Index dashboard — August 2022
Index Yield
(EOM) Yield (BOM)
MD MacD 1M 3M 12M 3Y 5Y
Composite indices
CRISIL Liquid Fund
Index 5.71 5.77 0.11 0.12 0.49 1.31 4.15 4.38 5.54
CRISIL Ultra Short
T erm Debt Index 6.41 6.40 0.39 0.42 0.53 1.44 4.36 5.22 6.26 CRISIL Low Duration
Debt Index 6.62 6.61 0.70 0.75 0.56 1.53 4.07 5.65 6.51
CRISIL Short T erm
Bond Fund Index 7.05 7.11 1.98 2.11 0.75 1.85 2.99 6.37 6.74 CRISIL Medium T erm
Debt Index 7.45 7.60 3.31 3.55 1.10 2.09 1.96 7.10 6.96
CRISIL Medium T o
Long T erm Debt Index 7.39 7.54 5.26 5.54 1.41 2.82 2.01 6.54 6.62 CRISIL Long T erm
Debt Index 7.56 7.74 7.61 8.00 2.03 3.52 2.30 6.59 6.66
CRISIL Composite
Bond Fund Index 7.17 7.29 4.70 4.94 1.35 2.75 2.18 6.14 6.46 CRISIL Dynamic Debt
Index 7.29 7.42 5.07 5.33 1.40 2.79 2.21 6.42 6.49
CRISIL Long T erm
Corporate Bond Index 7.62 7.79 5.29 5.66 1.56 2.81 2.81 7.61 6.75 CRISIL Medium T erm
Corporate Bond Index 7.42 7.56 3.19 3.42 1.06 2.03 1.81 7.10 6.87 CRISIL Short T erm
Corporate Bond Index 6.60 6.62 0.90 0.96 0.57 1.54 2.89 6.68 7.09 CRISIL Corporate
Bond Composite Index 7.16 7.26 3.09 3.31 1.04 2.14 2.49 7.04 6.78 CRISIL Medium T erm
Credit Risk Index 8.80 8.95 2.07 2.23 1.13 2.31 4.76 8.52 8.05 CRISIL Short T erm
Credit Risk Index 8.38 8.46 1.22 1.32 0.81 2.07 5.15 8.15 8.11 CRISIL Composite
Credit Risk Index 8.82 9.01 2.81 3.02 1.34 2.60 5.45 8.89 7.68 CRISIL Banking and
PSU Debt Index 6.87 6.93 3.02 3.22 0.84 1.86 2.52 6.08 6.77 CRISIL Short T erm
PSU Debt Index 6.36 6.36 0.83 0.88 0.52 1.33 1.79 5.87 6.57 CRISIL Liquid Fund AI
Index 5.67 5.69 0.11 0.12 0.49 1.30 4.08 4.16 5.26
CRISIL Liquid Fund BI
Index 5.73 5.80 0.11 0.12 0.49 1.32 4.19 4.35 5.41
CRISIL Low Duration
Fund AI Index 6.44 6.37 0.77 0.82 0.54 1.51 3.70 5.28 6.25 CRISIL Low Duration
Fund BI Index 6.61 6.63 0.58 0.62 0.55 1.53 4.15 5.42 6.25 CRISIL Low Duration
Fund CI Index 6.97 7.13 0.57 0.61 0.59 1.67 4.74 5.92 6.59 CRISIL Short Duration
Fund AII Index 6.73 6.76 1.85 1.97 0.73 1.75 2.79 5.89 6.50 CRISIL Short Duration
Fund BII Index 7.36 7.41 1.71 1.82 0.72 1.84 3.42 6.55 6.81 CRISIL Short Duration
Fund CII Index 10.78 10.86 1.59 1.70 1.04 2.68 7.73 9.20 8.90 CRISIL Medium
Duration Fund AIII Index
7.24 7.36 3.31 3.54 1.03 2.04 1.62 6.81 6.84
CRISIL Medium Duration Fund BIII Index
8.06 8.25 3.33 3.59 1.29 2.30 3.22 7.96 7.27
CRISIL Medium Duration Fund CIII Index
9.65 9.94 3.26 3.52 1.73 2.63 5.91 9.04 7.85
CRISIL Medium to Long Duration Fund AIII Index
7.27 7.41 5.11 5.38 1.35 2.74 1.74 6.38 6.63
CRISIL Medium to Long Duration Fund BIII Index
8.31 8.53 4.31 4.64 1.56 2.69 3.92 8.35 7.32
CRISIL Medium to Long Duration Fund CIII Index
10.03 10.38 4.46 4.83 2.24 3.43 10.94 12.64 8.83
CRISIL Long Duration
Fund AIII Index 7.45 7.63 7.82 8.21 2.05 3.56 2.06 6.36 6.83 CRISIL Credit Risk
Fund CII Index 9.79 9.83 1.53 1.63 0.85 2.33 6.29 8.73 8.63 CRISIL Credit Risk
Fund CIII Index 9.28 9.53 3.30 3.53 1.56 2.87 6.13 8.62 7.85
Index Yield
(EOM) Yield (BOM)
MD MacD 1M 3M 12M 3Y 5Y
CRISIL Corporate
Bond Fund BII Index 7.39 7.40 1.58 1.68 0.62 1.85 3.73 7.06 7.31 CRISIL Corporate
Bond Fund BIII Index 7.94 8.10 3.18 3.43 1.16 2.42 3.72 6.86 6.86 CRISIL Dynamic Bond
Fund AIII Index 7.27 7.41 5.58 5.87 1.47 2.90 1.83 6.34 6.54 CRISIL Dynamic Bond
Fund BIII Index 8.31 8.52 4.41 4.74 1.58 2.73 3.93 8.34 7.30 CRISIL Dynamic Bond
Fund CIII Index 10.03 10.38 4.55 4.93 2.26 3.46 10.96 12.63 8.81 CRISIL Money Market
Fund AI Index 6.06 5.96 0.26 0.27 0.50 1.36 4.15 4.63 5.77 CRISIL Money Market
Fund BI Index 6.11 6.12 0.30 0.32 0.51 1.39 4.20 4.71 5.78 CRISIL Money Market
Fund CI Index 6.57 6.73 0.30 0.32 0.56 1.56 4.87 5.37 6.27 CRISIL Ultra Short
Duration Fund AI Index 6.17 6.10 0.33 0.35 0.51 1.39 4.07 4.91 6.01 CRISIL Ultra Short
Duration Fund BI Index 6.45 6.48 0.32 0.34 0.55 1.50 4.45 5.24 6.20 CRISIL Ultra Short
Duration Fund CI Index
6.75 6.92 0.30 0.32 0.58 1.62 5.01 5.64 6.49 Gilt indices
CRISIL Short T erm Gilt
Index 6.84 6.86 3.06 3.16 0.62 2.22 2.06 5.69 6.53
CRISIL Medium T erm
Gilt Index 7.13 7.25 5.66 5.87 1.32 3.03 1.56 5.61 6.27
CRISIL Long T erm Gilt
Index 7.39 7.57 10.11 10.50 2.49 4.31 1.84 5.43 6.57
CRISIL Composite Gilt
Index 7.15 7.27 6.75 7.00 1.68 3.54 1.64 4.91 6.01
CRISIL Dynamic Gilt
Index 7.13 7.24 6.61 6.85 1.57 3.35 1.73 5.54 6.09
CRISIL 10 Year Gilt
Index 7.19 7.32 6.86 7.11 1.50 3.44 -0.33 3.61 4.54
CRISIL Broad Based
Long T erm Gilt Index 7.37 7.55 9.66 10.03 2.38 4.09 2.72 5.59 6.82 CRISIL Broad Based
Medium T erm Gilt Index
7.13 7.25 5.58 5.79 1.32 3.13 1.85 5.94 6.76
CRISIL Broad Based
Short T erm Gilt Index 6.67 6.69 2.43 2.51 0.60 2.00 2.21 5.51 6.37 CRISIL Broad Based
Gilt Index 7.10 7.22 6.43 6.67 1.57 3.21 2.38 5.72 6.70
SDL index
CRISIL 10 Year SDL
Index 7.54 7.74 6.70 6.96 1.87 3.47 1.08 4.22 5.80
Credit indices
CRISIL AAA Long
T erm Bond Index 7.51 7.69 5.61 6.01 1.62 2.84 2.25 7.23 7.06 CRISIL AAA Medium
T erm Bond Index 7.30 7.44 3.22 3.46 1.06 1.96 1.50 6.99 6.88 CRISIL AAA Short
T erm Bond Index 6.36 6.38 0.80 0.85 0.55 1.47 2.51 6.39 6.93 CRISIL AAA up to 1
Year Short T erm Bond Index
6.18 6.20 0.39 0.41 0.52 1.42 3.93 5.38 6.37
CRISIL AAA 1 to 3 Year Short T erm Bond Index
7.11 7.12 1.98 2.12 0.63 1.87 2.75 6.57 7.11
CRISIL Composite AA
Long T erm Bond Index 9.57 9.87 4.83 5.28 2.06 3.27 8.71 10.68 7.38 CRISIL Composite AA
Medium T erm Bond Index
9.41 9.69 3.05 3.34 1.63 2.51 4.67 8.49 7.50
CRISIL Composite AA Short T erm Bond Index
8.30 8.39 1.42 1.53 0.81 2.06 5.15 8.12 7.92
CRISIL AA and AA+
Long T erm Bond Index 9.22 9.47 5.08 5.55 1.87 3.10 8.11 10.80 7.08 CRISIL AA and AA+
Medium T erm Bond Index
9.02 9.28 3.13 3.42 1.58 2.54 4.74 9.19 7.86
Index Yield (EOM)
Yield (BOM)
MD MacD 1M 3M 12M 3Y 5Y
CRISIL AA and AA+
Short T erm Bond Index
8.05 8.07 1.14 1.22 0.67 1.80 4.45 7.87 7.56
CRISIL AA and AA+
up to 1 Year Short T erm Bond Index
7.88 8.03 0.52 0.56 0.74 1.94 5.44 7.40 7.77
CRISIL AA and AA+ 1 to 3 Year Short T erm Bond Index
8.32 8.32 1.44 1.54 0.70 1.87 4.13 7.68 7.35
CRISIL AA+ Long
T erm Bond Index 8.20 8.36 5.54 6.00 1.51 2.96 4.42 6.28 4.95 CRISIL AA+ Medium
T erm Bond Index 8.10 8.27 3.20 3.47 1.22 2.50 4.21 6.86 6.83 CRISIL AA+ Short
T erm Bond Index 7.46 7.46 1.28 1.37 0.59 1.75 4.09 7.29 7.42 CRISIL AA Long T erm
Bond Index 10.54 10.93 4.50 4.95 2.44 3.80 15.18 18.40 11.17 CRISIL AA Medium
T erm Bond Index 10.15 10.50 2.94 3.22 1.89 2.84 4.68 10.06 8.49 CRISIL AA Short T erm
Bond Index 8.39 8.60 1.35 1.46 1.01 2.45 5.62 8.41 8.04
CRISIL AA- Long Term
Bond Index 10.28 10.67 3.81 4.21 2.39 2.08 8.03 6.01 5.00 CRISIL AA- Medium
T erm Bond Index 9.85 10.13 3.06 3.38 1.69 1.80 6.78 9.80 8.00 CRISIL AA- Short
T erm Bond Index 9.63 9.69 1.79 1.94 0.88 1.95 5.80 8.82 8.67 CRISIL A Medium to
Long T erm Bond Index 11.25 11.62 4.18 4.27 2.23 5.67 12.00 9.99 9.39 CRISIL A Short T erm
Bond Index 13.72 13.74 1.10 1.19 1.17 3.37 11.00 11.41 10.72 CRISIL A Medium
T erm Bond Index 13.46 14.04 3.42 3.63 3.05 5.65 12.47 10.98 10.22 CRISIL Medium to
Long T erm Banking Debt Index
8.17 8.19 7.58 8.21 0.68 1.43 6.06 8.29 8.47
CRISIL Short T erm
Banking Debt Index 7.86 7.85 1.45 1.56 0.65 2.00 3.06 7.35 8.06 CRISIL Medium to
Long T erm PSU Debt Index
7.30 7.45 5.00 5.33 1.42 2.64 1.60 6.70 6.95 Money market indices
CRISIL Overnight
Index 5.43 5.15 0.00 0.00 0.44 1.23 3.90 3.72 4.66
CRISIL 1 Month CD
Index 5.77 5.82 0.06 0.07 0.50 1.33 4.26 4.35 5.33
CRISIL 2 Month CD
Index 5.87 5.93 0.12 0.13 0.52 1.36 4.27 4.46 5.51
CRISIL 3 Month CD
Index 5.97 6.05 0.20 0.21 0.53 1.38 4.37 4.74 5.90
CRISIL 6 Month CD
Index 6.32 6.29 0.44 0.47 0.52 1.48 4.44 5.32 6.32
CRISIL 1 Year CD
Index 6.73 6.67 0.85 0.91 0.50 1.33 3.21 5.48 6.41
CRISIL Composite CD
Index 6.23 6.26 0.41 0.44 0.52 1.38 4.06 4.82 5.88
CRISIL 1 Month CP
Index 6.00 5.89 0.07 0.08 0.51 1.38 4.62 4.84 5.82
CRISIL 2 Month CP
Index 6.11 6.18 0.13 0.14 0.53 1.40 4.55 4.80 5.86
CRISIL 3 Month CP
Index 6.22 6.17 0.19 0.20 0.52 1.40 4.54 5.12 6.42
Index Yield
(EOM) Yield (BOM)
MD MacD 1M 3M 12M 3Y 5Y
CRISIL 1 Year T -Bill
Index 6.29 6.25 0.93 0.99 0.50 1.45 3.18 4.62 5.59
CRISIL Composite T-
Bill Index 5.90 5.85 0.49 0.49 0.49 1.31 3.72 4.39 5.39 CRISIL Money Market
Index 6.27 6.25 0.33 0.33 0.52 1.39 4.33 4.93 6.03
CRISIL Money Market
Index-Insurance 6.36 6.29 0.07 0.44 0.50 1.39 4.00 4.95 5.88 CRISIL Upto 91 Day
CD Index - A_ 5.60 5.68 0.11 0.11 0.18 1.89 3.70 3.88 - CRISIL Upto 91 day
CD Index - B 5.71 5.81 0.10 0.11 0.20 1.94 4.03 4.22 - CRISIL Upto 365 Day
CD index - A 6.04 6.06 0.39 0.42 0.35 1.63 3.63 4.40 - CRISIL Upto 365 Day
CD index - B 5.99 6.12 0.27 0.28 0.25 1.85 4.07 4.77 - CRISIL Upto 365 Day
CD Index - C 6.37 6.50 0.27 0.28 0.20 2.05 4.68 5.28 - CRISIL Upto 365 Day
CP Index - A 6.04 6.10 0.25 0.26 0.15 1.95 4.30 4.83 - CRISIL Upto 365 Day
CP Index - B 6.19 6.34 0.19 0.20 0.11 2.14 2.16 4.63 - CRISIL Upto 365 Day
CP Index - C 6.87 7.13 0.24 0.26 0.11 2.44 5.36 5.79 - CRISIL Upto 91 Day
CP Index - A 5.78 5.90 0.10 0.10 0.13 2.00 4.24 4.32 - CRISIL Upto 91 Day
CP Index - B 5.97 6.21 0.10 0.10 0.11 2.12 4.51 4.85 - Dollar indices
CRISIL Composite Bond Fund Dollar Index
0.97 0.10 -6.23 2.48 1.89
CRISIL Short T erm Bond Fund Dollar Index
0.38 -0.78 -5.50 2.71 2.16
CRISIL Liquid Fund
Dollar Index 0.12 -1.30 -4.43 0.78 1.01
CRISIL Dynamic Gilt
Dollar Index 1.19 0.68 -6.65 1.90 1.53
CRISIL 10 Year Gilt
Dollar Index 1.12 0.78 -8.54 0.04 0.05
CRISIL 91 day T -Bill
Dollar Index 0.14 -1.33 -4.57 0.62 0.74
CRISIL 1 Year T -Bill
Dollar Index 0.12 -1.16 -5.32 1.02 1.06
CRISIL FPI Dollar
Index 1.01 0.04 -6.16 2.71 1.92
Hybrid indices
CRISIL Hybrid 25+75 -
Aggressive Index 3.85 7.72 6.12 17.60 12.49
CRISIL Hybrid 50+50 -
Moderate Index 3.02 6.11 4.91 14.10 10.75
CRISIL Hybrid 75+25 -
Conservative Index 2.18 4.45 3.60 10.26 8.73
CRISIL Hybrid 35+65 -
Aggressive Index 3.52 7.08 5.65 16.25 11.83
CRISIL Hybrid 65+35 -
Conservative Index 2.52 5.12 4.14 11.83 9.57
CRISIL Hybrid 85+15 -
Conservative Index 1.85 3.78 3.05 8.64 7.85
Summary
Gilt indices
The yield on the 10-year benchmark government security (G-sec; 6.54% GS 2032) opened at 7.25% in August and closed at 7.19%, down 13 basis points (bps) from the July close of 7.32%.
The month started on a positive note, with global crude oil prices softening to ~$98 per barrel. However, the gains were short-lived and the week ended on a negative note, tracking the trade deficit that widened to ~$31.02 billion in July, the surge in United States Treasury yields owing to the tightening monetary policy, and anticipation of the Monetary Policy Committee’s (MPC’s) decision to hike lending rates. Indeed, the benchmark paper closed the week at 7.32% (16 bps higher than the previous close) after the MPC announced a hike of 50 bps, as against an expected hike of 35 bps, citing continued upside risks to inflation.
At the mid-month mark, the benchmark security closed at 7.18%. The week ended with the introduction of a new 10- year G-sec, auctioned on August 19, at a cut-off yield of 7.26%.
In the closing week, yields took a cue from the hawkish comments made by US Federal Reserve Chair Jerome Powell at the Jackson Hole summit and rose 2-5 bps across the curve. This triggered brief profit-booking by traders during the session even as the traders added positions with an eye on the inclusion of Indian bonds on global indices.
The benchmark security closed at 7.19%, after easing 6 bps during the last trading window of the month . The CRISIL 10-year SDL Index returned 1.87%, with its yield softening 16 bps.
Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day
Credit indices
Returns on credit indices ranged from 0.4857% to 3.0513% in August, compared with -0.012% to 2.52% in July.
Credit spreads on annualised G-secs in the 10-year maturity segment — based on the PSU FI benchmark paper in the 10-year segment — firmed up 4 bps compared with July.
The yield on the 10-year AAA public financial institution corporate bonds eased 17 bps, against easing of 19 bps in July.
M oney market indices
Returns on money market indices ranged from 0.11% to 0.60%, compared with -0.30% to 0.59% in July. On average, index yields on commercial papers (CPs) eased 2 bps, on certificates of deposit (CDs) by 10 bps, and on treasury bills (T-bills) by 0.3 bps.
Dollar indices
Returns on dollar-denominated fixed-income indices ranged from 0.12% to 1.19%, compared with -0.23% to 0.84%
for rupee-denominated peers — the local currency depreciated 0.37% against the greenback.
Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day
Trading volum es of SDLs, T-bills, corporate bonds, CDs, CPs and G-secs (Rs crore)
For further information on CRISIL indices, visit http://www.crisil.com/capital-markets/indices.html
Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day
Contact details Bhavik Bhathgara
Associate Director – Funds and Fixed Income Research +91-22-3342 8053
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