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Markets Await GSAP Operation With Illiquid Issues Included

INDIA

Indian markets return today after a public holiday yesterday, bonds are could fall playing catch up with a decline in US tsys during the market closure. Markets will focus on the RBI's GSAP operation, the Central Bank will purchase INR 200bn of bonds from the market, the RBI has included less liquid issues in its purchase operation which could support the market. Issues included are 6.18% 2024, 6.7% 2026, 8.60% 2028 and 6.79% 2029.

  • On the coronavirus front the running case number is up to 31.22m, there have been over 415m vaccine doses administered and it is estimated to take 12 months for India to reach 75% vaccination rate.
  • Elsewhere The Times of India reported US Secretary of State Blinken is expected to visit India next week to hold bilateral talks with Indian leadership

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