AIMIN

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

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

Macro and Government Bond Commentary: Yields close lower with global benchmarks, crude oil prices • The 10Y benchmark (6.79 GS 2034) opened lower at 6.48% tracking a fall in treasury yields overnight along with a fall in crude oil prices. Yields traded with a downward bias through the day. ...

07 April, 2025 10:38:03

Nuvama Fixed Income Advisory Report : Credit Report II IIFL FINANCE LIMITED

Company Overview IIFL Finance is the listed holding company of the IIFL Finance group and is registered as a systemically important non-deposit-taking, non-banking financial company. The group offers various retail lending products, including gold loans, home loans, LAP, digital loans and ...

04 April, 2025 14:16:56

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II A Quick Update On US Rates – Treasury Yields Fall With Markets Factoring in Aggressi...

A quick update on US rates – Treasury yields fall with markets factoring in aggressive rate cuts on mounting growth concerns The US treasury yields fell sharply on Thursday on worries that President Trump’s sweeping tariffs would likely bring more pain for the US economy. In line with moves l...

04 April, 2025 10:33:57

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

Macro and Government Bond Commentary: Yields reverse early downside on profit booking, surplus liquidity widens • The 10Y benchmark (6.79 GS 2034) opened sharply lower at 6.45% tracking a sharp fall in treasury yields overnight (on global risk aversion). Moves lower in yields did not susta...

04 April, 2025 10:28:12

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

Macro and Government Bond Commentary: Yields fall sharply following RBI’s OMO purchase announcement, positioning for change in stance in Apr MPC begins • The 10Y benchmark (6.79 GS 2034) opened sharply lower at 6.54% following RBI’s announcement of an OMO purchase of INR 800 bn (in four eq...

03 April, 2025 10:42:11

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II RBI’s Flexible Exchange Rate Management Drives INR Towards Fair Value as Seen in REER

RBI’s flexible exchange rate management drives INR towards fair value as seen in REER In this note, we look at trends in spot INR, and impact of changes in the central bank’s exchange rate management on fairness in the currency’s value over its peers. As on Feb’25, the REER stood at 102.37- i...

03 April, 2025 10:38:25

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

Macro and Government Bond Commentary: Yields lower with softer H1 FY26 borrowing, year-end demand; liquidity conditions improve dramatically • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.61% but traded with a downward bias through much of the day. Moves lower in yields was ...

01 April, 2025 11:21:22

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

Macro and Government Bond Commentary: Yields steady as market participants await India H1 FY26 borrowing calendar • The 10Y benchmark (6.79 GS 2034) little changed at 6.60% in absence of fresh cues. Yields were ranged through the day, with market participants eagerly waiting for the H1 F...

28 March, 2025 10:28:57

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II IN Corporate Bond Spreads Narrow with Improvement in Liquidity Conditions, Optimism ...

IN corporate bond spreads narrow with improvement in liquidity conditions, optimism around aggressive policy easing The most important metric for assessing risk perception in the bond market is the credit spread which is the difference between the yield of a corporate bond and comparable risk...

27 March, 2025 17:49:36

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

Macro and Government Bond Commentary: Govt. Bonds 26-Mar 25-Mar Change* Yields fall on optimism around H1 FY26 borrowing, replacement demand 3 mth T-Bill (Ind.) 6.48% 6.45% 3.00 from OMO settlement 6.79% 2034 6.60% 6.64% -3.41 • The 10Y benchmark (6.79 GS 2034) opened mildly lower despite mo...

27 March, 2025 14:54:59

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

Macro and Government Bond Commentary: Yields rise with global benchmarks, liquidity conditions set to improve • The 10Y benchmark (6.79 GS 2034) opened little changed despite a rise in treasury yields overnight (following stronger than expected US S&P global services PMI as well as hawkish ...

26 March, 2025 10:33:01

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

Macro and Government Bond Commentary: Yields little changed in absence of fresh cues, spot INR strengthens further • The 10Y benchmark (6.79 GS 2034) opened higher at 6.64% in sync with global benchmarks, though this upside in yields did not sustain. Yields quickly fell in the morning sessio...

25 March, 2025 10:22:19

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

Macro and Government Bond Commentary: Yields lower with global benchmarks, strength in INR; GOI cash balances shoot up after quarterly advance tax payments • The 10Y benchmark (6.79 GS 2034) lower despite steady moves in treasury yields and fell in the morning session – likely aided by con...

24 March, 2025 10:42:10

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

Macro and Government Bond Commentary: Yields lower with global benchmarks, strength in INR • The 10Y benchmark (6.79 GS 2034) lower tracking a fall in treasury yields overnight (with commentary from Fed chair Powell perceived to be doveish, with recent spurt in inflation expectations seen t...

21 March, 2025 10:22:04

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Is The Fed Undermining Stagflation Risks

Is the Fed undermining stagflation risks? The 1970s paved the way for many firsts – first handheld calculator, the birth of the first test-tube baby, the first personal computer. Most importantly, it was also known for a period of high inflation accompanied by stagnating economic growth. By ...

20 March, 2025 14:12:37

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

Macro and Government Bond Commentary: Yields continue lower following OMO purchase announcement, FOMC meeting outcome closely watched • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.66% following an announcement of OMO purchase auction of INR 500bn (to be held on 25th March)....

20 March, 2025 10:34:27

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Liquidity Conditions Set to Improve Following RBI’s Durable Measures, Heavy Month-En...

Liquidity Conditions set to improve following RBI’s durable measures, heavy month-end spending India system liquidity deficit widened to INR 2.6tn or -1.12% of net demand and time liabilities (NDTL) as on 18th Mar– following quarterly advance tax payments, with further tightening likely on th...

19 March, 2025 14:27:34

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

Macro and Government Bond Commentary: Yields continue lower with strength in INR, upbeat OMO purchase auction; RBI announces another OMO purchase auction of INR 500bn • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.69% in absence of fresh cues, with moves very ranged until no...

19 March, 2025 10:27:26

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

Macro and Government Bond Commentary: Yields mildly lower with strength in INR, liquidity deficit widens on quarterly advance tax outflows • The 10Y benchmark (6.79 GS 2034) opened little changed on Monday despite a rise in treasury yields (with a sharp rise in inflation expectations in ...

18 March, 2025 10:22:55

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

17 March, 2025 12:10:36

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II An Update on India Rates, Liquidity and The Path Ahead

An update on India rates, liquidity and the path ahead India Sovereign yield curve has bull steepened in Mar – indicating that the near end of the curve has outperformed the duration segment. This is likely on account of an improvement in system liquidity conditions. The average liquidity def...

13 March, 2025 10:25:06

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

Macro and Government Bond Commentary: Yields mildly lower, India headline CPI lower than expected, though core CPI inflation spurts • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.69% despite a rise in treasury yields overnight (after stronger than expected US BLS nonfarm p...

13 March, 2025 10:20:02

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

Macro and Government Bond Commentary: Yields mildly lower, SDL auction outcome along expected lines • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.70% despite a fall in treasury yields overnight (on global risk aversion amid renewed fears of a recession in the US). Yields tr...

12 March, 2025 11:01:16

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

Macro and Government Bond Commentary: Yields close steady in absence of fresh cues, liquidity deficit widens mildly • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.69% tracking a rise in treasury yields overnight (following cautious Fed chair Powell’s commentary). Yields trade...

11 March, 2025 10:24:20

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

Macro and Government Bond Commentary: Yields close steady in absence of fresh cues, liquidity deficit widens mildly • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.68% in absence of fresh cues. Yields were ranged through the day in absence of fresh supply – driving the 10Y po...

10 March, 2025 10:42:45

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

In this edition of Bond Compass, we highlight the key themes for Feb : • India G-sec yields edged lower in Feb, with more demand seen in the near end of the curve – aided by improvement in liquidity conditions. The RBI in Feb conducted a USD-INR buy-sell swap auction of INR 10bn – supporting du...

07 March, 2025 16:34:42

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

Macro and Government Bond Commentary: Yields lower following RBI’s liquidity infusion announcements, liquidity deficit widens • The 10Y benchmark (6.79 GS 2034) opened lower at 6.79% after the RBI announced measures to inject durable liquidity (via INR 1tn OMOs as well as USD 10bn buy/se...

07 March, 2025 10:38:10

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

Macro and Government Bond Commentary: Yields fall with receiving in OIS, liquidity deficit narrows markedly following USD/INR buy sell swap auction • The 10Y benchmark (6.79 GS 2034) opened mildly higher at 6.73% tracking a rise in treasury yields overnight. However, yields fell in the morn...

06 March, 2025 10:25:46

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

Macro and Government Bond Commentary: Yields rise with higher SDL supply & weak auction results, liquidity deficit narrows on month-end GOI spending • The 10Y benchmark (6.79 GS 2034) opened lower at 6.72% tracking a fall in treasury yields overnight (following weaker than expected US ISM ...

05 March, 2025 10:36:52

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

Macro and Government Bond Commentary: Yields mildly higher with global benchmarks, liquidity deficit narrows ahead of month-end GOI spends • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.73% (despite a rise in treasury yields overnight). Yields traded with a mildly upward bia...

04 March, 2025 10:30:29

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

Macro and Government Bond Commentary: Yields rise with global benchmarks, better than expected GDP growth; liquidity deficit narrows ahead of month-end GOI spending • The 10Y benchmark (6.79 GS 2034) opened mildly lower at 6.70% despite a rise in treasury yields overnight (following stronge...

03 March, 2025 10:59:20

Nuvama Fixed Income Advisory Report : Fixed Income Snippets II Liquidity Conditions Eet to Improve on Month-End GOI Spending, Though System Will Li...

Liquidity conditions set to improve on month-end GOI spending, though system will likely remain in deficit through March India system liquidity conditions is set to improve over the next few days on the back of month-end GOI spending (salary disbursals and others). However, conditions will rem...

28 February, 2025 15:12:24

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

Macro and Government Bond Commentary: Yields mostly steady, treasury yields edged higher with stronger than expected durable goods orders, upward revision in GDP deflator • The 10Y benchmark (6.79 GS 2034) opened little changed despite a fall in treasury yields over the past two days and c...

28 February, 2025 11:39:50

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

Macro and Government Bond Commentary: Yields mildly higher with INR recording single biggest day fall in 3 weeks • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.70% in absence of fresh cues and was ranged until noon trade. Yields started edging higher early in the afternoon t...

27 February, 2025 10:33:47

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

Macro and Government Bond Commentary: Yields close slightly lower with global benchmarks, liquidity deficit widens after GST outflows • The 10Y benchmark (6.79 GS 2034) opened lower at 6.69% tracking a sharp fall in treasury yields overnight (following weaker than expected US S&P global ...

25 February, 2025 10:24:39

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

Macro and Government Bond Commentary: Yields close mildly higher with weak auction results, liquidity deficit widens after GST outflows • The 10Y benchmark (6.79 GS 2034) opened little changed despite a fall in treasury yields overnight (following an increase in weekly jobless claims). S...

24 February, 2025 10:51:36

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

Macro and Government Bond Commentary: Yields close higher, liquidity deficit continues to narrow • The 10Y benchmark (6.79 GS 2034) opened slightly lower at 6.68% despite a rise in treasury yields overnight (following cautious FOMC comments in the minutes). Moves lower in yields did not su...

21 February, 2025 10:24:59