Nuvama Fixed Income Advisory Report : Credit Dispersion Report - 23 Feb 26

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1. Dispersion in AAA PSU has decreased in front end of the curve, however some steepening has also been seen. 2. Over the course of the week, the activity was seen across thew curve with some switches seen in duration. 3. PSU primary issuances worth around INR 100 bn hit the market for the issuers such as NABARD, and RECLIN in 2Y-3Y segment. 4. NHPCIN 15Y primary issuance is scheduled this week

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