AIMIN

Nuvama Fixed Income Advisory Report : Bond Vector March-06-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.64% on caution ahead of the INR 290 Bn weekly auction. • Over the day, the 10Y point elevated tracking the rise in 5-year OIS and crude oil prices. The Brent crude oil futures for May delivery surged to $87/bar...

06 March, 2026 19:33:13

Nuvama Fixed Income Advisory Report : Bond Vector March-05-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67%. • Over the day, the 10Y point dropped on speculated RBI intervention through ‘on screen’ OMO purchases amid short covering by traders. • Meanwhile, Indian rupee ended higher at 91.60/$ vs 92.15/$ on RBI’s active pre...

05 March, 2026 18:59:03

Nuvama Fixed Income Advisory Report : Bond Vector March-04-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 4 bp higher at 6.72% tracking the rise in crude oil prices and US Treasury yields. • Over the day, 10Y point dropped to 6.70% level as Brent crude oil pared gains on reports that Iran reached out indirectly to the US Ce...

04 March, 2026 22:25:40

Nuvama Fixed Income Advisory Report : Bond Vector March-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp higher at 6.69% tracking the surge in crude oil prices after the attack by the US and Israel on Iran, followed by Tehran's retaliation over the weekend.. • The 10-year government bond weakened during the day, with the yield touc...

02 March, 2026 21:55:36

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Oil Shock Returns: Pressure on Bonds and INR

Global uncertainty has elevated after the US and Israel attacked Iran over the weekend and Tehran retaliated, escalating geopolitical tensions into an open conflict across West Asia. This has led to a spike in crude oil prices and increased concerns of a drawn-out disruption in the commodity's su...

02 March, 2026 21:54:30

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 27 Feb 26

1. In PSU AAA segment, dispersion has decreased in the front end of the curve and has further witnessed some steepening over the past month. 2. Over the course of the week, the activity was seen in the front end of the curve. 3. PSU primary issuances worth around INR 200 Bn hit the market for ...

28 February, 2026 16:40:12

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 27rd Feb 26

• The G-Sec curve saw steepening with downward movement seen across the curve. • On the US front, US Initial Jobless claims rose 4,000 to 212,000 for the week ended February 21 from 208,000 a week prior. The negotiations between the US and Iran regarding the future of Iran's nuclear programme ...

28 February, 2026 16:36:52

Nuvama Fixed Income Advisory Report : Bond Vector February-27-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 2bp higher at 6.71% ahead of India’s Q3FY26 GDP data and the weekly bond auction. • Over the day, the 10Y point lowered after the cut-off yields on at the auction was largely in line with expectations. RBI offered 6.48% GS 2035 at...

27 February, 2026 19:02:05

Nuvama Fixed Income Advisory Report : Bond Vector February-26-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% after the RBI said the government will switch four gilts maturing in FY27 with five other bonds. • Over the day, the 10Y point rose to 6.70% level on profit-booking ahead of India’s Q3FY27 GDP data due tomorrow. In...

27 February, 2026 19:01:21

Nuvama Fixed Income Advisory Report : Bond Vector February-25-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% on speculation from some participants of RBI’s on screen buying on Tuesday. • The 'Others' segment of gilt market participants, which includes insurance companies, provident funds, and the RBI, net bo...

26 February, 2026 13:51:56

Nuvama Fixed Income Advisory Report : Bond Vector February-24-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.69% ahead of state bond sale. • Over the day, 10Y yield eased to 6.66% level on short covering by market participants. • Meanwhile, the SDL auction result came better than market expectations. RBI offered 10Y Gujarat...

24 February, 2026 19:26:48

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 23 Feb 26

1. Dispersion in AAA PSU has decreased in front end of the curve, however some steepening has also been seen. 2. Over the course of the week, the activity was seen across thew curve with some switches seen in duration. 3. PSU primary issuances worth around INR 100 bn hit the market for the issu...

23 February, 2026 22:36:00

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 23rd Feb 26

• The G-Sec curve saw steepening with mixed movement seen across the curve. • On the US front, Q4 GDP came in at an annualized 1.4%, missing the 3.0% consensus and sharply decelerating from Q3's 4.4% expansion. The US Supreme Court handed down its decision, stating that the International Emerge...

23 February, 2026 22:34:41

Nuvama Fixed Income Advisory Report : Bond Vector February-23-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.71% after US Supreme Court scrapped Trump’s tariffs.. • The 10-year government bond weakened during the day, with the yield touching 6.73% on profit booking. However, the yield dropped tracking the appreciation in INR...

23 February, 2026 21:18:03

Nuvama Fixed Income Advisory Report : Bond Vector February-20-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 2bps higher at 6.70% tracking a jump in crude oil prices and rising geopolitical tensions between the US and Iran. • Crude oil prices rose to a six-month high as Iran organised a collaborative naval drill with Russia, as r...

23 February, 2026 21:17:15

Nuvama Fixed Income Advisory Report : Bond Vector February-18-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.66%. • T-Bill auction worth INR 340 Bn was fully subscribed and cut offs were, 3M-5.3176%, 6M-5. 5361% and 1Y-5. 5997%. • The 10Y point hardened as market participants placed short bets ahead of Weekly IGB ...

18 February, 2026 20:14:45

Nuvama Fixed Income Advisory Report : Bond Vector February-17-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.66% ahead of weekly SDL auction • SDL auction worth ~ INR 380 Bn was conducted and cut offs were better than expected. RBI offered Karnataka 10Y at 7.44%, Uttar Pradesh 15Y at 7.67% and Tamil Nadu 30Y at 7.66%...

18 February, 2026 10:35:06

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Jan 2026 Edition

•India G-Sec yields traded mixed to cautious tone within the range of 6.49-6.75%, closing 10 bp higher at 6.69% in January, influenced by various factors: currency movements, OIS rates and expectations of RBI support. •Indian rupee depreciated to a fresh record low of 92/$ on behalf of dollar b...

18 February, 2026 10:34:09

Nuvama Fixed Income Advisory Report : Bond Vector February-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.67% tracking the fall in US treasury yields post weak inflation data. • During the day, the local bond weakened, with the yield touching 6.68% on profit booking. The focus is on tomorrow’s SDL auction of INR 379 Bn aga...

16 February, 2026 19:06:54

Nuvama Fixed Income Advisory Report : Bond Vector February-13-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 3bp lower at 6.65% after government switched FY27 bonds with RBI. • Over the day, the 10Y point surged on profit-booking. Meanwhile, the result of the INR 310 Bn weekly gilt auction came broadly on expected lines. RBI offered New GS ...

13 February, 2026 19:15:57

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II CPI data points to prolonged RBI policy pause

India’s retail inflation for Jan rose to 2.75% from 1.33% in Dec, the uptick in inflation was broadly in line with expectations. And the CPI data is based on the new 2024 series in which the government has changed the weightage of key components such as food and housing, compared to 2012 series. ...

12 February, 2026 21:59:20

Nuvama Fixed Income Advisory Report : Bond Vector February-12-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.72% tracking the uptick in US treasury yields post jobs data. • Over the day, the 10Y point eased tracking the fall in 5-year OIS amid surplus liquidity. The optimism continued after India CPI inflation c...

12 February, 2026 21:56:40

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India's CD Ratio Hits All Time High of 82.17% Amid Elevated Yields

Indias banking systems credit deposit (CD) ratio reached an all-time high of 82.17% as of January 15, 2026, reflecting robust loan demand alongside relatively slower deposit mobilization. The CD ratio measures how much of the deposits collected by banks are deployed as loans.

12 February, 2026 21:55:32

Nuvama Fixed Income Advisory Report : Bond Vector February-11-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.72% amid lack of significant cues. • T-Bill auction worth INR 340 Bn was fully subscribed and cut offs were, 3M - 5.32%, 6M - 5.5581% and 1Y - 5.61% • The 10Y IGB yield eased, tracking the decline in U.S. T...

11 February, 2026 19:27:50

Nuvama Fixed Income Advisory Report : Bond Vector February-06-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.64% ahead of RBI monetary policy outcome. • The 10Y point rose to 6.75% after the Reserve Bank of India's failed to provide commentary on liquidity after keeping rate unchanged. The central bank led monetary...

06 February, 2026 20:05:38

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Review

The Reserve Bank of India led monetary policy committee unanimously kept policy repo rate unchanged at 5.25% (in line with our expectation of ‘no rate cut’) and agreed to retain the ‘neutral’ stance, however one member, Prof Ram Singh retained his view that the stance be changed to ‘accommodative...

06 February, 2026 19:34:06

Nuvama Fixed Income Advisory Report : Bond Vector February-05-2026

• 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.70% ahead of the OMO auction. • Over the day, the 10Y point eased further amid comfortable liquidity in the banking system. The optimism continued post better than expected OMO auction cut-off. • The market participants remai...

05 February, 2026 18:48:59

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Feb Meeting Preview-Wait-and-Watch Approach

RBI MPC Feb meeting preview-Wait-and-Watch approach After the India FY27 union Budget, the focus has now shifted on what will RBI Monetary Policy Committee (MPC) will do. The MPC is set to meet from Feb 4 and Feb 6 for its bi-monthly policy review. The Monetary Policy Committee (MPC) of the Re...

04 February, 2026 17:18:09

Nuvama Fixed Income Advisory Report : Bond Vector February-03-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 6bp lower at 6.71% after India and the US agreed on a long-awaited trade deal. • Over the day, 10Y yield hardened on some profit-booking by market participants. • Meanwhile, the SDL auction result came broadly in line with market ex...

03 February, 2026 19:11:14

Nuvama Fixed Income Advisory Report : Bond Vector February-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 4bps higher at 6.74%. • The 10-year government bond weakened during the day, with the yield touching 6.78%, its highest since Jan 17, 2025, after the government's gross market borrowing was pegged at a record INR 17.2 Trln, higher t...

02 February, 2026 21:35:53

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India FY27 Budget Review (Bond Markets Perspective)

India FY27 Budget: A Missed opportunity? We hereby present our views on India's FY27 federal budget from a fixed income perspective. While the government has maintained a fiscal consolidation path, and is based on a realistic set of assumptions, we believe that the higher gross borrowing...

02 February, 2026 11:55:14

Nuvama Fixed Income Advisory Report : Bond Vector January-30-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.70% ahead of IGB weekly auction. • The 10Y point rose to 6.72% level on short-selling, however, the bond prices recovered most losses and after the RBI announced a second 90-day variable rate repo (VRR) auction of a large, ...

30 January, 2026 19:36:59

Nuvama Fixed Income Advisory Report : Bond Vector January-29-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.71%.. • Over the day, short selling continued in the bond market, however the 10Y point dropped after a better-than-expected OMO auction cut-off. • Meanwhile, Indian rupee breached fresh record low of 92/$ on behalf...

29 January, 2026 20:59:44

Nuvama Fixed Income Advisory Report : Bond Vector January-28-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.71%. • Over the day, 10Y point dropped as the RBI advanced its open market operations by a week to Thursday and Feb 5, from Feb 5 and Feb 12. However, the fall in yield was limited as traders retained their short bet...

28 January, 2026 20:56:50

Nuvama Fixed Income Advisory Report : Bond Vector January-27-2026

Yields closed higher • On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp lower at 6.65%. • Over the day, 10Y point elevated on short-selling amid caution ahead of the Union Budget for FY27 and tracking the sharp rise in 5Y OIS rate. • Meanwhile, the SDL auc...

28 January, 2026 13:01:03

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI’s Liquidity Push Fizzles; 10Y IGB Jumps to 6.72

The 10-year government bond yield surged to 6.72%, a level last seen on March 4, 2025, keeping spreads on SDL and corporate bonds elevated versus government securities despite the RBI’s announcement of liquidity infusion measures, including open market gilt purchases, on Friday.

28 January, 2026 12:59:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II INR hovers near 92: What's Next?

Indian rupee slumped to a fresh record low of 91.95/$ on the back of foreign fund outflows from corporates, and importers dollar demand and absence of trade deal (still). In our report ‘What next for INR’ in Oct-2025, we had argued that the prolonged delay in finalizing the trade deal between Ind...

27 January, 2026 11:02:43

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II FY27 Budget preview Fiscal consolidation unlikely, focus on policy support

The finance minister will table the Union Budget on 1st Feb for FY7. This Budget comes against the backdrop of heightened global uncertainties along with a rapid depreciation in currency. The spotlight will be firmly on the fiscal deficit numbers when finance minister Nirmala Sitharaman presents ...

23 January, 2026 22:08:50

Nuvama Fixed Income Advisory Report : Bond Vector January-23-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.65% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.67% on short-selling by market participants. However, the treasuries recovered some losses after the weekly bond auction result. ...

23 January, 2026 22:07:40

Nuvama Fixed Income Advisory Report : Bond Vector January-22-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.65%. • Over the day, IGB 10y bond yields stayed lower on optimism about support from the Reserve Bank of India through on-screen purchases and further Open Market Operation auctions. • Meanwhile, Indian rupe...

22 January, 2026 21:08:11

Nuvama Fixed Income Advisory Report : Bond Vector January-21-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.67%. • Over the day, 10Y point stayed range-bound. The sharp weakness in INR pushed the 10Y point higher, however market participants covered their short positions on speculation that RBI is purchasing gilts...

21 January, 2026 18:49:49

Nuvama Fixed Income Advisory Report : Bond Vector January-20-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.68%. • Over the day, 10Y point dropped to 6.65% level on short covering amid speculation that the Reserve Bank of India is purchasing gilts on-screen. • Meanwhile, the SDL auction result came better than t...

20 January, 2026 23:03:46

Nuvama Fixed Income Advisory Report : Bond Vector January-19-2026

• On Monday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.68%. • The 10-year government bond weakened during the day, with the yield touching 6.70%, tracking weakness in the rupee and the US 10-year Treasury. • A sharp fall in the domestic currency weighed on bond pr...

19 January, 2026 19:39:11

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II 10Y Yields at March 2025

The domestic bond market and the INR ended the week on a bearish note. The G-sec yield curve steepened, with mixed movements observed across maturities. A similar upward trend was seen in SDL and corporate bond yields. The 10-year benchmark 6.48% GS 2035 closed at 6.68% highest ending level since...

16 January, 2026 21:59:28

Nuvama Fixed Income Advisory Report : Bond Vector January-16-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.65% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.68% on short-selling by market participants. • The cut-off yields for the weekly IGB auction were on expected lines for 6.01% GS 2030 paper, whi...

16 January, 2026 21:55:55

Nuvama Fixed Income Advisory Report : Bond Vector January-14-2026

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp lower at 6.62%. • Over the day, 10Y point elevated to 6.66% level on profit-booking as Bloomberg deferred the inclusion of India's fully accessible route bonds in its flagship Global Aggregate Index. • The 10Y poi...

14 January, 2026 19:16:15

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Dec 2025 Edition

• India G-Sec yields see-sawed within the range of 6.45-6.70%, closing 8 bp higher at 6.59% in December, driven by various factors: uncertainty over RBI further rate cut, depreciation in INR, deficit banking system liquidity, hefty state bond supply and RBI’s announcement of OMO purchases and FX ...

14 January, 2026 18:41:52

Nuvama Fixed Income Advisory Report : Bond Vector January-13-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened 2bps lower at 6.59% amid speculation of on-screen purchases by the RBI. • Over the day, 10Y point hardened to 6.64% level on some profit-booking after Bloomberg Index Services said they would delay the inclusion of India'...

13 January, 2026 19:01:48

Nuvama Fixed Income Advisory Report : Bond Vector January-06-2026

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.63% as market participants remained cautious ahead of weekly SDL auction. • The SDL auction worth INR 301 Bn saw mixed cut offs. Papers with tenors of 15 years and below saw slightly higher-than-expected yield...

06 January, 2026 21:31:52

Nuvama Fixed Income Advisory Report : Bond Vector January-02-2026

• The 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.62%. • Over the day, the 10Y yield firmed up to 6.66%, driven by record state borrowing calendar for the Jan-Mar quarter. The sell-off continued after the RBI’s OMO INR 500 billion auction cut-off prices came below m...

05 January, 2026 18:59:46

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What Happens If IGBs Are Included in the Bloomberg Global Aggregate Bond Index in Ja...

As the new year begins, the 10-year IGB ended 2025 at 6.59%, following a month of heightened yield volatility after the RBI’s December policy announcement. While the RBI cut the repo rate by 25 bps and unveiled a series of liquidity measures including INR 1 trln of OMOs and a 3-year USD 5 bln USD...

05 January, 2026 13:59:16

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 02 Jan 26

In AAA PSU, dispersion has increased in the longer end of the curve and has further witnessed some flattening over the past month. Activity remained muted during the week, with lower trading volumes as many market participants were away due to the year-end period. In AAA NBFC, dispersion has ...

02 January, 2026 22:01:18

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 02nd Jan 26

The G-Sec curve saw a steepening with downward movement seen in frontend of the curve. On the US front, the minutes of the December 9-10 FOMC meeting were in line with the policy. The Initial Jobless claim data this week came lower at 199k vs forecast of 220k. The US 10Y hovered around 4.18 leve...

02 January, 2026 21:58:19

Nuvama Fixed Income Advisory Report : Bond Vector January-01-2026

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp higher at 6.59% ahead of IGB weekly auction. • Over the day, the 10Y point hardened at 6.62% on profit-booking by market participants. The selling continued after price on the 10-year benchmark 6.48%, 2035 gilt auction...

02 January, 2026 19:52:16

Nuvama Fixed Income Advisory Report : Bond Vector January-01-2026

• On Thursday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.60%. • Over the day, IGB 10y bond yields hardened to 6.62% on short selling ahead of tomorrow’s weekly bond auction and on caution before the release of the indicative calendar for state borrowing for Ja...

01 January, 2026 21:17:23

Nuvama Fixed Income Advisory Report : Bond Vector December-31-2025

• On Wednesday, the 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.59%. • Over the day, 10Y point dropped to 6.57% level on short-covering by market participants with focus on SDL Q4 borrowing calendar. • The 10Y point closed 1bp higher at 6.59% vs 6.58% as few parti...

31 December, 2025 20:43:42

Nuvama Fixed Income Advisory Report : Bond Vector December-30-2025

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.60% ahead of SDL auction. • Over the day, 10Y yields dropped after the result of the state bonds auction came largely along expected lines. Some longer-tenor bonds cleared at lower-than-expected yields (e.g., An...

30 December, 2025 20:41:50

Nuvama Fixed Income Advisory Report : Bond Vector December-29-2025

• The 10-year benchmark government bond (6.48% GS 2035) opened 1 bp higher at 6.57% on Monday ahead of the OMO purchase auction.. • Over the day, the 10Y yield firmed on profit-booking amid mixed Open Market Operations auction result. At the OMO auction, the cut-off of 6.67%, 2035 bond was lowe...

29 December, 2025 20:49:13

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 26th Dec 25

For AAA PSU, dispersion has been mixed across tenors with decreasing in the short end of the curve and while broadly flat in duration In corporate bonds, the activity was majorly witnessed in the front-end of the curve with less demand seen in duration.

29 December, 2025 15:29:16

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 26th Dec 25

The G-Sec curve saw a steepening with mixed movement seen across tenors. On the US front, initial estimate of US Q3 GDP data came at 4.3% with US 10Y hovering around 4.12 levels. On the domestic front, systemic liquidity slipped continued in the deficit zone with multiple VRRs being carried out...

29 December, 2025 15:26:46

Nuvama Fixed Income Advisory Report : Bond Vector December-26-2025

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened 1bp lower at 6.53% ahead of IGB weekly auction. • Over the day, market participants booked their profits taking advantage of the recent rise in prices. The focus is on Reserve Bank of India's open market operation auction...

26 December, 2025 19:21:52

Nuvama Fixed Income Advisory Report : Bond Vector December-23-2025

• On Tuesday, the 10-year benchmark government bond (6.48% GS 2035) opened flat at 6.67% on lack of fresh domestic or global cues. • Over the day, 10Y yields dropped to 6.62% on speculation that the Reserve Bank of India was buying gilts on-screen. Also, market participants covered their short p...

23 December, 2025 18:59:10

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 19th Dec 25

Dispersion has decreased in the longer end of the AAA PSU curve however the curve itself has flattened. In corporate bonds, the activity was majorly witnessed in the front-end of the curve with less demand seen in duration. IRFC withdrew its 10-year zero-coupon bond issuance, likely due to elevat...

20 December, 2025 14:10:57

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 19th Dec 25

The G-Sec curve saw a steepening with mixed movement seen across tenors. On the US front, Non-Farm Payroll came at 64K in November 2025, exceeding market expectations of 50K. However, the US unemployment rate rose to 4.6%, above the consensus estimate of 4.4%. Also, headline CPI inflation eased ...

20 December, 2025 14:07:32

Nuvama Fixed Income Advisory Report : Bond Vector December-19-2025

• On Friday, the 10-year benchmark government bond (6.48% GS 2035) opened steady at 6.58% ahead of IGB weekly auction. • Over the day, market participants continued to book profit. The Weekly auction cut-off came mixed, with cut-off coming better than expected in the long end paper 7.09% GS 2074...

20 December, 2025 14:02:20

Nuvama Fixed Income Advisory Report : Bond Vector December-18-2025

• On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.58%. • Over the day, IGB 10y bond yields hardened to 6.63% on profit-booking. Also, the second OMO auction conducted by RBI worth INR 500Bn was fully subscribed and cut off price for 6.33 GS 2035 were slig...

18 December, 2025 18:54:22

Nuvama Fixed Income Advisory Report : Bond Vector December-17-2025

Yields end the day better • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1 bp lower at 6.58%. • Over the day, 10Y point hardened tracking the rise in OIS as market participants amid profit-booking ahead of tomorrow’s Open Market Operations (OMO) auction. • Mean...

17 December, 2025 19:18:18

Nuvama Fixed Income Advisory Report : Bond Vector December-16-2025

Yields end the day better • The 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.59% on Tuesday. • Over the day, 10Y yields hardened as market participants booked profits tracking the depreciation in INR. Indian rupee hit a fresh record low of 91.06/$, breaching the psycholog...

16 December, 2025 19:16:21

Nuvama Fixed Income Advisory Report : Bond Vector December-15-2025

Yields end the day lower • The 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.59% on Monday after the RBI included IGB 6.33% 2035 gilt at this week’s OMO auction. • Over the day, the 10Y yield firmed up to 6.63% as Indian rupee hit fresh record low of 90.79/$ as banks ...

15 December, 2025 22:12:07

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II 10Y-INR to Move in Tandem

10Y-INR to move in tandem The movement in 10Y bond yield and INR has been in tandem with yield elevating to 6.63% tracking the depreciation in INR. The Indian rupee hit a fresh record low of 90.79/$ on the back as risk appetite among investors remained dampened owing to prolonged delay in th...

15 December, 2025 13:32:53

Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 12th Dec 25

Dispersion has decreased 3yr onwards however the curve itself has flattened. The past week saw selling across the curve in NBFCs tracking weakness in IGBs with some participants were seen looking at tactical entry/exit points across the curve

13 December, 2025 11:56:18

Nuvama Fixed Income Advisory Report : INR Forward Curve Reports - 12th Dec 25

The G-Sec curve saw a flattening with an upward movement seen across tenors. On the US front, as widely anticipated, the FOMC cut rates by 25 bps, bringing the federal funds rate to 3.50–3.75% from 3.75–4.00%. 9 of the 12 voting members supported the 25-bps cut, while one member preferred a 50-b...

13 December, 2025 11:54:05

Nuvama Fixed Income Advisory Report : Bond Vector December-12-2025

Yields end the day flat • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp higher at 6.63% tracking the weakness in INR. • Over the day, market participants covered their short positions ahead of the weekly IGB auction. The auction cut-off came broadly in line with e...

12 December, 2025 21:48:07

Nuvama Fixed Income Advisory Report : Bond Vector December-11-2025

Yields end the day lower • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened 2bp lower at 6.64%.Over the day, value-buying was witnessed tracking lower US Treasury bond yields after the US Fed Powell sounded less hawkish in the press conference amid a cut rate of 25bps. ...

11 December, 2025 20:52:15

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI Actions A Policy Conundrum

Despite the RBI MPC delivering a 25-bps repo rate cut, the benchmark 10Y IGB yield has risen sharply, touching 6.66%, the highest since March 2025 driven by heavy FPI selling, the rise in US Treasury yields, and increased paying interest in the 5Y OIS segment

10 December, 2025 22:26:27

Nuvama Fixed Income Advisory Report : Bond Vector December-10-2025

Yields end the day higher • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.62% as market participants remained cautious ahead of the US FOMC outcome scheduled post market hours. • Over the day 10Y point hardened as market participants trimmed their positi...

10 December, 2025 22:23:04

Nuvama Fixed Income Advisory Report : Bond Vector December-09-2025

Yields end the day higher • The 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.57% on Tuesday. • Over the day, 10Y yields hardened further on selling by foreign banks and likely foreign portfolio investors. The sentiments were further dampened after the state development loa...

09 December, 2025 22:23:51

Nuvama Fixed Income Advisory Report : Monthly Bond Compass Nov 2025 Edition

In this edition of Bond Compass, we highlight the key themes for Nov : • India G-Sec yields see-sawed within the range of 6.47-6.58%, closing 2 bp higher at 6.55% in November, driven by various factors: record low CPI inflation data, stronger GDP data, RBI intervention in G Sec market, sharp dep...

09 December, 2025 14:49:16

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Meeting Review Dec 2025

INR Forward Curves: • In this report we present INR 1Yr forward rate curves constructed for G-Sec, State Development Loans (SDL), Private AAA and PSU AAA names. • We have used spot rates for the given product lines to generate the yield curve. • For IGB and SDL we have constructed the 1Y...

08 December, 2025 17:49:36

Nuvama Fixed Income Advisory Report : Credit Dispersion and INR Forward Curve Reports - 05th Dec 25

INR Forward Curves: • In this report we present INR 1Yr forward rate curves constructed for G-Sec, State Development Loans (SDL), Private AAA and PSU AAA names. • We have used spot rates for the given product lines to generate the yield curve. • For IGB and SDL we have constructed the 1Y...

08 December, 2025 17:46:31

Nuvama Fixed Income Advisory Report : Bond Vector December-05-2025

Macro and Government Bond Commentary: Yields closed lower • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened 1bp lower at 6.52%. • Over the day, the RBI MPC cut repo rate by 25bps to 5.25% maintaining the ‘neutral’ stance, lead to a drop in 10Y bond yield to 6.45%...

08 December, 2025 17:43:03

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What measures could RBI take to limit INR from falling

The central bank has been actively intervening in both the spot and forward FX markets. As a result, foreign exchange reserves have eased to $688.10 billion as of November 2025, down from the record $702.96 billion reached in September 2025. At the same time, the RBI’s outstanding net forward pos...

04 December, 2025 21:05:35

Nuvama Fixed Income Advisory Report : Bond Vector December-04-2025

• On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.54%. • Over the day, value-buying was witnessed ahead of tomorrow’s RBI policy rate decision and the weekly bond auction. The appreciation in INR to close at 89.98/$ on likely intervention by the RBI supported ...

04 December, 2025 21:00:49

Nuvama Fixed Income Advisory Report : Bond Vector December-03-2025

• On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.53% • Over the day, 10Y point hardened amid retracement after yesterday’s aggressive rally and profit-booking ahead of RBI MPC outcome. The weakness in INR also weighed on gilts. • Meanwhile, Indian rup...

03 December, 2025 20:49:06

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC meeting preview Dec 25

The Reserve Bank of India’s monetary policy committee is set to announce the resolution of the December meeting outcome this Friday. We expect the committee to keep policy rates unchanged with repo rate at 5.5% while retaining the ‘neutral’ policy stance given the evolving domestic macroeconomic ...

02 December, 2025 21:22:49

Nuvama Fixed Income Advisory Report : Bond Vector December-02-2025

• The 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.58% on Tuesday. • Over the day, 10Y yields dropped to 6.51% on speculation that the Reserve Bank of India was buying gilts on-screen after the disappointing state bond auction results. • The SDL auction worth ~INR 2...

02 December, 2025 19:12:57

Nuvama Fixed Income Advisory Report : INR Credit Dispersion 01-December-2025

Dispersion has decreased in the longer end and the curve has further witnessed some flattening over the past month. Demand was witnessed in the front-end of the curve, 2–3 year segment saw switches. There was PSU primary issuances by SIDBI and PFC in 10Y segment. While NABARD and PFC withdrew t...

02 December, 2025 11:38:31

Nuvama Fixed Income Advisory Report : INR Forward Curves 01-December-2025

The G-Sec curve saw flattening with upwards movement seen across tenors. On the domestic front, GDP for Jul-Sep 25 came at 8.2% for the period vs 7.2% consensus expectation. There was further chatter of a possible trade deal this calendar year, though no formal announcement yet. IGB yields weake...

02 December, 2025 11:34:34

Nuvama Fixed Income Advisory Report : Bond Vector December-01-2025

• The 10-year benchmark government bond (6.33% GS 2035) opened 1bp higher at 6.56% on Monday. • Over the day, 10Y point hardened to 6.58% on fears that RBI may not cut rates at the MPC outcome post the high Q2FY26 GDP print. • The weakness in INR to a record low of INR 89.78/$ on importers doll...

01 December, 2025 20:54:30

Nuvama Fixed Income Advisory Report : Bond Vector November-28-2025

Yields closed higher today • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.52% ahead of weekly IGB auction and the GDP data scheduled for release later in the day. • The IGB auction cut offs were broadly on expected lines and RBI offered 5.91% GS 2028 at ...

28 November, 2025 18:15:57

Nuvama Fixed Income Advisory Report : Bond Vector November-27-2025

Yields end the day higher • On Thursday, the 10-year benchmark government bond (6.33% GS 2035) opened flat at 6.49%. • Over the day, the 10Y bond yield hardened to 6.51% as market-participants booked profits ahead of tomorrow’s Q2FY26 GDP data as it is the final major data point before the RBI ...

27 November, 2025 21:39:16

Nuvama Fixed Income Advisory Report : Bond Vector November-26-2025

Yields end the day lower • On Wednesday, the 10-year benchmark government bond (6.33% GS 2035) opened 1 bp lower at 6.49% tracking a fall in US Treasury yields. • The US 10Y point dipped as dismal US retail sales data (0.2% in Sep vs 0.6% in Aug) made a stronger case for a December rate cut in ...

26 November, 2025 18:39:17

Nuvama Fixed Income Advisory Report : Bond Vector November-25-2025

Yields closed lower • On Tuesday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower at 6.50% supported by rising expectations of rate cuts in the upcoming RBI MPC policy after the RBI Governor’s dovish remarks on Monday. • The SDL auction amounting ~INR 250 Bn was condu...

25 November, 2025 18:43:51

Nuvama Fixed Income Advisory Report : Bond Vector November-24-2025

Yields end the day lower • On Monday, the 10-year benchmark government bond (6.33% GS 2035) opened 2 bps lower at 6.55% tracking the decline in US Treasury yields. Sentiment was also supported by data from the RBI’s weekly bulletin, which showed that the central bank purchased INR 148.10 Bn wort...

24 November, 2025 20:59:59

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II INR Likely to Weaken Further on Nominal and REER terms

The Indian rupee posted its sharpest single day loss in over six months, closing at a record low of 89.50 after stop-loss levels were triggered when the Reserve Bank of India refrained from defending the 88.80 level. Sentiment was further dampened by diminishing expectations of progress on the In...

22 November, 2025 10:38:41

Nuvama Fixed Income Advisory Report : Bond Vector November-21-2025

Yields end the day better • On Friday, the 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53%. • Over the day, the 10Y bond yield hardened tracking sharp depreciation in Indian rupee. Indian rupee dropped to a record low of 89.50/$ amid chatter of lack of RBI intervention...

21 November, 2025 22:30:54

Nuvama Fixed Income Advisory Report : INR Forward Curves

The curve moved upwards across tenors with some steepness also seen. Globally, the Fed minutes reflected a divided stance among policymakers regarding the prospects of a rate cut. Non-farm payrolls in the US for September came in better than expected. On the domestic front, the trade deficit wi...

21 November, 2025 22:29:10

Nuvama Fixed Income Advisory Report : INR Credit Dispersion

Dispersion for AAA PSU and AAA NBFC has decreased in the 4y-8y segment, while the rest has remained broadly unchanged. The curve has further witnessed steepening over the past month.

21 November, 2025 22:23:48

Nuvama Fixed Income Advisory Report : Bond Vector November-19-2025

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.53% on Wednesday. • Over the day, the sentiments around inclusion of India’s bond market in the Bloomberg Index Services supported the gilts however traders booked profits with focus on tonight’s...

19 November, 2025 20:34:26

Nuvama Fixed Income Advisory Report : Bond Vector November-18-2025

Yields end the day flat • The 10-year benchmark government bond (6.33% GS 2035) opened steady at 6.54% on Tuesday with focus on RBI intervention. • Over the day, 10Y yields fell to 6.52% on news report that FPIs were keen on India’s fully accessible route inclusion in Bloomberg Aggregate Index....

18 November, 2025 19:03:38