India’s sovereign yield curve has experienced bear steepening since the beginning of 2021. While yields at short-end remained well anchored due to surplus liquidity, yields of benchmark 3-, 5- and 15-year government securities increased between 45 and 60 basis points. However, yield of benchmark 10-year government bond, which is under RBI’s watch, is up by around 25 basis points as on March 23, 2021. During the same period, 10Y UST yield has shot up by around 70 basis points to 1.65%.
Where do HNIs in India prefer to invest these days?
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