Jul 27, 2015
Money Markets:
  • The week ending on 24th July 15, witnessed average daily net liquidity surplus under LAF at Rs. 893 cr. as compared to previous week’s average net liquidity shortfall under LAF at Rs. 1,741 cr.. The average MSF borrowing stood at Rs. 12 cr. Total overnight liquidity surplus for the week-end stood at Rs. 905 cr.
  • Average weekly Call Rates declined to 7.00% against 7.13% of previous week-end; during the same period CBLO Rates also dipped to 7.10% against 7.17% of previous week.
  • During the week, RBI injected liquidity by lending Rs. 21,120 cr. through 14-Day Variable Repo auctions and absorbed liquidity by borrowing Rs. 69,086 cr. through 3, 4, 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.14,000 cr. The cut-offs for the securities came in at 7.98%, 8.01%, 8.10% and 8.08% respectively. The bid-cover ratio was at 3.41 against 3.53 of previous week.
  • Yields of benchmark 10-yr security 7.72% GS 2025 stood in tight range of 3.8 bps with upward bias in contrast to earlier week’s fall. Choppy trading with downward bias was observed since start of the week which was negated post news of draft code for MPC (Monetary Policy Committee).
  • During the week, 1-yr OIS surged to 7.49% against 7.48% earlier; along with 5-yr OIS rose to 7.22% against 7.19 of previous week. The 1–5 yr spread declined to 1.5 bps from surge of 2 bps in previous week.
Corporate Bonds

  • Adani Transmissions issued bonds worth Rs. 12.5 billion with yield of 9.45% for tenor of 3 years with credit rating of AA+ India rating.
  • LIC Housing Finance Rs. 3 billion with yield of 8.6% for maturity of 5 years, while the issue also has put option till Feb, 2018.
  • State-owned Steel Authority of India raised Rs.5 billion with 3 year maturity at 8.25 %.
Macro Indicators

  • The revised draft of Indian Financial Code (IFC), proposes Monetary Policy Committee with 7 members, 4 of them to be nominated by Govt., without veto power to the Governor of RBI.
  • Select panel of the GST (Goods & Services Tax) recommended full compensation to states for 5 years, and a GST rate band to be defined in the law itself, retaining 1 percent interstate transfer tax.
  • June-15 CPI stood higher at 5.40% against 5.01% of May and WPI for the same period declined to -2.40% against -2.36% of May.
Global Markets

  • US Federal Reserve and Bank of England have taken sim9ilar stand indicating rate rise possibly during latter half of the year.
  • Bank of Canada on the other hand reduced the overnight interest rate by 0.25% to 0.5%.
  • Current account of the euro area recorded a surplus of €18.0 billion in May 2015 against €24.0 billion of earlier month.
  • With emergency funding from ECB, Greece has reopened its banks for first time since July 15. However it is still doubtful if the proposed bailout would lead to a sustainable Greek economy.
  • BOJ monetary policy meeting minutes suggested that, money market, interest rates on both overnight and term instruments continued to be at low levels.

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