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Yields Drop

INDIA

Yields lower across the curve in India, the space supported by broad risk off themes and the decision to cancel this week's bond auctions. 10-year yield 1.9bps lower at 6.124%.

  • There are some concerns over a pickup in the number of coronavirus cases in India; active infections in have continued to climb, there were over 40,000 fresh cases in 24 hours. New infections have been exceeding single-day recoveries since March 11. The country is just embarking on the third phase of its vaccination plan from April 1 where everyone above the age of 45 would be eligible for the inoculation. Meanwhile, the DGCA said the coronavirus-induced suspension of scheduled international passenger flights has been extended till April 30.
  • Elsewhere, Indian banks could face a bill of up to $1bn after the Supreme Court ruled that banks in India can't chare borrowers additional interest on loans incurred during a six-month repayment holiday in 2020. Commentators have said though that it will reduce uncertainty on profit outlook.

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