Sovereign bonds were little changed in India as the central bank delivered a higher-than-expected rate cut in a split verdict.
The yield on the benchmark 10-year debt fell as much as 7 basis points, before erasing losses to trade at 6.33%. The rupee lost 0.2%.
The Reserve Bank of India lowered its benchmark repurchase rate by an unprecedented 35 basis points to 5.4%, adding to its three cuts earlier this year, citing weak domestic activity and worsening global trade conditions.
Four of the six member panel voted for a 35 basis points cut while two voted for a 25 basis point reduction, a fact which kept traders guessing about the size of future rate cuts.
“Market was very long going into the policy and hence what we are seeing is a bit of re-balancing,” said Vijay Sharma, executive vice president for fixed income at PNB Gilts in New Delhi. “There is a bout of profit booking also happening.”
Yields fell 51 basis points in July amid a global bond rally that saw global funds flocking to rupee debt amid a sea of negative global yields. Their purchases of $1.2 billion of bonds last month was also prompted by the government’s pledge to keep its budget deficit in check and a proposal to shift a part of the record federal borrowing overseas.
The latest escalation in the U.S.-China trade war has sent investors rushing once more to haven assets, pushing the world’s stockpile of negative-yielding bonds over $15 trillion. The Trump administration labelled China a currency manipulator after the Asian nation led the yuan sllide past 7 to the dollar on Monday.
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