Debt Market Review (04-08 Sept 2017)
The 10yr government bond yield increased 0.91% to 6.544 from 6.485 in the previous week.US 10yr benchmark decreased approximately 5.17% to 2.054 from previous week level of 2.166.
The G-sec yields ended mixed this week. The new 10 year benchmark, 6.79% G-sec maturing in 2027, ended at 6.5427% while the old 10 year benchmark, 6.97% maturing in 2026, ended at 6.7504%
Nikkei Manufacturing PMI in India unexpectedly jumped to 51.2 in August 2017 from 47.9 in July as disruptions stemming from confusion over GST eased. The Nikkei Services PMI contracted for second straight month at 47.5 in August 2017 from 45.9 in the previous month. The country’s foreign exchange reserves increased to $398120 million on Sept1 from previous week level of $394550 million.
Rupee closed at 63.785 per dollar vs previous week close of 64.04 per dollar. Gold trades at Rs 30388/10gms, silver at Rs 41097/kg. Gold prices hit a fresh 1yr high this week as the dollar sagged on the back of weaker than expected US jobs data. Crude oil ended at $47.56 per barrel this week.US oil prices dropped by more than 3% on Friday to the lowest finish in a week as refineries saw a slow recovery from flooding due to Hurricane Harvey, which made landfall on the Texas coast two weeks ago.
FIIs stood net buyers in domestic debt market this week with net investment of Rs 5344.75cr compared to Rs 2985.6cr last week.
On the global front, no. of Americans filing for unemployment benefits jumped to a more than 2year high last week.
FII/FPI IN DEBT MARKET
|As on 8th Sept||5344.75||2985.6||2359.15|
|As on 1st Sept||4073.96||2314.75||1759.21|
|INDEX||As on 8th September||As on 4th September||%Chg|
|S&P BSE SENSEX||31687.52||31702.25||-0.05%|
|Policy Repo Rate||6.00%|
|Reverse Repo Rate||5.75%|
|RATE||As on 8th September||As on 4th September||%Chg|
|FOREIGN EXCHANGE RESERVES(01/SEP)||$398.12B||$394.55B|
|Nikkei Manufacturing PMI||51.2||47.9|
|Nikkei Services PMI||47.5||45.9|
|INSTRUMENT||As on 8th September||As on 1st September|
|10 yr bond yield||6.544||6.485|
|1yr bond yield||6.28||6.270|
|3yr bond yield||6.383||6.393|
|US 10 yr benchmark yield||2.054||2.166|
|Securities||Maturity||8th Sept||1st Sept|
|06.35 GS 2020||02/01/2020||6.3350%||6.3200%|
|07.68 GS 2023||15/12/2023||6.6404%||6.5857%|
|07.35 GS 2024||22/06/2024||6.7202%||6.6836%|
|07.59 GS 2026||11/01/2026||6.8463%||6.8100%|
|08.60 GS 2028||02/06/2028||6.915%||6.9600%|
|INSTRUMENTS||As on 8th Sept||As on 1st Sept||%Chg|
Recommended Tax Free Bonds
|NHAI NA||11 JAN 31||7.60%||1169.37||6.11%||1.705||AAA|
|REC||05 NOV 35||7.43%||1185||6.26%||0.021||AAA|
|REC N9||24 sep 28||8.71%||1274||6.12%||0.02||AAA/STABLE|
|IRFC N7||18 FEB 24||8.235||1150||6.04%||7||AAA/STABLE|
Recommended Taxable Bonds
( in 000’s)
|IIHFL N2||02 APR 20||12.00%||1094||12.13%||0.605||AA-|
|DHFCL NC||16 AUG 26||9.30%||1046.5||10.22%||0.226||AAA|
|DHFCL NN||09 SEP 21||9.15%||1003.08||11.89%||0.275||AAA|
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