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ICRA Research Report
The Reserve Bank of India had announced on July 5, 2021 that it would introduce a new 10-year Government of India security at the auction to be held on July 9, 2021.
As per the auction results, an amount of Rs 140 billion has been accepted under the new GS 2031, at a cut-off yield of 6.1%, which is in line with market expectations.
We expect the yield for the new 10-year benchmark (06.10 GS 2031) over the next quarter to be determined by the open market operations to be conducted by the RBI, the evolving fiscal situation of the Government of India, the trajectory of crude oil prices, inflation and domestic monetary policy outlook, and to an extent, the U.S. treasury yields.
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