印度政府的超短期借贷成本在周三的国库券拍卖中飙升，随着投资者将货币政策紧缩预期定得更为激进，其相较于基准政策利率的溢价升至四年高点。
The Indian government’s ultra-short-term borrowing costs jumped at a treasury bill auction on Wednesday, with the premium over the benchmark policy rate rising to a four-year high as investors priced in more aggressive monetary policy tightening.
印度储备银行上周在近四年后首次加息，并转变立场，暗示将有更多加息，而行长桑贾伊·马尔霍特拉周二表示，货币政策不能被视为与金融稳定分离的议题，这促使交易员加大了对加息的押注。
The Reserve Bank of India hiked rates for the first time in nearly four years last week and shifted its stance, signalling more increases, while Governor Sanjay Malhotra on Tuesday said monetary policy cannot be seen as separate from financial stability, prompting traders to ramp up rate hike bets.
新德里周三以6.29%和6.49%的截断收益率分别售出182天和364天的国库券，这两个期限的收益率均为约18个月来的最高水平。与一周前相比，两个期限的收益率均上升了超过20个基点。
New Delhi on Wednesday sold 182-day and 364-day treasury bills at cutoff yields of 6.29% and 6.49%, respectively, their highest levels in about 18 months. Yields for both maturities rose more than 20 basis points compared to a week ago.
相较于5.5%的回购利率，六个月期和一年期国库券的溢价（即利差）分别升至79个基点和99个基点，这一水平最后出现在2022年11月。
“明显的鹰派政策指引和最新评论在增长韧性和通胀上升的背景下提升了终端利率预期，”卡鲁尔维斯亚银行财资主管VRC Reddy表示。
The premium, or spread over the 5.5% repo rate, jumped to 79 bps and 99 bps for the six-month and one-year notes, levels last seen in November 2022.”A clearly hawkish policy guidance and latest commentary has raised terminal rate expectations on the back of resilient growth and higher inflation,” said VRC Reddy, treasury head at Karur Vysya Bank.
“印度的国债收益率曲线正在平坦化，过去两周一年期利率上升了31个基点，而五年期和十年期收益率在同期分别上升了26个基点和20个基点。”
“我认为在本财年还将有50个基点的加息，如果高油价风险成为现实，可能导致通胀持续高于印度储备银行的容忍区间，迫使其甚至在财年2028年继续加息，”SBM银行财资主管Mandar Pitale表示。
India’s bond yield curve is flattening, with the one-year rate up 31 bps in the last two weeks, while the five- and 10-year yields have risen 26 and 20 bps over the same period.”I see another 50 bps of rate hikes this fiscal and if risks from higher oil prices materialise, it may lead to persistently higher inflation beyond the RBI’s comfort zone and compel the RBI to hike rates even in FY28,” Mandar Pitale, head of treasury at SBM Bank , said.
尽管印度储备银行的高成本威慑措施存在，印度进口商仍在推进卢比对冲。
他补充称，在紧缩周期的峰值时，三个期限的国债收益率可能会趋于收敛。
India importers press on with rupee hedges despite RBI's higher-cost deterrentBond yields across the three tenors could converge at the peak of the tightening cycle, he added.