Indian Debt Market Summary
- The interbank call money rate ended at 6.10% on 29th March as against 6.25% on 28th March.
- Gilt prices ended lower on 29th March amid speculation of higher-than-estimated frontloading in the April-September borrowing calendar by the Centre.
- After domestic market hours, the Centre notified that it would borrow Rs 4.42 lakh cr via sale of dated securities in the first half of 2019-20.
- The yield of the 10 year benchmark 7.26% 2029 paper ended at 7.35% on 29th March as against 7.32% on 28th March.
Debt Market Watch Updates
| Debt Watch | 29 Mar | Week Ago | Month Ago | Year Ago |
|---|---|---|---|---|
| Call Rate | 6.10% | 6.05% | 6.10% | 6.05% |
| Repo | 6.25% | 6.25% | 6.25% | 6.00% |
| 10 Yr Gilt | 7.35% | 7.34% | 7.41% | 7.40% |
| 1-mth CP rate | 7.05% | 7.60% | 7.15% | 6.90% |
| 3-mth CP rate | 7.05% | 7.69% | 7.80% | 6.90% |
| 6-mth CP rate | 7.85% | 8.00% | 8.40% | 7.38% |
| 1 yr CP rate | 7.95% | 8.20% | 8.70% | 7.75% |
| 1-mth CD rate | 6.65% | 7.20% | 6.65% | 6.90% |
| 3-mth CD rate | 6.65% | 7.24% | 7.32% | 6.40% |
| 6-mth CD rate | 7.10% | 7.35% | 7.50% | 7.38% |
| 1 yr CD rate | 7.20% | 7.50% | 7.75% | 7.10% |
| Key announcements in the month | Release Date |
|---|---|
| US ADP Employment Report, March | April 3 |
| RBI’s First Bi-monthly Review 2019-20 | April 4 |
| US Non-farm Payrolls, March | April 5 |
Auctions/ Money market operations
| Date | Description | Amount (Rs Cr) |
|---|---|---|
| March 22 | G-sec auction | 18,000 (Allotted) |
| March 28 | Total repo | 1,53,565 (outstanding) |
| March 28 | Total reverse repo | 1,16,807 (outstanding) |
| March 28 | Marginal Standing Facility | 3,940 |
| March 28 | GOI Surplus Cash Balance with RBI | 18,980 |
| Yield (%) | G-Sec | AAA | AA+ | AA | AA- | A+ |
|---|---|---|---|---|---|---|
| 6 Month | 6.28 | 7.25 | 7.42 | 7.67 | 7.81 | 8.07 |
| 1 Year | 6.43 | 7.35 | 7.54 | 7.83 | 7.98 | 8.22 |
| 3 Year | 6.66 | 7.60 | 7.79 | 8.15 | 8.43 | 8.72 |
| 5 Year | 6.93 | 7.75 | 8.02 | 8.38 | 8.67 | 9.06 |
| 10 Year | 7.35 | 8.22 | 8.58 | 8.97 | 9.43 | 9.77 |
G-sec and corporate bonds data as of Mar 29
6 month G-sec: 182 day T-Bill rate; 1 year G-Sec: 6.65% CGL 2020; 3 year G-Sec: 8.79% CGL 2021; 5 year G-Sec: 7.32% CGL 2024; 10 year G-Sec: 7.26% GS 2029
Last Updated: 31st March 2019
Next Update: 15th April 2019
Update Frequency: Once Every Fortnight
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