May 18, 2015

Money Markets:

 

  • The week ending on 15th May 15, witnessed average daily net liquidity shortfall under LAF at Rs. 8,410 cr. as compared to previous week’s average shortfall of Rs. 1,846 cr. The average MSF borrowing stood at Rs. 376 cr. Total overnight liquidity shortfall as at week-end stood at Rs. 17,189 cr.
  • Average weekly Call Rates surged to close at 7.41% against 7.39% of previous week-end; during the same period CBLO Rates rose to 7.51% against 7.44% of previous week.
  • During the week, RBI absorbed liquidity worth Rs. 83,003 cr. through 5-Day, 10-Day, 14-Day, Variable rate Repo and Overnight Variable Repo auctions while provided liquidity worth Rs. 10,002 Cr through Overnight Variable Repo Rate.
G-Sec Market:

  • RBI conducted weekly auction for securities 8.27% GS 2020, 7.95% GS 2032, 8.15% GS 2026 and 8.17% GS 2044 for a total notified amount of Rs.16,000 cr. The cut-offs for the securities came in at 7.96%, 8.07%, 8.00% and 8.07% respectively. All the four securities were fully subscribed. The bid-cover ratio was at 2.38 against 1.67 of previous week.
  • Benchmark 10-yr security 8.40% GS 2024 closed lower at 7.94% against 7.98% of previous week. Yields registered low of 7.88% while high of 7.95% during the week. Despite release of inflation numbers and IIP figures benchmark yields continued to rise at slower pace as the week progressed.
  • 5-yr OIS eased to 7.20% from previous week levels of 7.23%; while the 1-yr OIS closed at 7.53%; lower by 10 bps from previous week levels. The 1–5 yr spread rose to 7 bps to 5 bps of previous week.
Corporate Bonds

  • L&T Finance, Infrastructure Finance and Housing Finance issued bonds worth Rs. 750 million, Rs. 200 million and Rs. 2.5 billion with yields of 8.9%, 8.84% and 8.73% with maturity of 3, 10 and 10 years respectively. The third issue of Rs. 2.5 billion by Housing Finance has greenshoe option.
  • HDFC issued bonds worth Rs. 5 billion with yield of 8.7% for maturity of 5 years.
  • IDFC issued bonds worth Rs. 1.5 billion with yield of 8.7% for maturity of 10 years.

Macro Indicators

  • India’s index of industrial production (IIP) for March was higher by 2.1% as against a rise of 4.8% in the previous month.
  • India’s exports declined by 14% m-o-m to $22.05 bn in April 15, while imports declined by 7.5% to $33.05 bn for the same period, resulting in a trade deficit of $10.99 Billion ($11.79 Billion).
  • April-15 CPI stood at 4.87% against revised 5.25% of March – falling below 5% first time in last 3 months. WPI for the same period declined to -2.65% against -2.33% of March.
  • In view of low IIP growth and lower CPI and WPI, analysts are expecting easing of monetary policy in the next review due in June.

Global Markets

  • US Core Retail sales released on a disappointing note to mark 0.1% against 0.7% (revised) and Retail sales marked at 0.0% against 1.1% (revised).
  • US economy is expected to record a modest growth of 2% for the second quarter, as against nominal growth of 0.2% for the quarter Jan – March.
  • BOE maintained its benchmark interest rate unchanged at 0.50% along with the Asset purchase facility of 375 billion pound.
  • Japan reported a trade surplus of 2.08 trillion yen in March against 0.61trn in the previous month, due to a jump in overseas investment income and a fall in imports.
  • Mexico sold in April world’s first 100- year Euro bond issue of 1.5 billion falling due in March 2115, with a YTM of 4.2%.
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