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Yields Rise Yesterday Despite Twist Op

INDIA

Yields finished the session higher yesterday, bonds selling for the first time in three days on inflation fears as oil rose.

Details of operation twist

    • 5.22% 2025 – INR 22.86n at yield of 5.5430% - yield at purchase time
    • 5.615%, ~6bps tail
    • 6.45% 2029 – INR 41.6bn at yield 6.3647% – yield at purchase time 6.4486%, ~8.5bps tail
    • 6.57% 2033 – INR 35.6bn at yield 6.5591% - yield at purchase time 6.585%, stopped through by ~2.5bps.
  • Market remained largely supported ahead of the twist operation, but saw some selling post-op, sources noting primary dealers probably shed some positions ahead of today's bond sale.
  • Selling was moderated after RBI's Das said the bank would conduct at least 3tn of OMOs in the next fiscal year, similar to this one, and the RBI announced it would hold another twist operation on March 4 at the larger size of INR 150bn.
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