Bond yields arrived at the levels last seen in December 2008, with the yields on the 8.24 per cent crossing 7 per cent. According to the source, fears of excess supply and lack of trading interest pulled the bond market down. On March 12, bond prices whole day moved lower and closed about Rs 2 down than the previous close. Trading was extended by 30 minutes as the market waited for the Reserve Bank of India to announce the cut-offs for the buyback.
The cut-off yields announced by the RBI were higher than market expectations. The total traded volumes on the order matching system stood at Rs 6,320 crore (Rs 3,480 crore). The most highly traded 8.24 per cent- 2018 paper opened at Rs 109 (6.89 per cent YTM) and ended at Rs 107.05 (7.17 per cent YTM), against Monday''s close of closed at Rs 109.4 (6.83 per cent YTM). The 6.05 per cent-2019-10 year paper opened at Rs 95.5 (6.68 per cent YTM) and closed at Rs 94.25 (7.0 per cent YTM).
The cut-off yields announced by the RBI were higher than market expectations. The total traded volumes on the order matching system stood at Rs 6,320 crore (Rs 3,480 crore). The most highly traded 8.24 per cent- 2018 paper opened at Rs 109 (6.89 per cent YTM) and ended at Rs 107.05 (7.17 per cent YTM), against Monday''s close of closed at Rs 109.4 (6.83 per cent YTM). The 6.05 per cent-2019-10 year paper opened at Rs 95.5 (6.68 per cent YTM) and closed at Rs 94.25 (7.0 per cent YTM).
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