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30.05 - 07:23
Yield on 10-year bond settles higher on increased government borrowing
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MUMBAI: The yield on the benchmark 10-year bond surged on Monday following the government's announcement of higher borrowing for the current fiscal amid the pandemic-induced lockdown.
The 10-year bond yield rose 20 basis points, the biggest jump since 8 February 2017, to close at 6.167% on Monday. On Friday, the yield had settled at 5.971%.
Late on Friday, the Centre announced a sharp increase in its gross borrowing programme for the current fiscal to ₹12 trillion from the budgeted ₹7.8 trillion.
Half of this will be raised by the end of September. Brokerage firm Nomura Research estimates India’s budget deficit will widen to 7% of gross domestic product versus the 3.5% target, with output shrinking 5.2%.
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