Macro and Government Bond Commentary: Yield curve flattens, with good demand for duration papers, liquidity surplus narrows • The 10Y benchmark (6.79 GS 2034) opened higher at 6.34% tracking a rise in treasury yields overnight (on continued uncertainty around US tariffs). Yields were ranged through the day, though some demand was seen in the afternoon session- this was more concentrated in the longer end of the curve (despite lower offers in the duration papers – reducing scope of replacement demand). There was a chatter of demand from NPS (also seen aggressively bidding in SDL auction). The 10Y point closed trade at 6.32% vs 6.31% prev
