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 in the morning session, though this demand was limited. For the rest of the day, yields were largely ranged with a mildly upward bias, though some demand was seen in the afternoon session. The 10Y point closed trade steady at 6.38%. • Weekly auction result: RBI offered 6.75 GS 2029 at 6.01% for INR 150bn, and 7.09 GS 2054 at 7.05% for INR 120bn. Result for the 7.09 GS 2054 came in slightly better than expected
