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Search resuls for: "Nimesh Vora Dharamraj Lalit Dhutia"


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☆ HDFC's potential rate-hedge pulls down Indian bond yields - traders
  + stars: | 2023-02-15 | by ( Nimesh Vora Dharamraj Lalit Dhutia | Nimesh Vora | Dharamraj Lalit Dhutia | ) www.reuters.com   time to read: +2 min
MUMBAI, Feb 15 (Reuters) - The anticipation of Housing Development Finance Corp (HDFC.NS), India's largest mortgage lender, executing an interest-rate hedge once it completes its mega bond sale this week, is driving longer-duration bond yields lower, traders said on Wednesday. "HDFC is likely to do the trade on or post Friday, once it receives the money from its bond issuance," one of the bankers said. Under the trade, the banks will pay HDFC the yield on a government bond and in return receive the benchmark overnight rate plus a markup. The price risk on the bond is borne by HDFC and hence the name total return swap (TRS). And when the banks execute these swaps, there will likely be bunched-up demand for these bonds, which will pressure yields, traders said.
☆ INDIA Rupee outlook positive, cenbank eyed; bond yields likely to rise
  + stars: | 2023-01-16 | by ( Nimesh Vora Dharamraj Lalit Dhutia | Nimesh Vora | Dharamraj Lalit Dhutia | ) www.reuters.com   time to read: +3 min
Government bond yields are expected to tick up as investors shift focus to the upcoming budget. The rupee climbed 1.7% to 81.3250 per dollar last week, tracking a broad decline in the dollar index . There are a lot of positives for the rupee, including the Fed view, the broadly stable oil prices and the fall in Treasury yields, said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Till then, bond yields should not fall much, as most people are expecting a heavy borrowing calendar," said Ajay Manglunia, managing director and head of investment grade group at JM Financial. Meanwhile, as a bulk of the fresh supply for the next financial year would hit the longer end, market participants expect yields to rise, while shorter-tenor yields may see some fall.
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