38,996
NASDAQ 16,031 16,091
US 10-Y 4.12 4.25
USD/INR 82.75 82.86
Brent 83.00 82.50

Primary Issues

Issuer Name Ratings Tenor Issue Size +
Green Shoe (in crs)
Open Date Exchange
Magnum Ventures Acuite C 42 months 150+0 07-Mar-24 BSE
Vivriti Capital Crisil A+ 24 months 25+75 07-Mar-24 BSE

Top Traded Bonds

The following are the most actively traded bonds on the Standard Market from 1st Mar to 7th Mar:

ISIN Security Name Volume (Cr) Avg. Yield (%)
INE261F08EG3 7.68 NABARD 30APR29 1125 7.62
INE0J7Q07249 7.55 DME 01MAR39 626.2 7.69
INE936D07075 9.75 JUPPL 02AUG24 300 8.05
INE729N08105 9.30 TVS CREDIT 27JUN29 300 9.24

The following are the top-traded odd lot bonds from 1st Mar to 7th Mar:

ISIN Security Name Volume (Cr) Avg. yield%
INE501X07471 10.50 AYE FINANCE 25FEB25 14.84 11.81
INE206D08410 7.25 NPC 15DEC27 9 7.47
INE787H08055 7.46 IIFCL 31MAY33 8.98 7.64
INE157D07EF2 10.15 CLIX CAPITAL 12JUL25 8.59 11.53

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