It is not a matter of taking a view, it is passive investment. So essentially, as we go from June onwards, from 1% to 10% in their investment portfolio, the funds which track this index will also necessarily need to buy.
"The short-end of the OIS curve is completely factoring in one more rate hike over the next few months while talks of rate cuts have died down for now," said Vijay Sharma, senior executive vice president at PNB Gilts
Bond yields have eased in the last few sessions, tracking their U.S. peers and moves in the overnight indexed swap (OIS) rates. U.S. yields and Indian swaps fell on rising speculation that the Fed s rate hike on July 26 would be its last in the current tightening cycle. The 10-year U.S. yield was around 3.75%, while the five-year OIS was at 6.21%.
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Read more about PNB Gilts hit record high; soars 44% in three days on Business Standard. PNB Gilts jumped 13.62% to 85.95, extending its winning run to third consecutive session.