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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
INDIA
Bonds are expected to be supported today due to lower oil prices and the RBI's operation switch. The RBI will convert INR 100bn of shorter dated bonds into longer dated bonds.
- Fig.1: RBI Conversion Offer Details
Source: RBI
- The RBI sold the full INR 320bn of debt at auction on Friday, demand was decent with primary dealers not forced to take any of the sale. The 6.64% 2035 bond saw a cut-off of 6.7872%.
- Data on Friday showed exports grew 48.34%, while imports rose 98.31% to leave a trade deficit of $9.37bn, slightly narrower than expected.
- Elsewhere, at least four shadow banks are said to be seeking bids for INR denominated notes. The announcement comes after India's primary market issuance fell to the lowest in over a year last week.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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