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Gilts retrace early gains on profit booking; ten year yield at 8.14%.
Government securities
Sovereign yield edged lower as the underlying sentiment remained upbeat after
the central bank took a subtle stance to counter the inflation situation. At the
review meeting on 25th Jan, RBI continued with its calibrated approach raising the
policy rates by 25bps only, despite the soaring price situation. The most actively
traded 12 year securities – 8.08% 2022 bond and 8.13% 2022 - bond notched up
most gains due to the upbeat sentiment.
Primary articles inflation posted a modest rise to 17.26% in the week ended 15-
Jan from 17.03% a week ago. Food articles inflation rose marginally to 15.57% in
the week ended 15-Jan from 15.52% a week before.
Non-SLR market
CD issuance remained robust today with banks mopping up INR 35bn through the
primary market. Punjab National Bank issued three month CD at 9.30% for a
quantum of INR 2.25bn and one year CD at 9.85% for a quantum of INR 5bn.
Syndicate Bank three month CD amounting to INR 5bn at 9.40% while Bank of
Maharashtra placed early April maturity CD of INR 1.25bn at 9.26%. Central Bank
of India placed INR 1.50bn of 15th June maturity CD at 9.62%.HDFC Bank placed
INR 4.60bn of 15th Jun maturity CD at 9.65% while Axis Bank placed one year CD
at 9.93% for a quantum of 1.40bn.
Money markets
Overnight rates continued to remain above the central bank’s lending rates on the
back of a persistently tight liquidity situation. However LAF borrowing reduced to
INR 922bn compared to INR 1.12trn on Tuesday due to lag end of the reporting
fortnight and the skewed borrowing from the banks. Until 23rd Jan, banks have
maintained an average 3% excess over CRR.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Gilts retrace early gains on profit booking; ten year yield at 8.14%.
Government securities
Sovereign yield edged lower as the underlying sentiment remained upbeat after
the central bank took a subtle stance to counter the inflation situation. At the
review meeting on 25th Jan, RBI continued with its calibrated approach raising the
policy rates by 25bps only, despite the soaring price situation. The most actively
traded 12 year securities – 8.08% 2022 bond and 8.13% 2022 - bond notched up
most gains due to the upbeat sentiment.
Primary articles inflation posted a modest rise to 17.26% in the week ended 15-
Jan from 17.03% a week ago. Food articles inflation rose marginally to 15.57% in
the week ended 15-Jan from 15.52% a week before.
Non-SLR market
CD issuance remained robust today with banks mopping up INR 35bn through the
primary market. Punjab National Bank issued three month CD at 9.30% for a
quantum of INR 2.25bn and one year CD at 9.85% for a quantum of INR 5bn.
Syndicate Bank three month CD amounting to INR 5bn at 9.40% while Bank of
Maharashtra placed early April maturity CD of INR 1.25bn at 9.26%. Central Bank
of India placed INR 1.50bn of 15th June maturity CD at 9.62%.HDFC Bank placed
INR 4.60bn of 15th Jun maturity CD at 9.65% while Axis Bank placed one year CD
at 9.93% for a quantum of 1.40bn.
Money markets
Overnight rates continued to remain above the central bank’s lending rates on the
back of a persistently tight liquidity situation. However LAF borrowing reduced to
INR 922bn compared to INR 1.12trn on Tuesday due to lag end of the reporting
fortnight and the skewed borrowing from the banks. Until 23rd Jan, banks have
maintained an average 3% excess over CRR.
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