SAT 31 JULY, 2021-theGBJournal- Proceedings in the Treasury bonds secondary market also closed the week on a bullish note, despite relatively lower demand as investors continued to cherry-pick instruments at the mid and long segments of the curve.
Thus, the average yield pared by 2bps to 12.1%. Across the benchmark curve, the average yield declined at the short (-15bps) and long (-4bps) ends as investors’ interest in these segments piqued on the APR-2023 (-78bps) and JUL-2045 (-67bps) bonds, respectively.
However, the average yield expanded at the mid-segment (+9bps) following upward repricing of the FEB-2028 (+18bps).
Analysts at Cordros Research say in the coming week, they maintain expectations of lower average yields in the medium term as investors are likely to keep to the strategy of playing at the short to medium segments of the yield curve with careful selective positioning on long-dated instruments.
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