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JPMorgan To Monitor Indian Bond Liquidity, RBI Next Week

INDIA
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Earlier in the week, Indian authorities announced investment restrictions on certain India Government Bond maturities for foreign investors.
  • Having been admitted to the JPMorgan EMBI Index in June, this came as shock to markets.
  • Whilst bond markets haven't initially reacted to the news, authorities came out days later suggesting the announcement was 'aimed at boosting liquidity in shorter dated securities.'
  • India's inclusion into the most widely followed EM benchmark came after 10 years of negotiation, much of which focused on foreign investor access.
  • JPMorgan has today signaled that it would 'closely monitor liquidity' of longer dated securities to assess the effectiveness of maintaining them in the benchmark.
  • India has a significant allocation in the JPMorgan EMBI Index.
  • Elsewhere in the bond space, a subdued end to the week for the Indian bond market as yields trended sideways on Friday, ahead of the RBI decision next week.
  • India’s movement in yields on the week were muted relative to global moves lower following the FED.
    • 2yr 6.82% unch 5yr 6.83% (-1bp) 10yr 6.917% (-3bp) 30yr 7.09% unch.
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  • Earlier in the week, Indian authorities announced investment restrictions on certain India Government Bond maturities for foreign investors.
  • Having been admitted to the JPMorgan EMBI Index in June, this came as shock to markets.
  • Whilst bond markets haven't initially reacted to the news, authorities came out days later suggesting the announcement was 'aimed at boosting liquidity in shorter dated securities.'
  • India's inclusion into the most widely followed EM benchmark came after 10 years of negotiation, much of which focused on foreign investor access.
  • JPMorgan has today signaled that it would 'closely monitor liquidity' of longer dated securities to assess the effectiveness of maintaining them in the benchmark.
  • India has a significant allocation in the JPMorgan EMBI Index.
  • Elsewhere in the bond space, a subdued end to the week for the Indian bond market as yields trended sideways on Friday, ahead of the RBI decision next week.
  • India’s movement in yields on the week were muted relative to global moves lower following the FED.
    • 2yr 6.82% unch 5yr 6.83% (-1bp) 10yr 6.917% (-3bp) 30yr 7.09% unch.