Winning yields picked up marginally (<10 bps) as bidding for G-bonds at recent auctions slowed from a high base. Banks are demanding higher yields due to the broad-based increase (10-30 bps) in deposit rates through March for the purpose of capital mobilisation. Liquidity in the secondary market also declined as loan growth started accelerating (est. YTD 1.54% in Q1 2016, vs. Q1 2015’s 1.25%), pushing yields of most tenors to pick up.