Latest news with #SoniaCheema
Mint
12-06-2025
- Business
- Mint
India bond yields dip on value buying, fall in US peers
MUMBAI, June 12 (Reuters) - Indian government bond yields fell on Thursday amid value buying and a dip in U.S. peers, while traders awaited a bond buyback and domestic inflation due later in the day. The yield on the benchmark 10-year bond was at 6.3014% as of 10:00 a.m. IST, compared with its previous close of 6.3069%. "While we started positively, any rally in prices is difficult to sustain due to the current market environment," a trader with a state-run bank said. Bond yields rose since Friday after the Reserve Bank of India's (RBI) shift in stance to "neutral" disappointed investors as it signalled limited scope for further rate cuts. The central bank, which cut rates by an outsized 50 basis points (bps), is likely to pause rates for the rest of this fiscal year, per a Reuters poll of economists. All eyes will be now on India's consumer inflation data, which likely eased to a more than six-year low of 3%, thanks to a favourable base and a further moderation in food prices, according to a Reuters poll. The RBI expects inflation to average 3.7% this financial year, down from its earlier expectation of 4%. Meanwhile, India plans to buy back bonds worth 260 billion rupees ($3.04 billion) later in the day. They mature next fiscal year. RATES Indian overnight index swap (OIS) rates are expected to see paying pressure across the curve as sentiment remains weak, with the market still digesting the fact that there may not be more rate cuts for the foreseeable future. The one-year OIS rate was 2 bps higher at 5.58%, while the two-year OIS rate and the liquid five-year OIS rate were little changed at 5.53% and 5.75%, respectively. ($1 = 85.4370 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
Mint
11-06-2025
- Business
- Mint
Indian bond yields fall after three-session selloff
MUMBAI, June 11 (Reuters) - Indian government bond yields declined in early deals on Wednesday as investors, led by state-run banks, stepped up purchases after a three-session selloff. The yield on the benchmark 10-year bond was at 6.2836% as of 10:00 a.m. IST vs its previous close of 6.2946%, the highest since May 9. The five-year 6.75% 2029 bond yield was at 5.9334% after ending at 5.9513% in the previous session. "For now it seems the selloff may be behind us, with the market gaining confidence from heavy purchases by state-run banks yesterday," a trader with a private bank said. These lenders bought over 125 billion rupees ($1.46 billion) of bonds on a net basis in the last two sessions. Bond yields have risen since Friday after the Reserve Bank of India's shift in stance to "neutral" from "accommodative" disappointed investors, signalling limited scope for further rate cuts after an outsized 50-basis point reduction. Weak demand for state debt at an auction on Tuesday pushed up yields further. The RBI is likely to keep rates on hold for the rest of this fiscal year, according to a Reuters poll of economists. Mid- to long-term bond yields have risen despite the steepest rate cut in five years as traders believe the RBI's easing cycle may be over, with some shifting their preference to the shorter end of the curve. RATES Indian overnight index swap (OIS) rates eased across the curve, tracking a lower bond yields. The one-year OIS rate ended was at 5.50%, after ending at 5.54% on Tuesday, while the two-year OIS rate was at 5.48% compared to its previous close of 5.51%. The liquid five-year swap was down 4 bps at 5.69%. ($1 = 85.4950 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
Mint
10-06-2025
- Business
- Mint
India bonds see uptick, bulls enter after two-day drop
MUMBAI, June 10 (Reuters) - Indian government bond prices rose on Tuesday after a two-session decline, with traders expecting consolidation and mild value buying to persist through the day. The yield on the benchmark 10-year bond was at 6.686% as of 9:45 a.m. IST, compared with its previous close of 6.2837% - the highest since May 13. The five-year 6.75% 2029 bond yield was at 5.8589% after ending at 5.8842% on Monday. "We were expecting some reversal from the 6.30% level, but it seems like the market considers current levels to be decent to build fresh positions," a trader with a primary dealership said. Bond yields jumped on Friday and Monday as markets were disappointed by the central bank's shift in stance to "neutral", signalling limited scope for rate cuts, after it delivered an outsized 50-basis point reduction. The Reserve Bank of India also slashed lenders' cash reserve ratio by 100 bps, which is expected to add to the liquidity surplus. The central bank has cut rates by 100 bps so far this year and is likely to pause this fiscal, according to a Reuters poll of economists. While some investors believe that the RBI's rate cut cycle is over, ANZ, MUFG and Nomura expect at least one more reduction in 2025. RATES Shorter duration overnight index swap (OIS) rates were not yet traded but are expected to remain steady with a receiving bias. The one-year OIS rate ended at 5.48% on Monday, while the two-year OIS rate closed at 5.47%. The most liquid five-year was little changed at 5.69%. (Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
Zawya
09-05-2025
- Business
- Zawya
Iraq's SOMO offers fuel oil term supplies for second-half of 2025, sources say
SINGAPORE - Iraq's state-owned marketer SOMO has offered a term contract to supply high-sulphur fuel oil between July and December 2025, according to industry sources. The fuel oil will be lifted from the Khor al-Zubair (KAZ) ship-to-ship transfer port, with a volume of about 142,500 metric tons per month. The tender will close on May 18, with a validity of up to 20 days. (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
Zawya
17-04-2025
- Business
- Zawya
UK's Wood Group extends deadline for Sidara's takeover offer
UK's Wood Group on Thursday said it has extended the deadline for a takeover offer by Dubai-based Sidara to May 15 from April 17. On Monday, the company received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($320.5 million) and up to $450 million in cash. Wood Group had said it would be "minded to recommend" a firm offer on such terms to its shareholders, if made. The British oilfield services and engineering firm rekindled talks for a potential takeover in February, after Sidara shelved its initial plans to buy the group last year, citing rising geopolitical risks and uncertainty in the financial market. This development marks the second extension Wood Group has granted to Sidara, with the first taking place in March. ($1 = 0.7552 pounds) (Reporting by Anandita Mehrotra in Bengaluru; Editing by Sonia Cheema)
