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 ranged through the day, though some buying was seen later in the day on chatter of some short covering as well as on buying from MFs as well as insurance companies. The 10Y point closed trade at 6.29% vs 6.31% prev. In addition, strength in INR might have also aided moves lower in G-sec yields. SDL auction results were largely along expected lines.
