Macro and Government Bond Commentary: Yields rise with higher SDL supply & weak auction results, liquidity deficit narrows on month-end GOI spending • The 10Y benchmark (6.79 GS 2034) opened lower at 6.72% tracking a fall in treasury yields overnight (following weaker than expected US ISM manufacturing PMI). Yields fell further in the morning session, though this downside in yields was short lived. Late morning saw yields edging higher, and this upside continued through the day on account of worse than expected SDL auction results. The 10Y point closed trade at 6.74%.
