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BoJ Makes Rinban Purchase Offers

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Bonds are expected to come under pressure today as risk sentiment improves from yesterday, a small move higher in crude prices could also weigh on bonds. The state debt sale could be supportive today, states are to sell INR 70b debt compared to INR 184bn scheduled in the indicative calendar.

  • Yields fell across the curve yesterday, the 10-year yield fell 5.1bps to 6.171% dropping from recent highs of 6.215%. Elsewhere corporate bond spreads widened as economic activities picked up pace and companies headed towards the bond market.
  • The rupee is expected to open higher thanks to a slightly weaker greenback, 1-month NDF's are at 75.575 from around 74.69 at the cash close yesterday.
  • There could some comments from US Secretary of State Blinken who is currently on a two-day visit to India.