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Indian bonds rally for ninth straight week

Indian federal bonds snapped a three-day losing streak to gain on Friday as foreign fund buying of domestic debt and strong demand at the government debt sale helped. Bonds have now rallied for nine straight weeks, with the yield on the old 10-year benchmark paper having dropped 62 basis points, during this period.

"The expectation for a 25 basis point rate cut remains and with overnight rate at 8.30 percent, there is good demand for the 10-year paper at current levels," said Debendra Dash, a senior fixed income dealer with Development Credit Bank. Traders broadly expect the spread between the two papers to shrink to around 5-8 basis points from the current 23 bps.

The old benchmark 10-year bond closed down 4 basis points at 7.34 percent after moving in a 7.31 to 7.38 percent band during the session. On the week, the yield dropped 6 basis points. The 7.16 percent 2023 bond, which is expected to become the new benchmark, closed down 4 bps at 7.11 percent. Total volumes stood at a high 948.05 billion rupees compared to the recent average of around 600-700 billion rupees.

Copyright Reuters, 2013


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln