Indian Debt Market Summary
- The interbank call money rate ended at 5.95% on 15th May as against 5.85% on 14th May.
- Gilts ended flat and off earlier highs on 15th May weighed by profit sales.
- Intraday, prices rose marginally in response to the central bank’s bond repurchase announcement.
- The central bank notified that it will conduct a bond repurchase auction under open market operations on 15th May. The yield of the 10 year benchmark 7.26% 2029 paper ended at 7.38% on 15th May, flat compared to 14th May.
Debt Market Watch Updates
| Debt Watch | 15 May | Week Ago | Month Ago | Year Ago |
|---|---|---|---|---|
| Call Rate | 5.95% | 5.90% | 6.15% | 5.80% |
| Repo | 6.00% | 6.00% | 6.00% | 6.00% |
| 10 Yr Gilt | 7.38% | 7.38% | 7.39% | 7.90% |
| 1-mth CP rate | 7.40% | 7.40% | 7.25% | 7.10% |
| 3-mth CP rate | 7.48% | 7.80% | 7.65% | 8.05% |
| 6-mth CP rate | 8.20% | 8.28% | 8.00% | 8.10% |
| 1 yr CP rate | 8.50% | 8.65% | 8.15% | 8.40% |
| 1-mth CD rate | 6.80% | 6.85% | 6.70% | 7.10% |
| 3-mth CD rate | 7.05% | 7.24% | 7.00% | 7.50% |
| 6-mth CD rate | 7.27% | 7.35% | 7.15% | 8.10% |
| 1 yr CD rate | 7.65% | 7.70% | 7.50% | 8.05% |
| Key announcements in the month | Release Date |
|---|---|
| China’s Consumer Price Index, April | May 17 |
| US Consumer Price Index, April | May 17 |
| UK GDP (Preliminary), Q1 2019 | May 22 |
Auctions/ Money market operations
| Date | Description | Amount (Rs Cr) |
|---|---|---|
| May 17 | G-sec auction | 17,000 (Allotted) |
| May 14 | Total repo | 68,421 (outstanding) |
| May 14 | Total reverse repo | 33,548 (outstanding) |
| May 14 | Marginal Standing Facility | 0 |
| May 14 | GOI Surplus Cash Balance with RBI | 29,294 |
| Yield (%) | G-Sec | AAA | AA+ | AA | AA- | A+ |
|---|---|---|---|---|---|---|
| 6 Month | 6.40 | 7.42 | 7.59 | 7.84 | 7.98 | 8.24 |
| 1 Year | 6.48 | 7.75 | 7.94 | 8.23 | 8.38 | 8.62 |
| 3 Year | 6.93 | 7.84 | 8.03 | 8.39 | 8.67 | 8.96 |
| 5 Year | 7.15 | 8.03 | 8.30 | 8.66 | 8.95 | 9.34 |
| 10 Year | 7.38 | 8.42 | 8.78 | 9.17 | 9.63 | 9.97 |
G-sec and corporate bonds data as of May 15
6 month G-sec: 182 day T-Bill rate; 1 year G-Sec: 6.65% CGL 2020; 3 year G-Sec: 8.13% CGL 2022; 5 year G-Sec: 7.32% CGL 2024; 10 year G-Sec: 7.26% GS 2029
Last Updated: 15th May 2019
Next Update: 31st May 2019
Update Frequency: Once Every Fortnight
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