Indian Debt Market Summary
- Call money rate for three day loans closed at 6.00% on 14th June against 5.60% for one day loans on 13th June due to increasing demand from the market
- Government bond prices rose sharply on 14th June helped by the central bank’s announcement of another round of open market operations (OMOs) to infuse durable liquidity in the system.
- Strong demand at the debt auctions conducted during the day also improved investor appetite for g-secs during the day.
- The 10-year benchmark 7.26% 2029 closed at 6.92% yield on 14th June, the lowest closing yield for the 10-year benchmark since mid-November last year, and down 9 bps from 7.01% yield closing on 13th June.
Debt Market Watch Updates
| Debt Watch | 14 June | Week Ago | Month Ago | Year Ago |
|---|---|---|---|---|
| Call Rate | 6.00% | 5.60% | 5.85% | 6.00% |
| Repo | 5.75% | 5.75% | 6.00% | 6.25% |
| 10 Yr Gilt | 6.92% | 6.97% | 7.38% | 7.94% |
| 1-mth CP rate | 6.55% | 6.55% | 7.40% | 7.50% |
| 3-mth CP rate | 6.95% | 6.85% | 7.57% | 7.78% |
| 6-mth CP rate | 7.75% | 7.50% | 8.20% | 8.15% |
| 1 yr CP rate | 8.10% | 8.05% | 8.50% | 8.80% |
| 1-mth CD rate | 6.00% | 6.10% | 6.82% | 7.50% |
| 3-mth CD rate | 6.39% | 6.30% | 7.15% | 7.05% |
| 6-mth CD rate | 6.88% | 6.80% | 7.27% | 8.15% |
| 1 yr CD rate | 7.25% | 7.16% | 7.70% | 8.15% |
| Key announcements in the month | Release Date |
|---|---|
| Bank of England Bank Rate Decision | June 20 |
| Bank of Japan Policy Rate Decision | June 20 |
| US Existing Home Sales, May | June 21 |
Auctions/ Money market operations
| Date | Description | Amount (Rs Cr) |
|---|---|---|
| June 14 | G-sec auction | 17,000 (Allotted) |
| June 13 | Total repo | 36,547 (outstanding) |
| June 13 | Total reverse repo | 90,194 (outstanding) |
| June 13 | Marginal Standing Facility | 9 |
| June 13 | GOI Surplus Cash Balance with RBI | 0 |
| Yield (%) | G-Sec | AAA | AA+ | AA | AA- | A+ |
|---|---|---|---|---|---|---|
| 6 Month | 6.07 | 7.08 | 7.25 | 7.50 | 7.64 | 7.90 |
| 1 Year | 6.12 | 7.40 | 7.59 | 7.88 | 8.03 | 8.27 |
| 3 Year | 6.54 | 7.57 | 7.76 | 8.12 | 8.40 | 8.69 |
| 5 Year | 6.72 | 7.65 | 7.92 | 8.28 | 8.57 | 8.96 |
| 10 Year | 6.92 | 7.89 | 8.25 | 8.64 | 9.10 | 9.44 |
G-sec and corporate bonds data as of June14
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 June2019
Next Update: 30th june 2019
Update Frequency: Once Every Fortnight
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