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Let's Twist Again

INDIA

Markets look ahead to today's GSAP operation, the final bond purchase in the current quarter. The RBI plans to buy INR 150b of 7.26% 2029, 6.1% 2031, and 6.64% 2035 bonds, and as part of its new twist arrangement will sell an equivalent amount of 8.15% 2022, 8.08% 2022, and 8.13% 2022 bonds. Traders will also await a decision if the nation's bonds will be included in the FTSE Russell's bond index, an announcement is expected this week. There is also some data on the docket today, fiscal deficit and current account figers will be released. Elsewhere there were reports yesterday that India aims to narrow its budget deficit to 6.3% of GDP this fiscal year, 0.5ppts lower than initially targeted, thanks to improving revenues.

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