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Spreads Between 10 Year & Repo<br />
-10 year bond yield spread over repo similar to the 2013 rate hike cycle<br />
Jan-07<br />
May-07<br />
Sep-07<br />
Jan-08<br />
May-08<br />
Sep-08<br />
Jan-09<br />
May-09<br />
Sep-09<br />
Jan-10<br />
May-10<br />
Sep-10<br />
Jan-11<br />
May-11<br />
Sep-11<br />
Jan-12<br />
May-12<br />
Sep-12<br />
Jan-13<br />
May-13<br />
Sep-13<br />
Jan-14<br />
May-14<br />
Sep-14<br />
Jan-15<br />
May-15<br />
Sep-15<br />
Jan-16<br />
May-16<br />
Sep-16<br />
Jan-17<br />
May-17<br />
Sep-17<br />
Jan-18<br />
May-18<br />
Sep-18<br />
10.00<br />
9.00<br />
8.00<br />
7.00<br />
6.00<br />
10 year bond yield spread over repo similar to the 2013 rate hike cycle<br />
8.03<br />
6.5<br />
4.00<br />
3.00<br />
2.00<br />
5.00<br />
4.00<br />
3.00<br />
1.53<br />
1.00<br />
0.00<br />
2.00<br />
1.00<br />
0.00<br />
10 Yr Gilt (LHS) Repo (LHS) Spread (RHS)<br />
-1.00<br />
-2.00<br />
Source: Bloomberg, Citi Research: As on 31 st Aug <strong>2018</strong><br />
Source: Bloomberg, Citi Research: As on 28 th Sept <strong>2018</strong><br />
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