Jun 29, 2015
Money Markets:

  • The week ending on 26th June 15, witnessed average daily net liquidity shortfall under LAF at Rs. 1,408 cr. as compared to previous week’s average shortfall of Rs. 2,465 cr. The average MSF borrowing stood at Rs. 200 cr. Total overnight liquidity shortfall for the week-end stood at Rs. 1,608 cr.
  • Average weekly Call Rates surged to 7.09% against 7.04% of previous week-end; while during the same period CBLO Rates rose to 7.13% against 7.10% of previous week.
  • During the week, RBI injected liquidity by lending Rs. 37,504 cr. through 14-Day Variable Repo auctions and absorbed liquidity by borrowing Rs. 56,795 cr. through 2, 3, 7 Day and Overnight Variable Reverse Repo auctions.
G-Sec Market:

  • RBI conducted weekly auction for securities 7.35% GS 2024, 7.88% GS 2030, 7.95% GS 2032 and 8.17% GS 2044 for a total notified amount of Rs.15,000 cr. The cut-offs for the securities came in at 0%, 8.13%, 0% and 0% respectively. The bid-cover ratio was at 2.28 against 2.96 of previous week. RBI only sold the 15-year securities for Rs 6,000 crore while cancelling the rest three securities.
  • Yields of benchmark 10-yr security 7.72% GS 2025 surged in contrast to earlier week’s fall. Yields surged by 8.5 bps from 7.73% to close at 7.82% during the week. Global sentiments stood as major driver for yields which observed considerable rise since start of the week. The positive sentiment post comments from RBI governor where short lived as profit booking was observed during the end of the week.
  • During the week, 1-yr OIS rose to 7.55% against 7.54% earlier; along with 5-yr OIS rising to 7.23% against 7.20% of earlier week. The 1–5 yr spread rose to 3 bps from declined to 8 bps of previous week.
Corporate Bonds

  • L&T Housing Finance issued bonds worth Rs. 4.5 billion with yield of 9.1% for maturity of 27-months with callable option at end of 15 months and 100 bps step up on coupon if call not exercised
  • Can Finance Homes issued bonds worth Rs. 2 billion with yield of 8.8% for maturity of 3 years with rating of AAA CARE and ICRA.
Macro Indicators

  • The RBI has released draft guidelines allowing importers and exporters to write options on their underlying exposures in the OTC market.
  • In Riksbank Macro Prudential Conference, RBI Governor Dr. Raghuram Rajan stated that the Greek crisis would have little impact on India, and a good monsoon might actually lead to a rate cut.
  • The government of India has agreed to infuse capital of about $3 bn into public sector banks this fiscal after a round of meetings with the heads of the banks.
  • May-15 CPI stood at 5.01% against 4.87% of April and WPI for the same period declined to -2.36% against -2.65% of April.
Global Markets

  • U.S. final estimates show that GDP declined by 0.2% annualized rate in the first quarter, less than previous estimate of -0.7%, largely driven by a slowdown on account of labour disputes in the ports. Experts expect that the average annual growth of GDP may not exceed 2.3%.
  • US existing home sales marked 5.35m for May 2015 against 5.09m for earlier month, its fastest pace since November 2009, driven by first-time buyers and indicating budding momentum in the residential real estate market.
  • As recommended by Bank of Greece, the Greek Government ordered closure of banks for 7 days, and imposed strict controls on cash withdrawals, in order to prevent collapse of banks, after ECB opted not to extend its liquidity assistance to Greece.
  • Under new rules framed by U K financial regulators, banks can claw back bonuses up to 7 years ( 10 years in case of senior executives).
  • Peoples Bank of China cut its benchmark 1-year lending and depoisit rates by 0.25% to 4.85% and 2% respectively; in addition, the reserve requirement ratio for commercial banks was also cut by 0.50%.
  • Japan came out with BOJ meeting minutes where the central bank decided to hold its benchmark lending rate steady at 0.10 percent, while also maintaining its target of raising the monetary base at an annual pace of about JPY 80 trillion.
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