Mar 30, 2015
Money Markets:
  • The week ending o n 27th March 15, witnessed average daily net liquidity surplus under LAF at Rs. 3,063 cr as compared to previous week’s average shortfall of Rs. 6,446 cr. The average MSF borrowing stood at Rs. 757 cr. Total overnight liquidity surplus stood at Rs. 2,306 cr.
  • Call Rates eased to close at 7.36% against 7.45% earlier while on similar lines CBLO Rates inched lower to 7.41% against 7.47% of previous week.
  • During the week, RBI infused liquidity worth Rs. 31,003 cr. through 14-Day Term Repo auctions while also absorbing liquidity worth Rs. 94,128 cr. through Overnight Variable and 3-Day Variable Reverse Repo auctions.
G-Sec Market:

 

  • Benchmark 10-yr security 8.40% GS 2024 closed higher at 7.77% against 7.75% of previous week as markets awaited release of borrowing calendar. Yields surged due to probable debt switch wherein 8.15% GS 2026 would be issued against buyback of 7.38% GS 2015 and 7.17% GS 2015 which news was confirmed by RBI post market hours.
  • Market borrowing calendar for H1FY16 was announced by RBI in which gross borrowing for April-September stands at Rs 3.6 lakh cr (at 60% of FY16 total borrowing of Rs 6 lakh cr).
  • RBI converted two securities from its portfolio maturing in FY16 for total value of Rs 30,228 cr to a longer tenor security maturing in FY27 and notified the WMA limit for the first half of FY16 which stands at Rs 45,000 cr.
  • Government is also expected to issue long term bond with maturity of 40 years, further elongating the yield curve.
  • 5-yr OIS surged to 7.06% from previous week levels of 7.02%; while the 1-yr OIS closed at 7.57%; 3 bps higher from previous week levels. The 1–5 yr spread surged to 0.01 bps against -53 bps earlier.
Corporate Bonds

  • SIDBI raises 3-year bonds worth Rs. 6 billion at 8.4% and 8.25%. Indian Railway Finance Corpn. raised bonds worth Rs.15 billion for 2 years.
  • Vijaya Bank issued perpetual bonds for Rs. 4 billion at 10.4% to provide for Basel III Tier 1 capital with rating of AA- .

Macro Indicators

  • Through spectrum auctions government collected of Rs 1.10 lakh cr which was more than the 1.06 lakh cr raised last year.
  • Unseasonal rains damaged domestic Rabi crop and with forecast of more rains in parts of north east, west and central India, feeding inflationary fears.
  • Feb-15 CPI stood at 5.37% against revised 5.19% of January, while WPI for the same period declined to -2.06% against 0.39% of January.
 Global Markets

  • Federal Reserve’s cautionary language on state of the U S economy caused expectation of rate rise early in latter half of the year 2015.
  • US CPI and Core CPI marked at 0.2% against -0.7% and 0.2% as it was the first advance in past four months as fuel cost stabilized.
  • Consensus estimate of US GDP growth is 3.1% for current year, as compared to 2.2% for the year 2014.
  • UK annual inflation rate fell to 0%in February 2015. The largest downward effect to the annual rate in February came from food and non-alcoholic drinks as well as furniture and household equipment and computer equipment. George Osborne, Chancellor of the Exchequer, termed it as beneficial ‘good’ low inflation.
  • Euro Zone appeared to be on the way to recover with improvement in private sector activity across the member countries – the weaker Euro is boosting exports, especially in Germany.
  • Greece has submitted the latest updated reforms list, ahead of April 9th deadline, when Greece is due to pay €450m to the IMF. Rating agency Fitch cut Greece's credit status due to uncertainty over the release of aid.
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