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OMO fails to spur sentiment as yields fail to recoup previous loss
The OMO announcement bought cheer to the market as Gilts retraced yesterday’s losses
by opening @ 8.16% levels. However the momentum was short-lived as the gilts gave up
initial gains, possibly on the back of profit-booking. The traders would have sold papers to
make room for the INR 120bn auction which would hit the market tomorrow.
The 8.79%, 2021 bond ended the day at 8.20% vs 8.22%. The market is expected to be
range-bound for most of tomorrow’s session till auction results.
The OIS market seems to be more concerned on the fallout of rising crude on inflation
and swaps moved even higher despite continued global risk aversion. The 1-Y OIS ended
at 8.13-8.18% vs 8.10-8.15% and the 5-Y swap closed at 7.42-7.47% vs 7.37-7.43%.
Non-SLR Market
PNB placed 3M CD worth INR 3bn @ 10.27%. CBI placed same tenor @ 10.30% for INR
10bn. Corporation Bank placed 1Y CD worth INR 10bn @ 10.12%.
Money Market
Call rates were largely unchanged @ 8.79% while volumes were higher than recent average
probably as a result of some residual unfulfilled fortnightly reserve requirement
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
OMO fails to spur sentiment as yields fail to recoup previous loss
The OMO announcement bought cheer to the market as Gilts retraced yesterday’s losses
by opening @ 8.16% levels. However the momentum was short-lived as the gilts gave up
initial gains, possibly on the back of profit-booking. The traders would have sold papers to
make room for the INR 120bn auction which would hit the market tomorrow.
The 8.79%, 2021 bond ended the day at 8.20% vs 8.22%. The market is expected to be
range-bound for most of tomorrow’s session till auction results.
The OIS market seems to be more concerned on the fallout of rising crude on inflation
and swaps moved even higher despite continued global risk aversion. The 1-Y OIS ended
at 8.13-8.18% vs 8.10-8.15% and the 5-Y swap closed at 7.42-7.47% vs 7.37-7.43%.
Non-SLR Market
PNB placed 3M CD worth INR 3bn @ 10.27%. CBI placed same tenor @ 10.30% for INR
10bn. Corporation Bank placed 1Y CD worth INR 10bn @ 10.12%.
Money Market
Call rates were largely unchanged @ 8.79% while volumes were higher than recent average
probably as a result of some residual unfulfilled fortnightly reserve requirement
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