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GSAP Operation Awaited

INDIA

Participants await the latest round of GSAP operations from the RBI today, the bank will purchase INR 350bn of debt in a range of maturities from 2024 to 2035. When this operation was announced last week there was some disappointment in the market. There was an expectation that RBI would look to buy back some of the liquid papers, but the absence of 5-year paper in the choice of eligible issues is conspicuous, while other papers are relatively illiquid. As a note, yields rose after the previous operation on April 15 after yield cutoffs came out higher than market expectations. There was an hope/expectation traders could buy from the secondary market and sell in GSAP, but that didn't transpire and the resulting rise in yields saw the RBI cancel the 10-year auction that week.

  • The RBI will purchase a total INR 350bn from the following lines:
    • 6.18% GS 2024
    • 7.59% GS 2026
    • 6.79% GS 2027
    • 7.17% GS 2028
    • 5.85% GS 2030
    • 7.95% GS 2032
    • 6.22% GS 2035
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