The Reserve Bank of India is set for another standoff with traders as it auctions a new benchmark 10-year bond. While the current benchmark coupon was set at 5.85%, five traders surveyed by Bloomberg expects the central bank to sell the new bond at a cutoff yield of 6.1% at Friday’s auction. The RBI has been locked in a tussle with the bond market as it seeks to keep the government’s borrowing costs low, while investors are demanding higher yields because of rising inflation and supply concerns. Setting a lower coupon for the new 10-year bond may lead to a rescue by underwriters, while a higher rate risks signaling rising yields across the curve.
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