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Commentary
Defaults Galore Worldwide, Tide Turns, Sea Rough for India
Moody’s sees China Defaults as $21 Billion Matures (Bloomberg) Local-government financing vehicles need to repay a record amount of debt this year, prompting ...
Foundations
Investing in bond funds : What you actually need to know, by Dheeraj Singh
This is a guest post by Dheeraj Singh. Dheeraj was a fund manager for many years specializing in fixed income. He used to head fixed income at IL&FS Mutual ...
Fixed Income
Underwriters Get 200x Commission on Gilt Auctions
Primary Dealers get an underwriting commission for every G-Sec auction (held on Fridays, most weeks of the year). These commissions have tended to be tiny – ...
Stocks
Banks Hammered 10%, Yes Bank –25% from July 15
Banks continue to get hammered as the RBI policy changes take short term rates to over 11%. Those who depend largely on wholesale funding, like Yes Bank and ...
Fixed Income
91-day T-Bills at 11%, Highest Since 1996
In yesterday’s 91-day T-Bill auction, we saw yields go up to 11.0031%, the highest number since July 1996. Higher yields mean lower prices of the bonds, and ...
Fixed Income
Market Watch on a Rough Fixed Income Day
Fixed Income Markets are hurting big time. Here’s a quick update at 12 noon. Call money (overnight interbank) is at 9.25% RBI repo was about 33,263 cr. This ...
Fixed Income
How Much Cash Do Banks Keep With RBI For CRR?
To see how one of the RBI liquidity squeeze changes will impact banks starting Saturday, see the chart of how banks have maintained cash balances as a ...
Charts & Analysis
RBI Goes Ballistic, Cuts Repo Limits By Half, Removes CRR Flexibility
More RBI measures to “contain the volatility in the foreign exchange market”. In addition to what they did to reduce rupee liquidity (increased MSF rate, ...
Fixed Income
Liquid Funds Move To Break-Even from July 16 Crash Within a Week
Liquid Funds have been getting bashed up recently with strange things happening in the liquidity bazaar. After their NAV fell for the first time in many years, ...
Commentary