Index Dashboard-

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Index Dashboard-

April 2023

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Index dashboard — April 2023

Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y

Com posite indices 1

Month 3 month

1 3 5

year year year

CRISIL Liquid Debt Index 7.07 7.26 0.10 0.11 0.58 1.70 6.12 4.58 5.52

CRISIL Ultra Short Term Debt Index 7.51 7.46 0.43 0.47 0.67 1.91 6.38 5.30 6.29 CRISIL Low Duration Debt Index 7.56 7.58 0.77 0.82 0.74 1.95 6.13 5.63 6.64 CRISIL Short Term Bond Index 7.58 7.74 1.88 2.01 0.95 2.01 5.51 5.89 7.13 CRISIL Medium Term Debt Index 7.69 7.88 3.13 3.37 1.15 2.01 4.76 6.24 7.52 CRISIL Medium To Long Term Debt

Index 7.42 7.57 5.51 5.82 1.36 2.46 6.20 5.67 7.67

CRISIL Long Term Debt Index 7.49 7.63 8.14 8.58 1.63 2.87 6.92 5.79 8.11 CRISIL Composite Bond Index 7.44 7.62 4.95 5.21 1.31 2.37 6.17 5.51 7.57

CRISIL Dynamic Debt Index 7.44 7.62 5.10 5.38 1.33 2.41 6.12 5.74 7.54

CRISIL Long Term Corporate Bond

Index 7.67 7.81 6.03 6.49 1.28 2.46 5.58 6.76 7.67

CRISIL Medium Term Corporate Bond

Index 7.69 7.89 2.97 3.19 1.14 2.13 4.71 6.40 7.44

CRISIL Short Term Corporate Bond

Index 7.61 7.84 1.52 1.64 0.91 2.01 5.36 6.35 7.33

CRISIL Corporate Bond Composite

Index 7.64 7.84 3.54 3.81 1.12 2.22 5.33 6.45 7.44

CRISIL Medium Term Credit Risk Index 8.85 9.07 2.04 2.19 1.08 2.58 7.65 8.45 8.59 CRISIL Short Term Credit Risk Index 8.58 8.78 1.33 1.43 0.91 2.20 6.78 7.88 8.31 CRISIL Composite Credit Risk Index 8.94 9.12 2.85 3.05 1.11 2.70 7.87 8.83 8.36 CRISIL Banking and PSU Debt Index 7.40 7.58 3.11 3.33 0.97 2.14 5.14 5.77 7.08

Gilt Indices

CRISIL Short Term Gilt Index 6.92 7.12 2.34 2.43 1.02 1.97 5.61 4.68 7.14 CRISIL Medium Term Gilt Index 7.11 7.27 5.57 5.77 1.45 2.63 7.24 4.90 7.77 CRISIL Long Term Gilt Index 7.24 7.38 10.14 10.51 2.00 3.40 8.84 5.02 8.71 CRISIL Composite Gilt Index 7.13 7.29 6.56 6.80 1.54 2.61 7.32 4.37 7.72

CRISIL Dynamic Gilt Index 7.10 7.27 5.96 6.18 1.51 2.62 7.23 4.82 7.67

CRISIL 10 Year Gilt Index 7.12 7.33 6.43 6.67 1.90 2.93 7.14 3.13 6.61

CRISIL Broad Based Long Term Gilt

Index 7.23 7.38 9.91 10.27 2.09 3.55 9.07 5.47 8.80

CRISIL Broad Based Medium Term Gilt

Index 7.12 7.27 5.61 5.82 1.41 2.57 7.25 5.15 8.07

CRISIL Broad Based Short Term Gilt

Index 6.95 7.13 2.29 2.37 1.00 2.01 5.59 4.68 6.90

CRISIL Broad Based Gilt Index 7.12 7.27 6.43 6.66 1.58 2.82 7.53 5.18 8.07

SDL Index

CRISIL 10 Year SDL Index 7.46 7.64 6.79 9.89 1.73 2.50 5.17 3.58 7.10

Credit Indices

CRISIL AAA Long Term Bond Index 7.58 7.72 6.60 7.10 1.34 2.47 5.35 6.19 8.13

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Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL AAA Short Term Bond Index 7.52 7.77 1.64 1.76 0.94 2.03 5.23 6.15 7.21 CRISIL AAA up to 1 Year Short Term

Bond Index 7.44 7.69 0.55 0.60 0.74 1.97 5.96 5.28 6.44

CRISIL AAA 1 to 3 Year Short Term

Bond Index 7.59 7.82 2.07 2.23 1.02 2.07 5.13 6.17 7.39

CRISIL Composite AA Long Term Bond

Index 9.34 9.41 5.01 5.42 0.99 2.88 7.72 11.20 7.96

CRISIL Composite AA Medium Term

Bond Index 9.45 9.68 3.03 3.28 1.37 3.29 9.01 9.31 8.48

CRISIL Composite AA Short Term Bond

Index 8.64 8.83 1.34 1.45 0.90 2.20 6.57 7.77 8.18

CRISIL AA and AA+ Long Term Bond

Index 8.56 8.65 5.69 6.11 1.12 2.17 5.56 9.52 7.50

CRISIL AA and AA+ Medium Term Bond

Index 9.01 9.23 3.02 3.27 1.32 1.68 7.71 9.33 8.51

CRISIL AA and AA+ Short Term Bond

Index 8.40 8.61 1.43 1.55 0.90 2.24 6.44 7.75 7.86

CRISIL AA and AA+ up to 1 Year Short

Term Bond Index 7.99 8.14 0.47 0.51 0.72 2.12 7.42 6.97 7.86

CRISIL AA and AA+ 1 to 3 Year Short

Term Bond Index 8.53 8.73 1.78 1.92 0.96 2.27 6.54 7.91 7.73

CRISIL AA+ Long Term Bond Index 8.24 8.35 5.76 6.24 1.17 2.78 5.78 6.80 5.58 CRISIL AA+ Medium Term Bond Index 8.24 8.48 3.20 3.46 1.31 2.15 5.13 7.61 6.91 CRISIL AA+ Short Term Bond Index 8.15 8.34 1.37 1.48 0.91 2.08 5.79 6.81 7.60 CRISIL AA Long Term Bond Index 9.57 9.58 4.61 4.97 0.76 2.50 8.48 17.52 11.76 CRISIL AA Medium Term Bond Index 9.95 10.10 2.77 3.00 1.09 3.74 11.86 11.15 9.92 CRISIL AA Short Term Bond Index 8.89 9.03 1.25 1.35 0.81 2.14 7.10 8.17 8.24 CRISIL AA- Long Term Bond Index 12.12 12.24 4.08 4.44 1.35 4.81 11.17 6.88 6.57 CRISIL AA- Medium Term Bond Index 10.26 10.68 3.36 3.59 2.09 4.05 8.91 9.97 9.14 CRISIL AA- Short Term Bond Index 9.10 9.35 1.44 1.55 1.02 2.48 7.09 8.41 8.87 CRISIL A Medium to Long Term Bond

Index 11.22 11.42 3.89 3.98 1.52 3.07 12.88 11.44 10.43

CRISIL A Short Term Bond Index 11.14 11.40 0.93 0.98 1.11 2.85 11.51 11.83 11.22 CRISIL A Medium Term Bond Index 12.60 12.74 2.83 2.98 1.34 2.71 13.04 11.08 10.88 CRISIL Medium to Long Term Banking

Debt Index 8.22 8.28 8.22 8.91 0.78 2.19 5.81 8.77 8.47

CRISIL Short Term Banking Debt Index 8.52 8.73 0.99 1.08 0.85 2.15 5.80 7.66 7.87 CRISIL Medium to Long Term PSU Debt

Index 7.44 7.62 4.76 5.08 1.22 2.34 4.62 5.22 7.85

CRISIL Short Term PSU Debt Index 7.33 7.60 1.38 1.48 0.90 2.09 4.83 5.52 6.87 CRISIL Liquid Debt A-I Index 7.02 7.22 0.10 0.11 0.58 1.69 6.06 4.41 5.27 CRISIL Liquid Debt B-I Index 7.10 7.30 0.10 0.11 0.59 1.71 6.14 4.57 5.43 CRISIL Low Duration Debt A-I Index 7.37 7.58 0.85 0.91 0.76 1.92 5.80 5.20 6.34 CRISIL Low Duration Debt B-I Index 7.60 7.79 0.69 0.74 0.73 1.95 6.24 5.47 6.35 CRISIL Low Duration Debt C-I Index 7.84 8.07 0.65 0.71 0.74 2.00 6.72 6.07 6.72 CRISIL Short Duration Debt A-II Index 7.40 7.60 1.73 1.84 0.91 1.98 5.32 5.42 6.82 CRISIL Short Duration Debt B-II Index 7.84 8.04 1.71 1.83 0.92 2.08 5.96 6.33 7.17 CRISIL Short Duration Debt C-II Index 9.70 9.96 1.44 1.52 1.15 2.67 9.26 9.29 9.42

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Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL Medium Duration Debt A-III

Index 7.51 7.70 3.11 3.33 1.12 2.05 4.48 5.87 7.44

CRISIL Medium Duration Debt B-III

Index 8.16 8.36 3.20 3.44 1.20 1.90 5.89 7.44 7.89

CRISIL Medium Duration Debt C-III

Index 9.89 10.13 3.22 3.44 1.46 3.56 9.80 9.49 9.01

CRISIL Medium to Long Duration Debt

A-III Index 7.35 7.51 5.30 5.59 1.35 2.45 6.04 5.52 7.81

B-III Index 8.26 8.44 4.59 4.93 1.30 2.08 6.47 7.80 8.14

C-III Index 9.99 10.07 4.58 4.91 1.08 3.12 9.24 12.46 9.82

CRISIL Long Duration Debt A-III Index 7.42 7.56 8.33 8.77 1.67 2.93 7.05 5.63 8.43 CRISIL Credit Risk Debt C-II Index 9.15 9.38 1.37 1.46 1.01 2.40 7.78 8.49 8.95 CRISIL Credit Risk Debt C-III Index 9.44 9.71 3.24 3.43 1.52 3.05 8.45 9.08 8.66 CRISIL Corporate Bond B-II Index 7.97 8.17 1.58 1.70 0.93 2.07 5.73 6.56 7.55 CRISIL Corporate Bond B-III Index 8.09 8.31 3.08 3.32 1.26 2.16 5.25 7.25 7.08 CRISIL Dynamic Bond A-III Index 7.35 7.51 5.49 5.80 1.38 2.45 6.03 5.48 7.76 CRISIL Dynamic Bond B-III Index 8.26 8.44 4.63 4.97 1.30 2.08 6.47 7.80 8.13 CRISIL Dynamic Bond C-III Index 9.99 10.07 4.62 4.95 1.08 3.12 9.24 12.45 9.81 CRISIL Money Market A-I Index 7.19 7.35 0.31 0.33 0.63 1.83 6.13 4.78 5.79 CRISIL Money Market B-I Index 7.32 7.48 0.37 0.39 0.65 1.84 6.19 4.83 5.82 CRISIL Money Market C-I Index 7.62 7.84 0.33 0.36 0.66 1.91 6.74 5.57 6.34 CRISIL Ultra Short Duration Debt A-I

Index 7.32 7.52 0.42 0.45 0.67 1.89 6.08 4.97 6.05

CRISIL Ultra Short Duration Debt B-I

Index 7.50 7.68 0.37 0.40 0.67 1.92 6.46 5.28 6.25

CRISIL Ultra Short Duration Debt C-I

Index 7.71 7.94 0.33 0.36 0.67 1.96 6.91 5.81 6.56

Money Market Indices

CRISIL Liquid Overnight Index 6.78 6.92 0.00 0.00 0.54 1.59 5.79 12.81 25.92

CRISIL 1 Month CD Index 7.12 7.25 0.07 0.07 0.58 1.75 6.32 4.65 5.38

CRISIL 1 Year CD Index 7.45 7.67 0.88 0.94 0.76 2.08 5.50 5.34 6.60

CRISIL Composite CD Index 7.26 7.33 0.41 0.44 0.64 1.92 6.14 4.99 5.94

CRISIL 1 Month CP Index 7.48 7.99 0.06 0.07 0.63 1.85 6.63 5.08 5.85

CRISIL 1 Year CP Index 8.23 8.60 0.85 0.92 0.81 2.31 6.54 6.81 7.44

CRISIL Composite CP Index 7.76 7.53 0.26 0.28 0.64 1.93 6.68 5.31 6.33

CRISIL 1 Month T-Bill Index 6.75 6.50 0.08 0.09 0.52 1.60 5.78 4.19 4.97 CRISIL 2 Month T-Bill Index 6.75 6.75 0.15 0.16 0.55 1.64 5.82 4.26 5.11

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Yield

(EOM) Yield(BOM) MD MacD 1-M 3-M 12-M 3Y 5Y CRISIL 182 day T-bill index 6.95 7.10 0.46 0.49 0.62 1.70 5.59 4.42 5.46

CRISIL 1 Year T-Bill Index 6.97 7.16 0.93 0.99 0.75 1.66 5.02 4.13 5.61

CRISIL Composite T-Bill Index 6.90 7.01 0.48 0.52 0.65 1.67 5.54 4.31 5.40

CRISIL Money Market Index 7.39 7.34 0.36 0.39 0.64 1.86 6.29 5.02 6.05

CRISIL Money Market Index-Insurance 7.19 7.39 0.54 0.58 0.68 1.81 5.84 4.88 5.95 CRISIL Upto 91 Day CD Index - A_ 7.01 7.17 0.09 0.10 0.56 1.68 5.96 4.17 5.06 CRISIL Upto 91 day CD Index - B 7.04 7.28 0.09 0.10 0.57 1.72 6.13 4.52 5.31 CRISIL Upto 365 Day CD index - A 7.18 7.30 0.40 0.43 0.64 1.89 5.91 4.51 5.66 CRISIL Upto 365 Day CD index - B 7.27 7.46 0.38 0.41 0.65 1.89 6.23 5.03 5.87 CRISIL Upto 365 Day CD Index - C 7.52 7.65 0.27 0.29 0.63 1.90 6.53 5.37 6.24 CRISIL Upto 365 Day CP Index - A 7.42 7.66 0.30 0.32 0.65 1.90 6.32 5.00 6.02 CRISIL Upto 365 Day CP Index - B 7.86 8.05 0.25 0.27 0.67 1.93 6.66 5.10 5.97 CRISIL Upto 365 Day CP Index - C 8.05 8.39 0.31 0.34 0.69 2.04 7.37 6.14 6.73 CRISIL Upto 91 Day CP Index - A 7.24 7.58 0.09 0.10 0.60 1.75 6.28 4.58 5.48 CRISIL Upto 91 Day CP Index - B 7.56 7.85 0.10 0.10 0.62 1.81 6.53 5.03 5.93

Dollar Indices

CRISIL Composite Bond Dollar Index 1.84 2.45 -0.78 7.89 17.61

CRISIL Short Term Bond Dollar Index 1.49 2.10 -1.41 9.06 15.25

CRISIL Liquid Debt Dollar Index 1.12 1.78 -0.84 5.07 6.83

CRISIL Dynamic Gilt Dollar Index 2.04 2.70 0.20 5.77 18.18

CRISIL 10 Year Gilt Dollar Index 2.44 3.01 0.12 0.24 2.38

CRISIL 91 day T-Bill Dollar Index 1.13 1.73 -1.10 1.43 1.08

CRISIL 1 Year T-Bill Dollar Index 1.28 1.74 -1.86 1.22 1.41

CRISIL FPI Dollar Index 1.82 2.43 -1.12 2.82 3.40

Hybrid Indices

CRISIL Hybrid 25+75 - Aggressive Index 3.63 2.60 5.09 19.77 11.14 CRISIL Hybrid 50+50 - Moderate Index 2.85 2.53 5.58 14.99 10.24 CRISIL Hybrid 75+25 - Conservative

Index 2.08 2.46 5.94 10.23 9.04

CRISIL Hybrid 35+65 - Aggressive Index 3.32 2.57 5.30 17.86 10.82 CRISIL Hybrid 65+35 - Conservative

Index 2.39 2.49 5.81 12.13 9.56

CRISIL Hybrid 85+15 - Conservative

Index 1.77 2.42 6.05 8.34 8.49

CRISIL Short Term Debt Hybrid 75+25

Fund Index 1.81 2.19 5.46 10.52 8.70

CRISIL Short Term Debt Hybrid 60+40

Fund Index 2.33 2.29 5.36 13.32 9.52

CRISIL Arbitrage Index 0.58 1.73 6.94 6.07 6.47

CRISIL Equity Savings Index 1.90 2.16 7.04 12.51 9.39

FPI indices

CRISIL FPI Index 7.55 7.72 7.93 5.38 1.29 2.35 5.81 5.78 7.68

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Summary

Gilt indices

The yield on the 10-year benchmark government security (G-sec; 7.26% GS 2032) opened April at 7.32% and closed at 7.15%, down 16 basis points (bps) from its March close of 7.31%.

The newly issued 10-year benchmark (7.26% GS 2033) closed the month at 7.10%.

The first week began on a negative note due to a sharp spike in crude oil prices after OPEC+ decided to cut daily output by ~1.15 million barrels per day. However, as the week progressed, yields softened as the Monetary Policy Committee (MPC) kept its repo rate unchanged at 6.50%, leading the domestic benchmark to close on a positive note, at 7.22%.

As the second week progressed, the bond yields fell on account of a lower-than-expected domestic Consumer Price Index (CPI)-based inflation print for March 2023 of 5.66%. However, due to a slight uptick in the global crude prices, the 10-year benchmark closed the week at 7.23%, up 1 bp from the previous week.

Bond yields softened due to decline global crude oil prices in the third week of April. Furthermore, 10Y G-sec auction in the third week with less than expected cut-off YTM (7.1958%) acted as a catalyst for 10Y yield to go further south and end the week at 7.18%.

The crude prices continued their decline in the last week of April, closing the month below $80. This, along with positive expectations on the CPI (especially the CORE CPI) and an improvement in M3 money supply as per the RBI minutes released brought about a downfall in the 10Y yield. As the week progressed, bonds largely traded in a narrow price range ahead of the Federal Open Market Committee (FOMC) outcome. The 10-year benchmark G-sec closed the week at 7.15% compared with 7.18% a week ago.

The CRISIL 10-year SDL Index returned 1,73%, with its yield easing 17 bps over the month.

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 between 0.58% and 2.09% in April, compared with -0.61% and 3.17% in March.

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 by 3 bps.

The yield on the 10-year AAA public financial institution corporate bonds eased by 26 basis point in April, against

easing of 3 basis point in March.

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Money market indices

Returns on money market indices ranged from 0.52% to 0.81%, compared with 0.55% to 0.98% in March. On average, index yields on commercial papers (CPs) eased by 24 bps, on certificates of deposit (CDs) by 19 bps, and on treasury bills (T-bills) by 2 bps.

Dollar indices

Returns on dollar-denominated fixed-income indices ranged between 1.12% and 2.44%, compared with 0.58% and 1.9% for rupee-denominated peers. The local currency appreciated 0.53% against the greenback.

Note: All yield levels quoted are volume-weighted average yields in the last trading hour of the day 0.58%

0.62%

0.60%

-0.08%

-0.09%

-0.02%

-0.001 -0.0009 -0.0008 -0.0007 -0.0006 -0.0005 -0.0004 -0.0003 -0.0002 -0.0001 0

0 0.5 1 1.5 2 2.5 3 3.5

0.560%

0.570%

0.580%

0.590%

0.600%

0.610%

0.620%

CRISIL 3 Month CD Index CRISIL 3 Month CP Index CRISIL 91 Day T-Bill Index One month returns Change in yield (%)

81.2 81.4 81.6 81.8 82 82.2 82.4 82.6

3-Apr-23 4-Apr-23 5-Apr-23 6-Apr-23 7-Apr-23 8-Apr-23 9-Apr-23 10-Apr-23 11-Apr-23 12-Apr-23 13-Apr-23 14-Apr-23 15-Apr-23 16-Apr-23 17-Apr-23 18-Apr-23 19-Apr-23 20-Apr-23 21-Apr-23 22-Apr-23 23-Apr-23 24-Apr-23 25-Apr-23 26-Apr-23 27-Apr-23 28-Apr-23 29-Apr-23 30-Apr-23 1-May-23

USD/INR

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SDL, T-bill, corporate bond, CP/CD, and G-sec trading volume (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

0 100000 200000 300000 400000 500000 600000 700000 800000 900000 1000000

0 50000 100000 150000 200000 250000 300000 350000 400000 450000 500000

Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 G-sec Volume

SDL, T-bills, corporate bonds, CP/CD volumes

SDL T-bill CD CP Corporate bonds G-sec

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Analyst disclosure

Members of the team (including their relatives) involved in the preparation of this report and w hose names are published as p art of this report hereby affirm that there exists no conflict of interest (including any financial interest or actual/ beneficial o w nership of 1% or more of the securities of the subject companies) that can bias the output of the Report. Further, neither the members have served as officers, directors, or employees of the companies analysed in the report in the last 6 months nor have they engage d in market making activities for the subject companies.

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Contact details

Bhavik Bhathgara

Associate Director – Funds and Fixed Income Research +91-22-3342 8053

[email protected]

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