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Weekly Fixed Income Market Analysis
10 year benchmark bond, the 6.45% 2029 bond, saw volatile trading last week, falling by 30bps then rising from lows by 14bps. Bond markets got a whiff of impending rate cuts and toRead More
30 Mar 2020
The sharp volatility in global markets has led to FIIs selling Rs 140 billion of debt and Rs 240 billion of equities month to date. Bond yields rose across the curve on the back ofRead More
23 Mar 2020
The sharp volatility in global markets has led to FIIs selling Rs 140 billion of debt and Rs 240 billion of equities month to date. Bond yields rose across the curve on the back ofRead More
16 Mar 2020
The impact of corona virus on the economy will prompt RBI to cut rates by at least 50bps to record lows. Bond markets are factoring in steep rate cuts with the 5 year OIS yield traRead More
09 Mar 2020
The impact of the corona virus is felt in bond yields globally with US 10 year treasury yields plunging to record lows while Japan and Eurozone bond yields are in deeply negative tRead More
02 Mar 2020
The RBI announced a Bond Switch or Conversion auction for Rs 370 billions scheduled on the 24th of February. The government will buy bonds maturing in 2020, 2021 and 2024 and sell Read More
24 Feb 2020
Bond market is shrugging off CPI inflation printing at 6 year highs and core inflation rising above 4% after many months. RBI has clearly stated in its policy review this month thaRead More
17 Feb 2020
RBI is pumping in money into the markets at cheap rates to encourage banks to lend and also to invest in credit markets. The question is will such Helicopter tactics work in India Read More
09 Feb 2020
The government is borrowing Rs 700 billion more in fy 20 as compared to last year but the higher number is unlikely to take up bond yields. RBI will look at the 3.5% of GDP fiscal Read More
03 Feb 2020
Total government borrowing Central plus State Governments, could be over Rs 16 trillion in fiscal 2020-21, growth of over 20% year on year. The bond market is staring at a deluge oRead More
27 Jan 2020
The government has done bond switches worth Rs 2.24 trillion, fiscal 2019-20 year to date to ease the repayment of bond maturities that are coming up over the next two years. On thRead More
20 Jan 2020
Government finances are looking ugly and RBI is becoming more entrenched in funding the fiscal gap of the government, directly and indirectly. The combination of poor government fiRead More
13 Jan 2020
The sharp rise in system liquidity to levels last seen post demonetization 3 years ago is alarming and raises a big question on the state of government finances. System liquidity rRead More
06 Jan 2020
RBI announced Operation Twist for the second consecutive week for an amount of Rs 100 billion, buying the 10 year benchmark bond, the 6.45% 2029 bond, and selling short end bonds. Read More
30 Dec 2019
RBI is buying the 10 year bond and selling short end bonds, an action that is termed as “Operation Twist”. Twist was done by the US Federal Reserve to bring down long tRead More
22 Dec 2019
CPI inflation for November was at a 40 months high of 5.54% largely on the back of rise in food prices. Core CPI inflation was at 3.4% to 3.6% signalling lack of pricing power giveRead More
15 Dec 2019
The bond market took the surprise lack of rate cut by the RBI in its policy review last week, as a sign of the government showing higher than budgeted fiscal deficit for this fiscaRead More
09 Dec 2019
The nominal GDP growth of 6.1% for the second quarter of fiscal 2019-20 against the projected growth of 11.5% throws the government’s fiscal math for a huge toss. The governmRead More
02 Dec 2019
The government is facing a revenue shortfall that could exceed well over Rs 2 trillion on the back of a big bang corporate tax rate cut and falling direct tax and GST revenue growtRead More
25 Nov 2019
Weak economic data from IIP growth to inflation and trade is hurting sentiments on the government’s fiscal deficit. The government is likely to borrow more than budgeted to mRead More
18 Nov 2019
