RBI sets cut off yield for new 10-year bond

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RBI sets cut off yield for new 10-year bond

The Reserve Bank of India (RBI) on Friday set the cut off yield for the new 10-year bond at 7.72%, lower than the 7.88% close of the 10-year bond on Thursday.

The RBI raised Rs.9,000 crore by selling the new benchmark bond on Friday. "The cut off is in line with what the market expected. It is normal for the yield to soften about 15 to 20 basis points (bps) when the new benchmark becomes effective because of the demand for that security.

Going forward I expect the 10-year bond yield to have a softening bias with the yield trading in the 7.65% to 7.70% range ahead of the monetary policy review," said Bansi Madhavani​, a fixed income and macroeconomic research analyst at Securities Trading Corp of India. RBI will announce its next bi-monthly monetary policy review on 2 June.

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