• The G-Sec curve saw steepening with downward movement seen across the curve. • On the US front, US Initial Jobless claims rose 4,000 to 212,000 for the week ended February 21 from 208,000 a week prior. The negotiations between the US and Iran regarding the future of Iran's nuclear programme concluded on Thursday without an agreement but were seen reducing the risk of a military showdown between the two countries. The US 10Y hovered around 4.00 levels. • On the domestic front, RBI announced switch of four gilts maturing in FY27 with other five gilts for INR 250 Bn to be conducted on 2nd March 2026. During the week there was chatter of likely RBI intervention in secondary market which supported the yields. The GDP data for Q3FY26 came at 7.8% vs upwardly revised 8.4% from previous quarter.10Y IGB ended the week 4 bps lower at 6.66%.
