AIMIN

Nuvama Fixed Income Advisory Report : Bond Vector August-13-2025

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.48%. • The 10Y point closed 1 bps down at 6.48% Vs 6.49%, as traders covered short bets. • The INR appreciated and closed at 87.44, with DXY hovering around 97.7 levels.

14 August, 2025 10:36:15

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

In this edition of Bond Compass, we highlight the key themes for Jul/early Aug : • India G-Sec yields closed 5-6 bps higher in July, driven by lingering uncertainty around potential US tariffs on Indian exports, continued weakness in Indian rupee and participants anticipating a status quo on ra...

13 August, 2025 10:57:34

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.44% as market participants cautiously awaited domestic and U.S. inflation data for further cues. • India’s net direct tax collection falls 3.95% YoY this fiscal till Augus...

13 August, 2025 10:51:10

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.41%. • The 10Y point closed 3 bps up at 6.44% Vs 6.41%, as caution prevailed ahead of India and US CPI print

12 August, 2025 10:27:10

Nuvama Fixed Income Advisory Report : Bond Vector August-08-2025

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.39%, as market participants awaited the outcome of weekly IGB auction for further directions. • The 10Y point closed 2 bps up at 6.41% Vs 6.39%, after the sudden sell off in...

11 August, 2025 10:32:34

Nuvama Fixed Income Advisory Report : Bond Vector August-07-2025

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 1 bp down at 6.41%. • The 10Y point closed 3 bps down at 6.39% Vs 6.42% as traders covered short bets.

08 August, 2025 09:51:27

Nuvama Fixed Income Advisory Report : Bond Vector August-06-2025

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.33%, as market participants awaited the RBI MPC outcome. • The MPC kept the repo rate unchanged at 5.5% in its August policy meeting and maintained its ‘neutral’ stance of m...

07 August, 2025 09:45:14

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC August Meeting Review–RBI MPC Maintained Status Quo

RBI MPC maintained status quo, policy rates unchanged at 5.5% and neutral policy stance retained The Reserve Bank of India led monetary policy committee kept policy rates unchanged at 5.5% (in line with market expectations) and maintained its ‘neutral’ stance. The decision was unanimous, with a...

06 August, 2025 17:18:03

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.32%, as traders stayed cautious ahead of RBI MPC outcome to be announced tomorrow. • RBI SDL auction results: RBI offered 10Y SDLs at 6.87%, 15Y SDL at 7.22% and 30Y SDL at ...

06 August, 2025 09:45:55

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC August Meeting Preview–Committee Likely to Maintain Status Quo

A quick review of macros since the June MPC meeting: India Q4 GVA growth came in at 6.77% vs 6.5% previous – aided by higher positive contribution to growth from manufacturing as well as construction activity. The exports contribute ~ 21.2% to India’s GDP. The US president Donald Trump announc...

06 August, 2025 09:45:01

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 3 bps down at 6.34%, tracking the easing in 10-year US treasury yields after weaker economic data fueled bets of a September U.S. rate cut.

05 August, 2025 09:03:26

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.37% as market participants stayed cautious ahead of fresh debt supply through the weekly auction. • The auction cut offs for longer duration came in slightly better than ...

04 August, 2025 09:09:58

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.39% after weakness in local currency and hawkish commentary from the U.S. central bank. The Federal Open Market Committee (FOMC) voted 9-2 to keep the federal fun...

01 August, 2025 10:42:12

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.35%. Throughout the day bonds traded with weak sentiment ahead of FOMC meeting outcome due today post market hours and weakness is rupee. The10Y point closed 1 bp up ...

31 July, 2025 10:20:13

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 1 bp up at 6.38% as market participants awaited the fresh cues. Weakness was seen post SDL auction cut offs however there was some retrenchment and incremental buying seen at the end ...

30 July, 2025 10:24:40

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened flat at 6.40% due to absence of any incremental cues. The 10Y point closed 2 bps higher at 6.42% vs 6.40 as market participants remained hesitant to build new positions.

29 July, 2025 10:22:20

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened 2 bps up today at 6.38%. The 10Y point closed trade higher at 6.40% following selling pressure from institutions. • RBI set the cut-off of 7-day VRRR auction at 5.49%. The demand was...

28 July, 2025 10:17:06

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened flatiish today at 6.36%. Moreover, it traded range bound through the day due to absence of any incremental cues. The 10Y point closed trade higher at 6.38% following selling pressure f...

25 July, 2025 10:35:42

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.79 GS 2034) opened flatiish today at 6.36%. Moreover, it traded range bound through the day. The 10Y point closed trade at 6.36%

24 July, 2025 09:40:07

Nuvama Fixed Income Advisory Report : Bond Vector July-22-2025

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.79 GS 2034) opened better today at 6.35%. Moreover, it traded range bound through the day. The 10Y point closed trade at 6.36%.

23 July, 2025 09:43:37

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.79 GS 2034) opened better today at 6.35. Moreover, it traded range bound through the day. The 10Y point closed trade at 6.35%. • As on 18th Jul, liquidity surplus was at INR 3.09trillion, though conditi...

22 July, 2025 10:10:15

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened better today at 6.35. Moreover, it traded range bound through the day. The 10Y point closed trade at 6.36% • RBI set the cut-off of 7-day VRRR auction at 5.49%. It accepted the offers ...

20 July, 2025 14:14:31

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

In this edition of Bond Compass, we highlight the key themes for Jun : • India yield curve steepened further in Jun, with the near end of the curve well supported by better liquidity conditions, while the far end witnessed selling pressure as markets perceived RBI MPC meeting outcome more cauti...

18 July, 2025 12:56:13

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

Macro and Government Bond Commentary: Yields fall with global benchmarks; liquidity surplus widens ahead of GST outflows • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.31% despite a fall in treasury yields overnight (after softer than expected US PPI inflation). Yields wer...

18 July, 2025 12:52:14

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Distant Prospects of Easing Policy Rates in India, US Keeps Duration Segment Unattra...

Distant prospects of easing policy rates in India, US keeps duration segment unattractive India’s Jun’25 headline inflation came in at 2.10% - towards the lower end of the RBI’s inflation comfort zone. This was the softest reading since Jan 2019. However, markets witnessed limited respite from...

17 July, 2025 14:59:32

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

Macro and Government Bond Commentary: Yields little changed despite rise in global benchmarks • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.31% despite continued rise in treasury yields overnight (following stronger US CPI inflation). Yields were ranged for the rest of the ...

17 July, 2025 14:55:34

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

Macro and Government Bond Commentary: Yields reverse early downside with weak SDL results, RBI governor’s comments • The 10Y benchmark (6.33 GS 2035) opened mildly higher tracking a rise in treasury yields overnight. This upside in yields did not sustain and saw ranged moves with a sligh...

16 July, 2025 13:25:38

Nuvama Fixed Income Advisory Report : Bond Vector July-14-2025

Macro and Government Bond Commentary: Yields rise despite softer India headline inflation • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.29% despite a rise in treasury yields overnight. Yields edged higher in the morning session and were ranged through the afternoon. The Jun ...

16 July, 2025 13:24:26

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

Macro and Government Bond Commentary: Yields ranged despite moves lower in treasury yields • The 10Y benchmark (6.33 GS 2035) opened little changed despite moves lower in treasury yields (after FOMC minutes indicated possibility of rate cut ahead this year). Yields were ranged for the rest o...

15 July, 2025 17:46:47

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

Macro and Government Bond Commentary: Yields rise with global benchmark, RBI’s auction of 2-day VRRR; FOMC minutes awaited • The 10Y benchmark (6.33 GS 2035) opened higher at 6.32% tracking a rise in treasury yields overnight along with RBI’s 2-day VRRR auction of INR 1 trillion (despite...

15 July, 2025 17:44:32

Nuvama Fixed Income Advisory Report : Bond Vector July-08-2025

Macro and Government Bond Commentary: Yields rise with worse than expected SDL results, upside in treasury yields • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.29% despite a rise in treasury yields overnight and were ranged in the morning session. Yields rose early in the a...

15 July, 2025 17:43:09

Nuvama Fixed Income Advisory Report : Bond Vector July-07-2025

Macro and Government Bond Commentary: Yields steady absent fresh cues, liquidity surplus widens after month-end GOI spending • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.29% in absence of fresh cues. Some demand was seen around late morning trade allowing yields to edge l...

08 July, 2025 08:48:20

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

Macro and Government Bond Commentary: Yields steady, liquidity surplus widens after month-end GOI spending • The 10Y benchmark (6.33 GS 2035) opened mildly higher at 6.30% tracking a rise in treasury yields overnight (following stronger than expected BLS nonfarm payrolls). Yields were range...

07 July, 2025 10:19:16

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

Macro and Government Bond Commentary: Yields steady, treasury yields jump following upbeat US BLS nonfarm payrolls; RBI announces 7-day VRRR • The 10Y benchmark (6.33 GS 2035) opened little changed at 6.29% despite moves higher in treasury yields. The day saw yields ranged in absence of ...

04 July, 2025 10:20:12

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

Macro and Government Bond Commentary: Yields continue lower, liquidity surplus widens • The 10Y benchmark (6.33 GS 2035) opened mildly higher at 6,30% tracking a rise in treasury yields overnight (following better than expected US JOLTS job openings and ISM manufacturing PMI along with fis...

03 July, 2025 10:27:20

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

Macro and Government Bond Commentary: Yields down with global benchmarks, strength in INR • The 10Y benchmark (6.33 GS 2035) opened mildly lower at 6.31% tracking a fall in treasury yields (following comments from treasury secretary about bringing debt levels down). Yields were mostly rang...

02 July, 2025 10:17:57

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

Macro and Government Bond Commentary: Yields mildly higher with global benchmarks • The 10Y benchmark (6.33 GS 2035) opened mildly lower at 6.30% despite a rise in treasury yields overnight (given worse than expected US core CPI inflation). Moves lower in yields did not last, with some sel...

01 July, 2025 10:17:40

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened better today at 6.36. However, it traded higher tracking higher than expected cut-off during the auction. The 10Y point closed trade higher at 6.40% • RBI set the cut-off of 7-day VRR...

30 June, 2025 10:17:52

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

Macro and Government Bond Commentary: Yields closed flattish today • The 10Y benchmark (6.79 GS 2034) opened better today at 6.36. It traded range bound through the day and closed trade flattish at 6.36%. • As on 24th Jun, liquidity surplus was at INR 2.47trillion, though conditions should...

27 June, 2025 10:15:05

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.79 GS 2034) opened better higher at 6.36% after announcement of 1tn VRR auction yesterday. It traded range bound through the day and closed trade higher at 6.37%. • RBI T Bill auction results: RBI offer...

26 June, 2025 10:23:12

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

Macro and Government Bond Commentary: Yields rallied tracking improving Geopolitical situation • The 10Y benchmark (6.79 GS 2034) opened better today at 6.35% with improving risk sentiments and fall in crude prices. It traded range bound through the day and rallied in closing hours. The 10Y...

25 June, 2025 10:16:51

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

Macro and Government Bond Commentary: Yields steady amid Geopolitical Tensions • The 10Y benchmark (6.79 GS 2034) opened higher at 6.40% with rising geopolitical tensions. However, Yields bettered through out the day following improving risk sentiments. The 10Y point closed trade steady at ...

24 June, 2025 10:49:14

Nuvama Fixed Income Advisory Report : Bond Vector June-20-2025

Macro and Government Bond Commentary: Yields steady ahead of MPC minutes, liquidity surplus wider ahead of GST outflows • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.37% tracking a fall in treasury yields overnight (with some respite in geopolitical tensions). Yields fell i...

24 June, 2025 10:47:20

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II A Quick Update on Widening Yield Spread With Dim Prospects of Easing, Curve Set to S...

A quick update on widening yield spread with dim prospects of easing, curve set to shift higher with moderating liquidity The spread between 10Y and 30Y sovereign bond yields has been widening, with fading appetite for the duration segment, and we feel there might be some further room for the...

20 June, 2025 14:46:56

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

Macro and Government Bond Commentary: Yields higher across the curve with weakness in INR, rising oil prices amid escalating geopolitical worries • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.33% in sync with steady moves in treasury yields (with FOMC meeting outcome largely ...

20 June, 2025 10:41:58

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

Macro and Government Bond Commentary: Yields ranged ahead of FOMC meeting outcome • The 10Y benchmark (6.79 GS 2034) opened slightly higher at 6.33% tracking a rise in crude oil prices overnight as well as on account of weakness in the INR. Some demand was seen in the morning session, and ...

19 June, 2025 10:15:19

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

Macro and Government Bond Commentary: Yields mildly lower with crude oil price, better than expected SDL auction result • The 10Y benchmark (6.79 GS 2034) opened slightly lower at 6.32% tracking a fall in crude oil prices overnight but witnessed some profit booking in the morning session....

18 June, 2025 10:53:36

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

In this edition of Bond Compass, we highlight the key themes for May : • India G-sec yields continued lower in May, with moves lower pronounced in the near end of the curve. This was aided by ample liquidity in the system – aided by a sharp drawdown in GOI cash balances. • The RBI transferred ...

18 June, 2025 10:52:43

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

Macro and Government Bond Commentary: Yields fall despite escalating geo-political tensions, surfeit liquidity creates chatter of an upcoming VRRR auction • The 10Y benchmark (6.79 GS 2034) opened slightly lower at 6.35% despite a rise in crude oil prices overnight (given escalating tension...

17 June, 2025 10:24:52

Nuvama Fixed Income Advisory Report : Bond Vector June-13-2025

Macro and Government Bond Commentary: Yields rise with crude oil prices, though some reversal seen in late trade • The 10Y benchmark (6.79 GS 2034) opened higher at 6.36% following a rise in crude oil prices overnight (with escalating tensions between Israel and Iran) and were ranged throug...

16 June, 2025 10:55:59

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

Macro and Government Bond Commentary: Yields down with global benchmarks, India headline CPI continues lower, though core CPI remains sticky • The 10Y benchmark (6.79 GS 2034) opened lower at 6.35% tracking a fall in treasury yields overnight (on global risk off sentiment along with softer...

13 June, 2025 10:30:40

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

Macro and Government Bond Commentary: Yields rise with caution around moderating liquidity • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.35% despite a rise in treasury yields overnight (with better risk conditions) and were ranged through early in the afternoon. Following a n...

12 June, 2025 10:13:09

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

Macro and Government Bond Commentary: Yields continue higher with limited scope for further easing, weak SDL results • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.34% absent fresh cues and quickly fell in the morning session. Further demand was limited, and yields started r...

10 June, 2025 18:13:14

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

Macro and Government Bond Commentary: Yields continue higher with limited scope for further easing, stop loss hit • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.30% tracking a rise in treasury yields overnight following stronger than expected US BLS nonfarm payrolls as well as...

10 June, 2025 10:05:58

Nuvama Fixed Income Advisory Report : Bond Vector June-06-2025

Macro and Government Bond Commentary: Yields close higher after RBI MPC surprisingly shifts to neutral stance • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.25% ahead of the MPC meeting outcome. Yields fell quickly after the RBI announced a repo rate cut by 50 bps (as agains...

09 June, 2025 10:42:13

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

Macro and Government Bond Commentary: Yields mildly lower ahead of the RBI MPC meeting outcome • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.25% tracking a fall in treasury yields overnight (following soft US data). Yields were broadly ranged through much of the day, with par...

06 June, 2025 10:39:47

Edel Report : Fixed Income Snippets II RBI MPC Jun Meeting Preview – Committee Likely to Cut Rates by 25 bps, Tweaks to Liquidity Management Watched

RBI MPC Jun meeting preview – Committee likely to cut rates by 25 bps, tweaks to liquidity management watched The Reserve Bank of India’s monetary policy committee shall announce the resolution of the Jun meeting outcome this Friday. We expect the committee to cut policy rates by 25 bps, whil...

05 June, 2025 12:25:40

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

Macro and Government Bond Commentary: Yields rise with global benchmarks, system liquidity surplus widens • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.26% with a rise in treasury yields overnight (on recovery in risk conditions). Yields were ranged in the morning session but...

05 June, 2025 10:18:59

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

Macro and Government Bond Commentary: Yields fall on positioning ahead of MPC meeting, liquidity surplus widens on month-end GOI spending • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.27% despite a rise in treasury yields overnight, with further buying witnessed in the morning ses...

04 June, 2025 13:32:28

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

Macro and Government Bond Commentary: Yields close higher following stronger than expected India growth prints • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.24% and were ranged through the afternoon as market participants awaited India Q4 growth prints. Yields quickly rose by...

02 June, 2025 14:15:44

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

Macro and Government Bond Commentary: Yields mildly higher, India Q4 FY25 GDP closely watched, liquidity surplus widens ahead of month-end GOI spending • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.25% despite a rise in treasury yields overnight (with better risk conditions...

30 May, 2025 10:28:37

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

Macro and Government Bond Commentary: Yields mildly lower with optimism around ample liquidity • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.25% despite a fall in treasury yields (given weaker than expected US durable goods orders data) but fell in the morning session. Yield...

29 May, 2025 10:34:43

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

Macro and Government Bond Commentary: Yields steady absent major cues • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.25% in absence of fresh triggers but witnessed selling interest in the morning session. Bonds were ranged for the rest of the day, with the 10Y point closing t...

28 May, 2025 10:27:05

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

Macro and Government Bond Commentary: Yields reverse early upside with focus now shifting to MPC Jun meeting, liquidity surplus widens • The 10Y benchmark (6.79 GS 2034) opened higher at 6.28% with RBI surplus transfer for FY25 said to be modestly softer than expected. This was said to b...

27 May, 2025 10:51:15

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI Announces a Record Surplus Transfer To GOI For FY25 Though Numbers Modestly Miss...

RBI announces a record surplus transfer to GOI for FY25, though numbers modestly miss market expectations The Reserve Bank of India announced a surplus transfer of INR 2.69 trillion for FY25, about 27% higher than the previous year. The central bank increased the contingent risk buffer (CRB) ...

26 May, 2025 12:44:42

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

Macro and Government Bond Commentary: Yields down with global benchmarks, strong INR; RBI FY25 surplus transfer at 2.69tn misses expectations • The 10Y benchmark (6.79 GS 2034) mildly slightly lower at 6.26% tracking a fall in treasury yields overnight and quickly fell in the morning sessi...

26 May, 2025 12:38:20

Nuvama Fixed Income Advisory Report : Bond Vector May-22-2025

Macro and Government Bond Commentary: Yields rise with global benchmarks, liquidity surplus narrows after GST payments • The 10Y benchmark (6.79 GS 2034) mildly higher at 6.25% tracking a rise in treasury yields overnight (following weak bond auction), though yields quickly fell in the m...

23 May, 2025 12:01:33

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

Macro and Government Bond Commentary: Yields fall on aggressive T-bill auction, positioning ahead of RBI surplus announcement this week • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.27% despite a rise in treasury yields overnight (with lingering fiscal worries and cautious ...

23 May, 2025 11:56:25

Nuvama Fixed Income Advisory Report : Bond Vector May-20-2025

Macro and Government Bond Commentary: Yields unfazed by rise in treasury yields, liquidity surplus narrows ahead of GST payments • The 10Y benchmark (6.79 GS 2034) opened slightly lower at 6.28% despite a rise in treasury yields overnight (on lingering fiscal worries in the US). Yields s...

21 May, 2025 10:18:54

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

Macro and Government Bond Commentary: Yields rise with global benchmarks, liquidity surplus above 1% NDTL • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.27% despite a rise in global benchmarks overnight (following a rise in inflation expectations). Yields were ranged through...

20 May, 2025 10:46:29

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II IN System Liquidity Rises Above One Percent NDTL Stated Preference, Rates Largely Un...

IN system liquidity rises above 1% NDTL stated preference, rates largely unfazed by global benchmarks India system liquidity conditions improved further in May on account of RBI’s continued injection of durable liquidity via OMO purchase auctions. As on 17th May, system liquidity crossed 1% o...

20 May, 2025 10:44:24

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

Macro and Government Bond Commentary: Yields mildly lower with global benchmarks, liquidity surplus widens ahead of GST outflows next week • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.26% tracking a fall in treasury yields overnight (following weaker than expected PPI inflat...

19 May, 2025 10:47:11

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

Macro and Government Bond Commentary: Yields continue lower with crude oil, positioning ahead of FY25 RBI surplus transfer announcement next week • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.29% in absence of fresh triggers but edged higher in the morning session. This u...

16 May, 2025 09:08:13

Nuvama Fixed Income Advisory Report : Bond Vector May-14-2025

Macro and Government Bond Commentary: Yields continue lower likely on optimism following SEBI’s draft circular to ease compliance for FPIs, positioning ahead of RBI surplus transfer announcement • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.33% but started edging higher in...

15 May, 2025 10:25:10

Nuvama Fixed Income Advisory Report : Bond Vector May-13-2025

Macro and Government Bond Commentary: Yields close lower with fading border tensions, positioning ahead of softer IN CPI inflation • The 10Y benchmark (6.79 GS 2034) opened lower with a gap at 6.32% on de-escalating border tensions as well as on position ahead of India CPI inflation. Som...

14 May, 2025 10:10:51

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

Macro and Government Bond Commentary: Yields reverse early upside along with INR, auction results along expected lines • The 10Y benchmark (6.79 GS 2034) opened higher at 6.43% continuing the selling momentum on worries around escalating tensions between India and Pakistan. Yields edged ...

12 May, 2025 14:32:28

Nuvama Fixed Income Advisory Report : Bond Vector May-08-2025

Macro and Government Bond Commentary: Yields rise sharply with escalating border tensions, INR weakens sharply • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.33% tracking a fall in treasury yields overnight (with FOMC meeting outcome largely along expected lines) and fell furt...

09 May, 2025 10:11:28

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

In this edition of Bond Compass, we highlight the key themes for Apr : • India G-sec yields continued lower in April, with moves lower pronounced in the near end of the curve. This was aided by ample liquidity in the system – helped by pickup in month-end GOI spending as well as on RBI’s inject...

08 May, 2025 12:20:43

Nuvama Fixed Income Advisory Report : Bond Vector May-07-2025

Macro and Government Bond Commentary: Yields reverse early upside, system liquidity surplus widens • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.36% likely escalating cross border tensions along with weakness in INR. However, this upside in yields did not sustain, and quickl...

08 May, 2025 10:26:22

Nuvama Fixed Income Advisory Report : Bond Vector May-06-2025

Macro and Government Bond Commentary: Yields rise with global benchmarks • The 10Y benchmark (6.79 GS 2034) opened little changed but quickly rose in the morning session with a sharp rise in treasury yields overnight (following better than expected US ISM services PMI and positioning ahead ...

07 May, 2025 10:15:45

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

Macro and Government Bond Commentary: Yields fall with crude oil price, strength in the INR • The 10Y benchmark (6.79 GS 2034) opened higher at 6.36% tracking a rise in treasury yields overnight, though this upside in yields did not sustain. This demand was aided by a fall in crude oil pri...

06 May, 2025 10:33:28

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

Macro and Government Bond Commentary: Yields traded flat today • The 10Y benchmark (6.79 GS 2034) opened flattish at 6.37% today. Further, it traded range bound throughout the day and closing the day flattish at 6.35% vs 6.36% prev. • RBI weekly auction results: RBI offered 6.64 GS 2027 at...

05 May, 2025 10:42:34

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

Macro and Government Bond Commentary: Yields traded weak today • The 10Y benchmark (6.79 GS 2034) opened flattish at 6.33% today. Further, it traded range bound throughout the day and closing the day weaker at 6.36% vs 6.34% prev. • T-bill auction results: 91-day T-bill cut-off came in at ...

02 May, 2025 10:42:00

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

Macro and Government Bond Commentary: Yields rally today following RBI OMO • The 10Y benchmark (6.79 GS 2034) opened lower at 6.33% today following yesterday’s OMO announcement. However, it rose to 6.36% at noon given ongoing geo-political tensions. Further, yields rallied after expected S...

30 April, 2025 10:41:36

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

Macro and Government Bond Commentary: Yields rise amid Geopolitical uncertainty • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.35% despite moves lower in treasury yields overnight. Mid-morning trade saw yields rise given ongoing geo-political tensions. Yields closed the day...

29 April, 2025 10:31:11

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

Macro and Government Bond Commentary: Yields rise with weakness in INR, liquidity surplus widens • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.32% despite moves lower in treasury yields overnight. Mid-morning trade saw yields rise with weakness in INR given ongoing geo-polit...

28 April, 2025 10:43:58

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

Macro and Government Bond Commentary: Yields mildly lower with optimism around further OMO announcements, treasury yields fall with weak durable goods orders data • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.32% but witnessed some selling interest in the morning session. This...

25 April, 2025 11:37:29

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

Macro and Government Bond Commentary: Yields close higher on profit booking, RBI MPC minutes (Apr) largely along lines of policy statement • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.32% despite moves lower in treasury yields. Morning trade saw yields edge higher – this ...

24 April, 2025 10:32:42

Nuvama Fixed Income Advisory Report : Bond Vector April-22-2025

Macro and Government Bond Commentary: Yield curve flattens, with good demand for duration papers, liquidity surplus narrows • The 10Y benchmark (6.79 GS 2034) opened higher at 6.34% tracking a rise in treasury yields overnight (on continued uncertainty around US tariffs). Yields were ran...

23 April, 2025 10:32:09

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

Macro and Government Bond Commentary: Yields continue lower with strength in INR, better liquidity as well as receiving in OIS • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.37% but quickly fell in the morning session aided by strength in local currency as well as a fall in...

21 April, 2025 18:44:51

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

Macro and Government Bond Commentary: Yields continue lower with global benchmarks, strength in INR • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.39% despite a fall in treasury yields overnight (following better than expected weekly auction results). Yields fell quickly in ...

20 April, 2025 11:39:06

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

Macro and Government Bond Commentary: Yields continue lower with global benchmarks • The 10Y benchmark (6.79 GS 2034) opened little changed in absence of fresh triggers. Yields were ranged through the morning, though some demand was seen early in the afternoon. This was in sync with global...

17 April, 2025 10:48:55

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

In this edition of Bond Compass, we highlight the key themes for Mar/Apr : • India G-sec yields came lower in March, with the momentum picking up in April. This was on account of sharp improvement in liquidity conditions as well as optimism around easing policy rates. In addition, softer than e...

17 April, 2025 10:47:54

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

Macro and Government Bond Commentary: Yields fall with announcement of durable liquidity injection, treasury yields • The 10Y benchmark (6.79 GS 2034) opened lower tracking a sharp fall in treasury yields overnight along with an OMO purchase announcement of INR 400bn (to be held on 17th Ap...

16 April, 2025 10:29:27

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

Macro and Government Bond Commentary: Yields reverse early downside despite strong INR, treasury yields spurt • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.45% (despite a pickup in treasury yields). Yields edged lower in the morning session with optimism following doveish MP...

15 April, 2025 11:16:09

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

Macro and Government Bond Commentary: Yields fall with a perceived doveish RBI MPC meeting outcome • The 10Y benchmark (6.79 GS 2034) opened slightly higher at 6.48% tracking a sharp rise in treasury yields overnight and edged further in the morning session. The MPC cut rates by 25 bps and...

15 April, 2025 11:14:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI Apr MPC Meeting Review - MPC Unanimously Cuts Repo, Moves to Accommodative Stance

India Apr MPC unanimously cuts repo, moves to accommodative stance as focus shifts on supporting growth Overview and market reaction: The Monetary policy committee unanimously voted to cut policy rates by 25 bps and shifted the policy stance to accommodative. India sovereign bond yields were ...

09 April, 2025 15:42:48

Nuvama Fixed Income Advisory Report : Bond Vector April-08-2025

Macro and Government Bond Commentary: Yields reverse early upside despite weakness in INR, India MPC meeting outcome closely watched • The 10Y benchmark (6.79 GS 2034) opened higher at 6.50% tracking a sharp rise in treasury yields overnight (despite no signs of amelioration in trade tens...

09 April, 2025 10:29:44

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI April MPC Meeting Preview - Committee Will Likely Cut Rates by 25 bps, Neutral S...

RBI Apr MPC meeting preview – Committee will likely cut rates by 25 bps, neutral stance to be maintained The Reserve Bank of India’s monetary policy committee shall announce the resolution of the Apr meeting outcome this Wednesday. We expect the committee to cut policy rates by 25 bps and ret...

08 April, 2025 10:28:59

Nuvama Fixed Income Advisory Report : Bond Vector April-07-2025

Macro and Government Bond Commentary: Yields rise with weakness in INR, liquidity surplus narrows • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.46% (despite a sharp fall in treasury yields overnight, with US futures markets anticipating more than 100 bps easing this year). ...

08 April, 2025 10:24:08