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Let's Twist Again

INDIA

Participants look ahead to today's operation twist, the RBI will purchase INR 100bn of longer dated bonds and will sell the same amount in shorter tenors. The bank has reduced the size of purchases from INR 150bn last week.

    • To buy: 5.15% 2025, 5.85% 2030 and 6.22% 2035 bonds
    • To sell: 8.35% 2022 and 8.15% 2022 bonds
  • Meanwhile, corporate bonds are facing a sell off due to new regulations; mutual funds must treat Additional Tier 1 notes as 10-year bonds initially, with step ups phased annually eventually going to 100 years from April 2023.
  • Elsewhere, markets look ahead to comments from RBI Governor Das and Finance Minister Sitharaman who are due to speak today. Sitharaman said yesterday "We are not foreseeing any chance of any downgrade due to us incurring higher deficits because I have announced quite a big borrowing and also spending."
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