印度央行周三在一场国库券拍卖中拒绝了全部投标。交易员表示，这可能表明当局对近期短期收益率上升日益感到不安。政府原计划通过发行91天、182天和364天期国库券筹集2300亿卢比。交易员称，截标收益率可能高于印度储备银行的预期。
India’s central bank rejected all bids at a treasury bill auction on Wednesday, which traders said could be a sign of authorities’ growing discomfort with the recent rise in short-term yields. The government had planned to raise 230 billion rupees through the sale of 91-day, 182-day and 364-day treasury bills. Traders said the cutoff yields likely came in above the Reserve Bank of India’s expectations.
以下是部分细节：• 上周，印度储备银行以5.73%的收益率售出91天期票据，182天期和364天期票据的收益率分别为6.29%和6.49% • 路透社周三的一项调查曾预测这三种票据的截标收益率分别为5.85%、6.42%和6.60% • “需求可能低于预期，而且政府并不急需资金，因此取消拍卖是更好的信号，”一家私人银行的交易员说 • “市场预计至少还会再加息75个基点，人们现在处于负收益状态，这导致对票据的投标更加谨慎，”Canara Robeco共同基金固定收益首席投资官阿夫尼什·贾恩说。
• 截至10月14日的五周内，这三个期限的截标收益率分别跃升了64个基点、83个基点和69个基点 • 上周，364天期票据与印度储备银行政策利率之间的利差已扩大至99个基点，为四年来的最高水平 • 印度储备银行曾在6月取消182天期和364天期拍卖，并在3月底拒绝了所有三个期限的投标
Here are some details:• Last week, the RBI had sold 91-day notes at a 5.73% yield and 182-day and 364-day papers at 6.29% and 6.49%, respectively• A Reuters poll on Wednesday had forecast cutoff yields for the three notes at 5.85%, 6.42% and 6.60%• ”Demand may have been poorer than anticipated and with the government not in serious need of funds, cancellation was a better signal,” a trader with a private bank said• ”Markets are expecting at least another 75 basis points of rate hikes and people are now on the negative side, which is leading to more cautious bidding for bills,” said Avnish Jain, CIO for fixed income at Canara Robeco Mutual Fund.• In the five weeks to October 14, the cutoff yields on the three maturities jumped by 64 bps, 83 bps and 69 bps, respectively• The spread between the 364-day notes and RBI policy rate had jumped to 99 bps last week, a four-year high• The RBI cancelled the 182-day and 364-day auctions in June, while it rejected bids for all three tenors at the end of March