India bonds steady ahead of New Delhi's debt sale
debt auction
for more clues into the yield trajectory.
The benchmark
10-year bond yield
was at 6.4826% as of 10:00 a.m. IST, compared with Wednesday's close of 6.4811%.
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New Delhi is set to raise 280 billion rupees ($3.20 billion) through a debt sale, which includes a 5-year bond and a new 30-year security.
Bonds Corner
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Fixed Income Outlook: Sideways rates offer opportunities in short-to medium-term debt funds
India's fixed income market remains steady despite global uncertainty. With inflation below the RBI's target and yields expected to stay in a narrow range, Canara Robeco's Avnish Jain advises focusing on short- to medium-term debt funds for better risk-adjusted returns, while keeping selective long-duration exposure for potential policy easing gains.
Is the rally over in long-duration bonds?
Is investing in T-bills via SIP a smart move compared to FDs?
India's bond market signals extended rate pause despite low inflation
RBI allows non-residents to invest rupee surplus in vostro accounts in G-secs
Browse all Bonds News with
The auction is being seen as a key test of demand for longer-term notes, traders said.
"Pre-policy, we had seen a lot of participation by banks in the longer end. If that repeats today, then we will see
government securities
sustaining levels," a fund manager at an AMC said.
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"Today's auction will be a deciding factor for volatility or recovery of bonds."
Traders are also likely to keep positions light ahead of a long weekend. The local debt market shut on Friday for
Independence Day
.
Any dips will trigger opportunistic buying during the day, traders said.
The
Reserve Bank of India
will hold an eight-day variable rate reverse repo auction to withdraw two trillion rupees from the banking system later in the day.
The banking system's
liquidity surplus
continues to remain above 1% of deposits at 2.9 trillion rupees as on Wednesday.
RATES
India's overnight index swap (OIS) rates continued to see receiving, with traders expecting at least one rate cut in 2025.
Meanwhile, falling
U.S. Treasury yields
and rising wagers for a September rate cut by the Federal Reserve are aiding the sentiment for longer-duration rates.
The one-year OIS rate INR1YMIBROIS=CC fell 1 basis point to 5.4950% and the two-year OIS rate was steady at 5.44%. The liquid five-year OIS rate dipped more than 1 bp to 5.6325%.
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