Debt Mutual Fund Strategy

29 Confidential/Restricted Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Instruments 31-Oct-22 30-Sep-22 Change in Yields (Bps) 91 Days T-bills 6.42% 6.05% 37 364 Days T-bills 6.91% 6.77% 14 3 Months CD 6.83% 6.20% 63 6 Months CD 7.30% 6.63% 67 1 Year CD 7.65% 7.10% 55 10 Year Benchmark G-sec 7.45% 7.43% 2 AAA Non PSU Bond Yields 1 Year 7.63% 7.33% 30 2 Year 7.65% 7.43% 22 3 Year 7.66% 7.48% 18 5 Year 7.68% 7.63% 5 10 Year 7.78% 7.73% 5 Aug-22 Sep-22 Oct-22 Domestic bond yields remained volatile and traded with an upward bias... 7.80 7.50 7.20 10 Year Benchmark G-sec yield (%) T-bill Yields -91 DAY -364 DAY ти 7% 6% 7.50 7.00 6.90 5% 6.60 G-sec yields remained volatile with an upward 4% bias. 6.50 Short term rates rose more 6.00 than the long term rates 6.30 3% tracking tight liquidity. Source:- Bloomberg 6.00 2% 5.50 5.00 4.50 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Source:- Bloomberg Jan-22 A host of uncertainties regarding the global and domestic economies are likely to keep the bond yields volatile in the near term. The direction of bond yields going forward is likely to be dependent on the monetary policies of central banks and the liquidity conditions. HDFC BANK RESEARCH HDFC BANK We understand your world Classification - Restricted Jan-22 Feb-22 Mar-22 Apr-22 Aug-22 Sep-22 Classification - Restricted 2 YEAR 3 YEAR 8.00 Source:- Cogencis Oct-22 AAA Corporate Bond Yields (%) 5 YEAR -10 YEAR

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