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BRENT TECHS

(N2) Remains Below Resistance

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E-MINI S&P (M2): Bearish Threat Remains Present

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Watching Support

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EGB Supply For W/C May 23, 2022 (2/2): Upcoming

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Auction Details

INDIA

The RBI will today sell a total INR 260bn of debt at auction, consisting of:

  • INR 30bn 4.26% 2023 bonds (last sold on May 14, yield 4.26%, cover 6.55)
  • INR 140bn 5.85% 2030 bonds (last sale on May 14 was cancelled by RBI due to high yields)
  • INR 90bn 6.76% 2061 bonds (last sale on May 14, yield 6.874%, cover 2.23)
  • Results due after 1030BST/1500IST.
  • The auction could struggle today, bonds were lower yesterday after a Bloomberg sources article which said India could have to increase borrowing again this year in order to compensate states for revenue losses due to a shortfall in consumption tax collection nationwide. According to the report the additional borrowing requirement is estimated at INR 1.58tn. A panel is set to meet on Friday to discuss the issue. If there was to be extra borrowing in-line with estimates it would mean total borrowing this fiscal year of INR 13.58tn. The RBI has already had to indulge market participants with various support/liquidity operations such as Operation Twist and the GSAP.

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