RBI accepts 95% of bond buyback ahead of monetary policy review
The low enthusiasm comes in the run up to the monetary policy committee (MPC) meeting set on Friday, as the markets didn't seem too keen to sell short-term debt on expectations of profit booking in these assets in the future, money market traders said. Against a notified amount of ₹25,000 crore, the RBI received bids worth ₹27,256 crore, of which, the central bank accepted offers of ₹23,855 crore, data showed.
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"The policy on Friday may alter prices, especially for short term bonds. Since this buyback auction was so close to the MPC, the market did not seem very enthusiastic to sell," said Gopal Tripathi, head of treasury,
Jana Small Finance Bank
. Buybacks are a way for the government to pay off debt for next fiscal year to reduce its gross borrowing. Bond buybacks also allow the RBI to infuse durable liquidity in the system.
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India plans increased bond buybacks and switches to secure sovereign rating upgrades
India is likely to increase bond buybacks and switches to longer maturities this fiscal year to lower its combined fiscal deficit, aiming for sovereign rating upgrades that have remained unchanged for nearly two decades. Economists suggest that maintaining the fiscal gap below 7% of GDP is crucial for rating agencies to consider an upgrade, with the government budgeting ₹2.
India bond traders suggest borrowing tweak to bring down long-term yields, sources say
India's favoured 5-year bond trade loses steam with rate cuts priced in, fund managers say
Vedanta raises Rs 5,000 cr through NCDs
India long duration bonds rise on bets of dovish RBI policy
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