Indian Debt Market Summary
- The inter-bank call money rate ended at 6% on 31st July.
- Gilt prices ended lower on 27th July as uncertainty about the central bank’s interest rate decision at the policy announcement next week triggered some bond selling. It then ended higher following the central bank’s policy announcement on 31st July as the statement was not as aggressive as expected.
- The yield of the 10 year benchmark 7.17% 2028 paper ended at 7.77% on 31st July.
Debt Market Watch Updates
| Debt Watch | 27 Jul | Week Ago | Month Ago | Year Ago |
|---|---|---|---|---|
| Call Rate | 6.10% | 6.30% | 6.05% | 6.05% |
| Repo | 6.25% | 6.25% | 6.25% | 6.25% |
| 10 Yr Gilt | 7.78% | 7.79% | 7.87% | 6.44% |
| 1-mth CP rate | 7.43% | 7.18% | 7.50% | 6.40% |
| 3-mth CP rate | 8.10% | 7.80% | 7.63% | 6.45% |
| 6-mth CP rate | 8.38% | 8.25% | 8.05% | 6.76% |
| 1 yr CP rate | 8.50% | 8.45% | 8.55% | 7.05% |
| 1-mth CD rate | 6.74% | 6.40% | 6.90% | 6.25% |
| 3-mth CD rate | 7.16% | 7.03% | 6.95% | 6.21% |
| 6-mth CD rate | 7.47% | 7.46% | 7.35% | 6.35% |
| 1 yr CD rate | 7.96% | 7.96% | 8.05% | 6.50% |
| Key announcements in the month | Release Date |
|---|---|
| China GDP, Q3 2018 | October 19 |
| ECB Refinancing Rate | October 25 |
| US GDP Advance, Q3 2018 | October 26 |
Auctions/ Money market operations
| Date | Description | Amount (Rs Cr) |
|---|---|---|
| July 27 | G-sec auction | 12,000 (Alloted) |
| July 26 | Total repo | 71,569 (outstanding) |
| July 26 | Total reverse repo | 21,515 (outstanding) |
| July 26 | Marginal Standing Facility | 20 |
| July 26 | GOI Surplus Cash Balance with RBI | 2,368 |
| Yield (%) | G-Sec | AAA | AA+ | AA | AA- | A+ |
|---|---|---|---|---|---|---|
| 6 Month | 6.96 | 7.68 | 7.85 | 8.10 | 8.24 | 8.50 |
| 1 Year | 7.25 | 8.18 | 8.41 | 8.70 | 8.85 | 9.09 |
| 3 Year | 7.70 | 8.37 | 8.69 | 8.99 | 9.24 | 9.53 |
| 5 Year | 7.94 | 8.59 | 8.82 | 9.14 | 9.47 | 10.86 |
| 10 Year | 7.79 | 8.56 | 8.92 | 9.31 | 9.77 | 10.11 |
G-sec and corporate bonds data as of July 25
6 month G-sec: 182 day T-Bill rate; 1 year G-Sec: 6.90% CGL 2019; 3 year G-Sec: 7.80% CGL 2021; 5 year G-Sec: 7.16% CGL 2023; 10 year G-Sec: 7.17% GS 2028
Last Updated: 31st July 2018
Next Update: 15th August 2018
Update Frequency: Once Every Fortnight
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