<p>作者：Dharamraj Dhutia</p>
<p>印度政府债券在周五下跌，结束了一周的交易，因当天早些时候债务拍卖的需求疲软导致二级市场暴跌。</p>
<p>基准 10 年期收益率（IN064835G=CC）收于 6.6017%，而周四收于 6.5738%。本周，10 年期收益率上升了 1 个基点，此前上周上涨了 10 个基点。债券收益率在价格下跌时上升。</p>
<p>新德里以明显低于市场预期的价格出售了 1800 亿印度卢比（20 亿美元）的五年期 6.01% 2030 年债券，截止价格远低于已经保守的市场估计。</p>
<p>“随着年末的临近，市场整体风险情绪下降，尽管收益率曲线的收益改善，收益率却大幅上升，” 新加坡星展银行印度分行的执行董事兼交易主管 Sameer Karyatt 表示。</p>
<p>本月早些时候，印度储备银行将政策回购利率下调了 25 个基点，使 2025 年的总降息幅度达到 125 个基点。它还宣布通过债务购买和外汇掉期注入流动性。该会议的纪要将在印度市场收盘后公布。</p>
<p>在接下来的两周内，债券遭到抛售，10 年期债券收益率一度达到 6.63%，交易员担心印度储备银行的降息周期可能接近尾声，且大量债券供应即将到来。</p>
<p>“市场预期我们即将结束宽松周期，这一预期已经反映在 OIS 曲线上。进一步降息的可能性显然减小，” Karyatt 补充道。</p>
<p>印度储备银行购买了价值 1 万亿印度卢比的债券，并通过外汇掉期注入了约 4500 亿印度卢比的流动性，自政策实施以来。</p>
<p>利率</p>
<p>印度的隔夜指数掉期利率小幅上升，跟随债券收益率的走势。</p>
<p>一年期 OIS（INR1YMIBROIS=CC）利率收于 5.47%，而两年期掉期利率（INR2YMIBROIS=CC）收于 5.5650%。五年期 OIS 利率（INR5YMIBROIS=CC）定格在 5.9450%。</p>
<p>（1 美元 = 90.1920 印度卢比）</p>

<p>印度政府债券因债务拍卖需求疲软而下跌，导致二级市场大幅波动。10 年期收益率从 6.5738% 上升至 6.6017%。新德里以低于预期的价格出售了 1800 亿印度卢比的债券。市场担心印度储备银行的降息周期即将结束，这将影响债券供应和收益率。印度的隔夜指数掉期利率也略有上升</p>

<p>By Dharamraj Dhutia</p>
<div class="lb-trans"><p>作者：Dharamraj Dhutia</p>
</div><p>Indian government bonds slipped on Friday, closing the week lower, after tepid demand at a debt auction earlier in the day prompted a secondary-market rout.</p>
<div class="lb-trans"><p>印度政府债券在周五下跌，结束了一周的交易，因当天早些时候债务拍卖的需求疲软导致二级市场暴跌。</p>
</div><p>The benchmark 10-year yield (IN064835G=CC) ended at 6.6017% after closing at 6.5738% on Thursday. For the week, the 10-year yield rose 1 basis point after jumping 10 bps last week. Bond yields rise when prices fall.</p>
<div class="lb-trans"><p>基准 10 年期收益率（IN064835G=CC）收于 6.6017%，而周四收于 6.5738%。本周，10 年期收益率上升了 1 个基点，此前上周上涨了 10 个基点。债券收益率在价格下跌时上升。</p>
</div><p>New Delhi sold 180 billion rupees ($2 billion) of five-year 6.01% 2030 bond at a cutoff price which was sharply lower than market estimates which were already conservative.</p>
<div class="lb-trans"><p>新德里以明显低于市场预期的价格出售了 1800 亿印度卢比（20 亿美元）的五年期 6.01% 2030 年债券，截止价格远低于已经保守的市场估计。</p>
</div><p>&#34;As the year-end approaches, overall risk sentiment in the market has decreased, causing a larger spike in yields despite improved carry on the curve,&#34; Sameer Karyatt, executive director and head of trading, DBS Bank India.</p>
<div class="lb-trans"><p>“随着年末的临近，市场整体风险情绪下降，尽管收益率曲线的收益改善，收益率却大幅上升，” 新加坡星展银行印度分行的执行董事兼交易主管 Sameer Karyatt 表示。</p>
</div><p>Earlier this month, the Reserve Bank of India cut its policy repo rate by 25 bps, taking the total quantum of cuts in 2025 to 125 bps. It also announced liquidity infusion through debt purchases and a foreign exchange swap. The minutes of that meeting are due after Indian market hours.</p>
<div class="lb-trans"><p>本月早些时候，印度储备银行将政策回购利率下调了 25 个基点，使 2025 年的总降息幅度达到 125 个基点。它还宣布通过债务购买和外汇掉期注入流动性。该会议的纪要将在印度市场收盘后公布。</p>
</div><p>Bonds have sold off in the following two weeks, with the 10-year bond yield touching as high as 6.63%, as traders fear RBI's rate cutting cycle may be ending and heavy bond supply looms.</p>
<div class="lb-trans"><p>在接下来的两周内，债券遭到抛售，10 年期债券收益率一度达到 6.63%，交易员担心印度储备银行的降息周期可能接近尾声，且大量债券供应即将到来。</p>
</div><p>&#34;The market anticipates that we are nearing the end of the easing cycle, and this expectation is already being priced into the OIS curve. The probability of further rate cuts has clearly diminished,&#34; DBS' Karyatt added.</p>
<div class="lb-trans"><p>“市场预期我们即将结束宽松周期，这一预期已经反映在 OIS 曲线上。进一步降息的可能性显然减小，” Karyatt 补充道。</p>
</div><p>The RBI bought bonds worth 1 trillion rupees and has infused around 450 billion rupees through FX swap since the policy.</p>
<div class="lb-trans"><p>印度储备银行购买了价值 1 万亿印度卢比的债券，并通过外汇掉期注入了约 4500 亿印度卢比的流动性，自政策实施以来。</p>
</div><p>RATES</p>
<div class="lb-trans"><p>利率</p>
</div><p>India's overnight index swap rates ended marginally higher tracking bonds yields.</p>
<div class="lb-trans"><p>印度的隔夜指数掉期利率小幅上升，跟随债券收益率的走势。</p>
</div><p>The one-year OIS (INR1YMIBROIS=CC) rate ended at 5.47%, while the two-year swap rate (INR2YMIBROIS=CC) closed at 5.5650%. The five-year OIS rate (INR5YMIBROIS=CC) settled at 5.9450%.</p>
<div class="lb-trans"><p>一年期 OIS（INR1YMIBROIS=CC）利率收于 5.47%，而两年期掉期利率（INR2YMIBROIS=CC）收于 5.5650%。五年期 OIS 利率（INR5YMIBROIS=CC）定格在 5.9450%。</p>
</div><p>($1 = 90.1920 Indian rupees)</p>
<div class="lb-trans"><p>（1 美元 = 90.1920 印度卢比）</p>
</div>

拍卖需求疲软引发供应担忧，导致印度债券下跌