<p>作者：Dharamraj Dhutia</p>
<p>印度政府債券在週五下跌，結束了一週的交易，因當天早些時候債務拍賣的需求疲軟導致二級市場暴跌。</p>
<p>基準 10 年期收益率（IN064835G=CC）收於 6.6017%，而週四收於 6.5738%。本週，10 年期收益率上升了 1 個基點，此前上週上漲了 10 個基點。債券收益率在價格下跌時上升。</p>
<p>新德里以明顯低於市場預期的價格出售了 1800 億印度盧比（20 億美元）的五年期 6.01% 2030 年債券，截止價格遠低於已經保守的市場估計。</p>
<p>“隨着年末的臨近，市場整體風險情緒下降，儘管收益率曲線的收益改善，收益率卻大幅上升，” 新加坡星展銀行印度分行的執行董事兼交易主管 Sameer Karyatt 表示。</p>
<p>本月早些時候，印度儲備銀行將政策回購利率下調了 25 個基點，使 2025 年的總降息幅度達到 125 個基點。它還宣佈通過債務購買和外匯掉期注入流動性。該會議的紀要將在印度市場收盤後公佈。</p>
<p>在接下來的兩週內，債券遭到拋售，10 年期債券收益率一度達到 6.63%，交易員擔心印度儲備銀行的降息週期可能接近尾聲，且大量債券供應即將到來。</p>
<p>“市場預期我們即將結束寬鬆週期，這一預期已經反映在 OIS 曲線上。進一步降息的可能性顯然減小，” Karyatt 補充道。</p>
<p>印度儲備銀行購買了價值 1 萬億印度盧比的債券，並通過外匯掉期注入了約 4500 億印度盧比的流動性，自政策實施以來。</p>
<p>利率</p>
<p>印度的隔夜指數掉期利率小幅上升，跟隨債券收益率的走勢。</p>
<p>一年期 OIS（INR1YMIBROIS=CC）利率收於 5.47%，而兩年期掉期利率（INR2YMIBROIS=CC）收於 5.5650%。五年期 OIS 利率（INR5YMIBROIS=CC）定格在 5.9450%。</p>
<p>（1 美元 = 90.1920 印度盧比）</p>

<p>印度政府債券因債務拍賣需求疲軟而下跌，導致二級市場大幅波動。10 年期收益率從 6.5738% 上升至 6.6017%。新德里以低於預期的價格出售了 1800 億印度盧比的債券。市場擔心印度儲備銀行的降息週期即將結束，這將影響債券供應和收益率。印度的隔夜指數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>印度政府債券在週五下跌，結束了一週的交易，因當天早些時候債務拍賣的需求疲軟導致二級市場暴跌。</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>基準 10 年期收益率（IN064835G=CC）收於 6.6017%，而週四收於 6.5738%。本週，10 年期收益率上升了 1 個基點，此前上週上漲了 10 個基點。債券收益率在價格下跌時上升。</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>新德里以明顯低於市場預期的價格出售了 1800 億印度盧比（20 億美元）的五年期 6.01% 2030 年債券，截止價格遠低於已經保守的市場估計。</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>“隨着年末的臨近，市場整體風險情緒下降，儘管收益率曲線的收益改善，收益率卻大幅上升，” 新加坡星展銀行印度分行的執行董事兼交易主管 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>本月早些時候，印度儲備銀行將政策回購利率下調了 25 個基點，使 2025 年的總降息幅度達到 125 個基點。它還宣佈通過債務購買和外匯掉期注入流動性。該會議的紀要將在印度市場收盤後公佈。</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>在接下來的兩週內，債券遭到拋售，10 年期債券收益率一度達到 6.63%，交易員擔心印度儲備銀行的降息週期可能接近尾聲，且大量債券供應即將到來。</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>“市場預期我們即將結束寬鬆週期，這一預期已經反映在 OIS 曲線上。進一步降息的可能性顯然減小，” Karyatt 補充道。</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>印度儲備銀行購買了價值 1 萬億印度盧比的債券，並通過外匯掉期注入了約 4500 億印度盧比的流動性，自政策實施以來。</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>印度的隔夜指數掉期利率小幅上升，跟隨債券收益率的走勢。</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）利率收於 5.47%，而兩年期掉期利率（INR2YMIBROIS=CC）收於 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 印度盧比）</p>
</div>

拍賣需求疲軟引發供應擔憂，導致印度債券下跌