{"id":1998021,"date":"2014-07-28T19:44:15","date_gmt":"2014-07-28T14:14:15","guid":{"rendered":"http:\/\/stockviz.biz\/index.php\/?p=1998021"},"modified":"2014-09-09T11:57:15","modified_gmt":"2014-09-09T06:27:15","slug":"bonds-rates-usdinr-update","status":"publish","type":"post","link":"https:\/\/stockviz.biz\/index.php\/2014\/07\/28\/bonds-rates-usdinr-update\/","title":{"rendered":"Bonds, Rates and USDINR Update"},"content":{"rendered":"<h3>The Yield Curve<\/h3>\n<p>Lets put the current zero-coupon yield curve in context.<\/p>\n<p><strong>Jan 2011 vs. Now<\/strong><\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2011-01-18.2014-07-25.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2011-01-18.2014-07-25.png\" alt=\"yieldCurve.2011-01-18.2014-07-25\" width=\"600\" height=\"400\" class=\"alignnone size-full wp-image-1998051\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2011-01-18.2014-07-25.png 600w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2011-01-18.2014-07-25-300x200.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2011-01-18.2014-07-25-450x300.png 450w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><strong>Jan 2012 vs. Now<\/strong><\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2012-01-02.2014-07-25.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2012-01-02.2014-07-25.png\" alt=\"yieldCurve.2012-01-02.2014-07-25\" width=\"600\" height=\"400\" class=\"alignnone size-full wp-image-1998031\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2012-01-02.2014-07-25.png 600w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2012-01-02.2014-07-25-300x200.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2012-01-02.2014-07-25-450x300.png 450w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><strong>Jan 2013 vs. Now<\/strong><\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2013-01-01.2014-07-25.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2013-01-01.2014-07-25.png\" alt=\"yieldCurve.2013-01-01.2014-07-25\" width=\"600\" height=\"400\" class=\"alignnone size-full wp-image-1998041\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2013-01-01.2014-07-25.png 600w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2013-01-01.2014-07-25-300x200.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/yieldCurve.2013-01-01.2014-07-25-450x300.png 450w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<h3>Indian 10 yrs vs. US<\/h3>\n<p>After the initial Modi euphoria, the spread between Indian 10 yrs and US 10 yrs started to revert back to its mean:<\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18.png\" alt=\"ust-ind-10yr-spread.2011-01-18\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998061\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/ust-ind-10yr-spread.2011-01-18-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<h3>Total Return Indices<\/h3>\n<p>Investors in the long bond are yet to recover from the July 2013 draw-down but this year is looking good. Long-bond might just be the place to be as the RBI is widely expected to get into easing mode later this year\/early next year.<\/p>\n<h4>Cumulative Returns Since 2000<\/h3>\n<p><strong>Short<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance.png\" alt=\"short bond total return\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998081\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2000-01-03.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><strong>Intermediate<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance.png\" alt=\"intermediate bond total return\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998071\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2000-01-03.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><strong>Long<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance.png\" alt=\"long bond total return\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998091\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2000-01-03.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<h4>Cumulative Returns Since 2010<\/h3>\n<p><strong>Short<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance.png\" alt=\"short bond returns since 2010\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998101\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_1-3.2010-01-04.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><strong>Intermediate<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance.png\" alt=\"intermediate bond returns since 2010\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998121\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_3-8.2010-01-04.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<p><strong>Long<\/strong><br \/>\n<a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance.png\" alt=\"long bond returns since 2010\" width=\"1024\" height=\"768\" class=\"alignnone size-full wp-image-1998111\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance-300x225.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance-400x300.png 400w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/GSEC_SUB_8.2010-01-04.performance-900x675.png 900w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<h3>Bond &ne; Boring<\/h3>\n<p>Returns have been volatile for bond investors. <\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/gsec-monthly-returns.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/gsec-monthly-returns.png\" alt=\"gsec monthly returns\" width=\"779\" height=\"976\" class=\"alignnone size-full wp-image-1998131\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/gsec-monthly-returns.png 779w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/gsec-monthly-returns-239x300.png 239w\" sizes=\"auto, (max-width: 779px) 100vw, 779px\" \/><\/a><\/p>\n<p>Can&#8217;t really sell &#8220;stability&#8221; here.<\/p>\n<h3>USDINR<\/h3>\n<p>A new normal past the euphoria and the hangover?<\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2013.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2013.png\" alt=\"USDINR.2013\" width=\"745\" height=\"450\" class=\"alignnone size-full wp-image-1998141\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2013.png 745w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2013-300x181.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2013-496x300.png 496w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/a><\/p>\n<p><a target=\"_blank\" href=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2010.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2010.png\" alt=\"USDINR.2010\" width=\"745\" height=\"450\" class=\"alignnone size-full wp-image-1998151\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2010.png 745w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2010-300x181.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2014\/07\/USDINR.2010-496x300.png 496w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><\/a><\/p>\n<h3>In closing<\/h3>\n<p>With inflation somewhat stabilizing and the NDA-II government wanting to kick start growth, bonds are getting interesting again. And when rates start moving, currencies cannot be far behind.<br \/>\n<br \/>\nStay updated on the latest news related to Indian interest rates <a href=\"http:\/\/stockviz.biz\/News?TAGS=[rates]\" target=\"_blank\">here<\/a>. Its curated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Yield Curve Lets put the current zero-coupon yield curve in context. Jan 2011 vs. Now Jan 2012 vs. Now Jan 2013 vs. Now Indian 10 yrs vs. US After the initial Modi euphoria, the spread between Indian 10 yrs and US 10 yrs started to revert back to its mean: Total Return Indices Investors &hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3471,9],"tags":[2821,998,960,2721],"class_list":["post-1998021","post","type-post","status-publish","format-standard","hentry","category-investing-insight","category-your-money","tag-bonds","tag-rates","tag-returns","tag-usdinr","entry"],"_links":{"self":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/1998021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/comments?post=1998021"}],"version-history":[{"count":0,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/1998021\/revisions"}],"wp:attachment":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/media?parent=1998021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/categories?post=1998021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/tags?post=1998021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}