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The 10-year government bond is no longer a market benchmark

There is very little floating stock in the current 10-year paper

June 28, 2021 / 12:40 PM IST
The 10-year government bond is no longer a market benchmark

Last Friday, the Reserve Bank of India rejected bids for Rs 14,000 crore worth of 10-year government bonds. Bond dealers said this was probably owing to buyers demanding higher yields. It is also a signal that the central bank wants the yields for the 10-year to be anchored at 6 percent, although it has never explicitly said so. One reason why bond yields have stayed low is because of the constant RBI messaging, which included repeated exhortations from the governor,...

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