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Weekly Fixed Income Market Analysis
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
The weakening economic outlook prompted Moody’s to lower India’s sovereign rating to negative from stable citing the impact on government finances. The government is unRead More
11 Nov 2019
The bond market is flushed with liquidity but is reluctant to take down bond yields sharply at the longer end of the yield curve. The market is worried about extra borrowing by theRead More
04 Nov 2019
The yield on the 10 year benchmark bond, the 6.45% 2029 bond, moved up by 1bps week on week to close at 6.52% levels on worries of extra borrowings by the government. The governmenRead More
21 Oct 2019
IIP data for August 2019 showed a negative growth of 1.1%, the lowest in 6.5 years while passenger vehicle sales fell 24% year on year in September. The government effected a corpoRead More
14 Oct 2019
Government bond yields are expected to trend down from highs on the back of RBI rate cut and easing of higher than expected borrowing worries. The government is also expected to isRead More
07 Oct 2019
Government bond yields are expected to trend down from highs on the back of RBI rate cut and easing of higher than expected borrowing worries. The government is also expected to isRead More
30 Sep 2019
The bond markets reacted negatively to the big bang tax rate cut by the government on the 20th of September. Read our note on the Big Bang Tax Rate Cut for details. The markets areRead More
23 Sep 2019
ECB lowering deposit rates by 10 bps to negative 50bps and announcing bond purchase program of Euro 20 billion a month will drive central banks across the world from US Fed onwardsRead More
16 Sep 2019
The release of weak GDP growth data for the1st quarter of fiscal 2019-20, where GDP growth came in at 5%, against full year growth forecasts of around 7%, increased markets expectaRead More
09 Sep 2019
The 10 year benchmark government bond gave up all its gains post RBI dividend to the government and closed the week 13bps higher from lows. Read our report on RBI dividend to goverRead More
02 Sep 2019
The RBI is going into this week’s policy review on the back of global bond yields plunging to fresh lows on Fed rate cut and increased tensions in the US-China trade war, theRead More
05 Aug 2019
