Indian bond yields were little changed Monday after a 22-basis-point slide last week, as traders awaited U.S. and Indian inflation reports due this week, Reuters reported.
At 12:25 a.m. ET (05:25 UTC; 10:55 a.m. IST), Reuters put the yield on India’s 6.94% 2036 benchmark bond at 7.1752%, near Friday’s level. The 10-year yield’s 22-basis-point fall last week was its steepest weekly decline in almost seven years, the outlet reported. Reuters also put Brent crude near $98 a barrel, roughly unchanged from Friday.
A Nov. 5 notice from the Reserve Bank of India (RBI) listed a Nov. 9 auction covering securities from 12 state governments, with a combined face value of ₹29,050 crore (₹290.5 billion). The sale concerns state borrowing, rather than a central government bond issue. EconoTimes previously reported on Indian bonds rising as oil prices fell.
A Reuters poll put India’s October inflation rate at 5.93%. That estimate compares with September’s provisional official reading of 5.54%; October’s figure is a forecast, not a released result. Umesh Tulsyan, managing director at Sovereign Global Markets, told Reuters he expected the 10-year yield to stay within a 7.10% to 7.30% range for some time.
The U.S. Bureau of Labor Statistics scheduled its October Consumer Price Index report for Tuesday, Nov. 10, at 8:30 a.m. ET. India’s Ministry of Statistics and Programme Implementation lists its October CPI release for Nov. 12.
