Apr 20, 2015
Money Markets:

  • The week ending on 17th April 15, witnessed average daily net liquidity shortfall under LAF at Rs. 9,957 cr. as compared to previous week’s average surplus of Rs. 14,633 cr. The average MSF borrowing stood at Rs. 783 cr. Total overnight liquidity shortfall as at week-end stood at Rs. 10,740 cr.
  • Week-end Call Rates eased to close at 7.41% against 7.38% of previous week-end; during the same period CBLO Rates rose to 7.49% against 7.20% of previous week.
  • During the week, RBI absorbed liquidity worth Rs. 46,984 cr. through 15-Day, 13-Day Term Repo and Overnight Variable Repo while provided liquidity worth Rs. 376 cr. through 2-Day Variable Rate Reverse Repo auctions.
G-Sec Market:

  • RBI conducted weekly auction for securities 8.27% GS 2020, 8.40% GS 2024, 7.95% GS 2032 and 9.23% GS 2043 for a total notified amount of Rs.16,000 cr. The cut-offs for the securities came in at 7.78%, 7.81%, 7.87% and 7.93% respectively. All the four securities were fully subscribed. The bid-cover ratio was at 3.27 against 2.77 of previous week.
  • Benchmark 10-yr security 8.40% GS 2024 closed higher at 7.82% against 7.81% of previous week. G-Sec market witnessed subdued momentum for the week. Market remained cautious despite Finance ministry officials stating that government might review FII gilt investment limits in May.
  • 5-yr OIS inched lower to 7.10% from previous week levels of 7.13%; while the 1-yr OIS closed at 7.56%; 3 bps lower from previous week levels. The 1–5 yr spread declined to 0.00 bps against -0.01 bps earlier.

Corporate Bonds
  • Ultratech Cement issued bonds of Rs. 2 billion with yield at 7.84% for maturity April, 2018.
  • Muthoot Finance issued bonds of Rs. 3 billion for maturity of 400-day, 2Y, 3Y, 5Y, 81-month with yields ranging from 9.75% to 10.8% with rating of AA- ICRA.
  • Srei Equipment Finance issued bonds of Rs. 5 billion for tenor of 3 Years, 39-months, 5 Years, 7 Years with coupon ranging from 9.75% to 10.25% with rating of AA Brickwork, CARE.

Macro Indicators

  • Current duty of 25% for sugar imports is likely expected to be revised to 40% as a record crop production is leading to losses for farmers on account of lower prices.
  • Both the IMF and World Bank believe that India’s growth prospect is likely to beat China. They have pegged growth between 7.5-8.0% for the next fiscal. Meanwhile OECD has downgraded China’s growth forecast to 7% for this year and the next.
  • Mar-15 CPI stood at 5.17% against 5.37% of February, while WPI for the same period declined to -2.33% against -2.06% of February.

Global Markets

  • US retail sales marked an increase of 0.9% as against revised -0.5% of previous month. The above release remained on mixed note due to bad weather.
  • ECB kept the policy rate unchanged, at 0.05%. Draghi expressed satisfaction at the smooth implementation of QE emphasizing on improved borrowing conditions and demand for credit.
  • UK’s CPI remained unchanged at 0.0% as rise in prices of motor fuels and other products like food was nullified by decline in clothing and gas prices.
  • UK’s Unemployment Rate printed figures of 5.6% against 5.7% of previous week.
  • China’s economy experienced weakest growth since 2009 as GDP registered 7.0% against 7.3% of previous release. Industrial Production remained at 5.6% against 6.8% of earlier month. Exports


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