AIMIN

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

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, marking the second consecutive pa...

03 October, 2025 10:28:33

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

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.57% as market participants-maintained caution ahead of RBI MPC policy outcome. • The Reserve Bank of India led monetary policy committee kept policy rates unchang...

03 October, 2025 10:23:37

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

Macro and Government Bond Commentary: Yields closed higher • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.55%. • The SDL auction amounting INR 341 Bn was conducted and RBI offered 10Y SDLs at 7.27% and 30Y SDL at 7.44%.

01 October, 2025 10:18:29

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI MPC Oct Meeting Preview-Will RBI Cut Rates Tomorrow

RBI MPC Oct meeting preview-Will RBI cut rates tomorrow? The Reserve Bank of India’s monetary policy committee is set to announce the resolution of the Oct 1st meeting outcome this Wednesday. With global uncertainty remained elevated in the wake of imposition of US trade tariffs on India, the...

30 September, 2025 11:05:56

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

Macro and Government Bond Commentary: Yields closed higher • On Monday, the 10Y benchmark (6.33 GS 2035) opened 1bp higher at 6.53% after the release of the Oct-Mar borrowing calendar. • Over the day, the 10Y yields elevated to 6.57% on profit-booking amid increase in the share of supply o...

30 September, 2025 11:00:46

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II H2FY26 G-Sec Calendar: Heavier Belly, Lighter Longer-End

H2FY26 G-Sec Calendar: Heavier Belly, Lighter Longer-End The GOI announced the calendar for marketable dated securities for the second half of the financial year 2026 this Friday. For the ongoing financial year, the GOI had pegged gross market borrowing via central government bonds at INR 14.8...

29 September, 2025 10:20:41

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

Macro and Government Bond Commentary: Yields closed higher • On Friday, the 10Y benchmark (6.33 GS 2035) opened 1 bp higher at 6.51% tracking the surge in 10Y UST after an upbeat US economic data. • Meanwhile, traders unwound their positions by booking profits after betterthan-expected IGB ...

29 September, 2025 10:17:07

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

Macro and Government Bond Commentary: Yields closed higher • On Thursday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% on caution ahead of government's Oct-Mar borrowing calendar and upcoming RBI MPC policy. • Market participants now await the IGB auction results on Friday (6.68...

26 September, 2025 10:32:50

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II What next for INR

On 1st Feb, when US imposed tariffs on China, few could have anticipated that President Trump would also target India, particularly given the camaraderie between Trump and Prime Minister Modi. But that’s what happened and Indian rupee had the most volatile period ever since. In the same perio...

25 September, 2025 16:24:09

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

Macro and Government Bond Commentary: Yields closed higher • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened flat at 6.47% as investors awaited the upcoming borrowing calendar and RBI policy outcome due later this month. • T-Bill auction worth INR 210 Bn was fully subscribed and cut...

25 September, 2025 10:19:41

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

Macro and Government Bond Commentary: Yields closed lower • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.50% ahead of the larger than expected supply of the state bonds. • Over the day, yields of 10-year IGB fell to 6.47% after the cut-off yields at the state bond aucti...

24 September, 2025 10:39:35

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

Macro and Government Bond Commentary: Yields closed flat • On Monday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49%. • Over the day, 10-year IGB yields surged ahead of the larger-thanindicated state bond auction Tuesday. The States are set to raise around INR 270 billion, signific...

23 September, 2025 10:29:13

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

Macro and Government Bond Commentary: Yields closed lower • On Friday, the 10Y benchmark (6.33 GS 2035) opened 1 bp higher at 6.52% tracking a rise in UST yields after better-than-expected US weekly jobless claims data. • However, yields plunged on optimism that Indian bonds might get i...

22 September, 2025 12:14:46

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

Macro and Government Bond Commentary: Yields closed higher • On Thursday, the 10Y benchmark (6.33 GS 2035) opened higher at 6.49% vs 6.47% tracking a rise in UST yields despite the US FOMC cut federal fund rates by 25 bps to 4.00-4.25% to support the labour market. • Fed decision was widel...

19 September, 2025 10:30:40

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

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.48% as market participants-maintained caution ahead of the US FOMC outcome due tonight. • The Federal Reserve is widely expected to cut federal fund rate by 25bps...

18 September, 2025 10:16:17

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

Macro and Government Bond Commentary: Yields closed lower • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% ahead of debt supply from states, while the market participants remained cautious ahead of the interest rate decision of the US FOMC. • The Fed's decision is due...

17 September, 2025 10:40:38

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

In this edition of Bond Compass, we highlight the key themes for Aug/early Sep : • India G-Sec yields closed 19 bps higher at 6.57% in August, driven by various factors: status quo by the RBI MPC, the announcement of 50% tariff imposed by the US, GST cut and fears of fiscal slippage. • The GST...

16 September, 2025 14:55:25

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

Macro and Government Bond Commentary: Yields closed higher • On Monday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.48% as market participants-maintained caution ahead of US FOMC policy outcome. • The uptick in India’s CPI inflation for August increased bets of a status quo by RBI a...

16 September, 2025 10:24:47

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

Macro and Government Bond Commentary: Yields closed higher • On Friday, the 10Y benchmark (6.33 GS 2035) opened flat at 6.46% ahead of the weekly gilt auction and India’s CPI inflation data. • India’s August CPI inflation came at 2.07% compared to expectations of 2.10% and 1.55% in July, o...

15 September, 2025 11:16:27

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

Macro and Government Bond Commentary: Yields closed lower • On Thursday, the 10Y benchmark (6.33 GS 2035) opened slightly lower at 6.47% amid lack of firm cues on the domestic front. • The local currency fell to a record-low of 88.47/$ on the back of heavy dollar buying by importers amid u...

12 September, 2025 10:41:29

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

Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.49% in absence of fresh cues. • Over the day, yields surged, making an intraday high of 6.52% on further profit-booking by market participants with focus on H2FY26 bo...

11 September, 2025 10:18:09

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

Macro and Government Bond Commentary: Yields closed higher • On Tuesday, the 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.46% vs 6.47%, tracking the fall in US Treasury yields, as the sharply lower US nonfarm payrolls data induced traders to fully factor in a 25bps rate cut by the F...

10 September, 2025 10:17:03

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.49% and slumped further to touch 6.47% levels tracking the overnight decline in 10Y UST. • However, in absence on any incremental cues the 10Y point closed 2 bps down at 6.47% vs...

07 September, 2025 12:54:37

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II GST 2.0 – Macro Concerns Remain

GST 2.0 – Macro concerns remain The bond market sentiment turned positive as fears of higher borrowing eased after the 56th meeting of GST Council rationalised current 4-tiered tax rate structure into a simple 2-tier rate structure. As per the Council’s assessment the fiscal impact of rate r...

07 September, 2025 12:53:25

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.53% as the fears of extra borrowing in FY26 eased after the outcome of the GST Council meeting late Wednesday. • The government estimates a net revenue loss of around INR 480...

05 September, 2025 10:22:31

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened 1 bp lower at 6.56% on the back of short covering amid lack of lucrative cues. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M – 5.51%, 6M - 5.62% and 1Y - 5.67%

04 September, 2025 10:20:08

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.59% ahead of large state govt bond supply. • The SDL auction cut offs, amounting INR 316.5 Bn came in slightly lower than market expectations. The 10Y point closed 2 bps lower at...

03 September, 2025 10:28:49

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II India Bond Yields Surge as RBI Stays on Sidelines

Since July 22nd, the 10-year Government Security (G-Sec) has hardened by nearly 30 bps to trade around the 6.60% mark, reflecting a series of domestic and global developments that weighed on sentiment. Starting with, the Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.50% in ...

03 September, 2025 10:27:21

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

Macro and Government Bond Commentary: Yields closed higher • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.59% and briefly touched 6.63%, as the stronger-than-expected Q1 FY26 GDP print released on Friday dampened expectations of near-term rate cuts and higher than indicated S...

02 September, 2025 10:52:22

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

Macro and Government Bond Commentary: Yields closed higher • The 10Y benchmark (6.33 GS 2035) opened 2 bps higher at 6.55% as market participants awaited the IGB auction cut-offs and domestic GDP print. • RBI offered 6.68% GS 2040 at 6.9646% for INR 160 Bn and 6.90% GS 2065 at 7.3786% for ...

01 September, 2025 10:14:29

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

Macro and Government Bond Commentary: Yields closed lower • The 10Y benchmark (6.33 GS 2035) opened steady at 6.60%. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M - 5.51%, 6M - 5.60% and 1Y - 5.64%. • The 10Y point closed 7 bps down at 6.53% Vs 6.60% as trader...

29 August, 2025 10:29:03

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

Macro and Government Bond Commentary: Yields closed flat • The 10Y benchmark (6.33 GS 2035) opened steady at 6.60%, ahead of large SDL auction. • The SDL auction cut offs, amounting INR 341.5 Bn came in higher than market expectations, prompting a rise in yields.

28 August, 2025 10:19:34

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 2 bps down at 6.53%, tracking the decline in US Treasuries after the 10Y UST fell 7 bps to 4.26% on Friday. • The move followed Fed Chair Jerome Powell’s remark at Jackson Hole Econom...

26 August, 2025 10:15:37

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 1 bp up at 6.54%, as market participants-maintained caution ahead of IGB auction. • RBI offered 5.91% GS 2028 at 6.0032% for - INR 60 Bn and 6.33% GS 2035 at 6.5553% for INR 300 Bn.

25 August, 2025 10:34:26

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.50%. • In a key meeting on Thursday, the Group of Ministers on GST rate rationalization agreed to the Centre’s proposal to reduce GST slabs to two — 5% and 18% — simplifyi...

22 August, 2025 10:35:56

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Next-Generation GST Reforms Proposed to Streamline Tax Rates

Next-Generation GST Reforms Proposed to Streamline Tax Rates During his address to the nation on 79th Independence Day (15th Aug 2025) Prime Minister Modi announced the introduction of Next-Generation GST reforms by this Diwali, aimed at reducing taxes on daily-use items. The current four-ra...

22 August, 2025 10:35:09

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened steady at 6.52% due to absence of any incremental cues. • T-Bill auction worth INR 210 Bn was fully subscribed and cut offs were, 3M - 5.49%, 6M - 5.58% and 1Y - 5.60%

21 August, 2025 10:38:05

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened flat at 6.50% in absence of fresh cues. • RBI SDL auction results: RBI offered 10Y SDLs at 7.09%, 15Y SDL at 7.39% and 30Y SDL at 7.44%.

20 August, 2025 10:49:36

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

Macro and Government Bond Commentary: Yields closed higher today • The 10Y benchmark (6.33 GS 2035) opened 3 bps up at 6.43%, tracking hardening in US treasury yields and the Govt’s announcement of GST reforms. • Yields moved further up during the session amid the persistent concerns ove...

19 August, 2025 10:29:11

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

Macro and Government Bond Commentary: Yields closed lower today • The 10Y benchmark (6.33 GS 2035) opened 1 bp down at 6.47%, as market participants awaited IGB Auction result for further directions. • RBI offered 6.01% GS 2030 at 6.2572% for INR 150 Bn and New GS 2055 at 7.24% for INR 13...

18 August, 2025 10:26:48

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