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Government securities
The Ten year benchmark bond closed 4 bps lower at 7.90% while 8.13% GOI 2022
bond closed the same as yesterday at 8.01%. Volume in the ten year benchmark
was significantly lower than previous few days at INR 2.15bn.
The Finance minister made a statement that the government was expecting GDP
growth in the current and next quarter to be as encouraging if not better than the
previous recorded quarter. However he said that India would also have to tackle
barriers to ensure double digit level growth. RBI said that even though there is
increasing liquidity in the system, this should not be inferred as a turnaround of its
tighter monitory policy.
Government of India raised INR 60 Billion selling bonds maturing in 2015, 2022
and 2040 with coupons of 7.17%, 8.08% and 8.30% respectively.
The one year and the five year OIS closed higher than the previous day. 1 Year
OIS was at 7.06% while the 5 year OIS closed at 7.71%.
Non-SLR market
Dena Bank raised 3 months, Bank of Maharashtra raised 4 months and State Bank
of Patiala raised 1 year CD at 9.18%, 9.65% and 9.65% respectively. IDBI placed
12 months CD at 9.80%.
Money markets
Call rates ended at 6.88% as against 6.98% yesterday. CBLO closed at 6.29%.LAF
Borrowing was at 1.50 trn compared to 1.55 trn yesterday.
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