TaxTMI 
TaxTMI 
Quarterly Report on Public Debt Management for the Quarter April-June 2011 Released.
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....uarterly Report on Public Debt Management for the Quarter April-June 2011 Released. <br>Income Tax<br>Dated:- 17-8-2011<br><BR>Press Information Bureau Government of India Ministry of Finance 17-August-2011 17:18 IST Quarterly Report on Public Debt Management for the Quarter April-June 2011 Released The Central Government today released the fifth report, pertaining to the quarter April-June 2011 on Public Debt Management. Since September 2010, Department of Economic Affairs, Ministry of Finance has been bringing out a quarterly report on debt management. The report is divided into five sections. Section 1 briefly describes the macroeconomic environment during the quarter - growth, inflation, capital flows etc.- that have a bearing on debt markets. Section 2 details debt management operations in the primary market during the quarter - Government's financing requirement, auction details, cost and maturity of borrowings, etc. The cash management operations during the quarter and their rationale are explained in Section 3. Section 4 provides an account of outstanding debt - cost and risk character, holding pattern and maturity profile. Finally, Section 5 details the secondary mar....
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....ket activity in the Government Securities Market. This report will be published every quarter. The complete report of this quarter is enclosed. Click here to see detail. DSM/SS/GN ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT APRIL-JUNE 2011 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS AUGUST 2011 www.finmin.nic.in Section Introduction CONTENTS Page No. 1 1 Macroeconomic Developments 2 2 Debt Management - Primary Market Operations 5 3 Cash Management 10 4 Trends in Outstanding Public Debt 13 5 Secondary Market 17 List of Tables and Charts List of Tables Table No. 1 23 4 7 56082223 Title Fiscal Outcome - April-June 2011-12 Issuance of Dated Securities Actual Borrowings versus Calendar for Q1 of FY 12 Issuance of Treasury Bills Maturity and Yield of Central Government's Dated Securities Repayments and Issuance of Treasury Bills in April-June 2011 Issuance of Cash Management Bills Calendar for Issuance of Treasury Bills in July-September 2011 Composition of Public Debt 9 10 Maturity Profile of Gol Outstanding Dated Securities 11 Ownership Pattern of Government of India Da....
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....ted Securities 12 Transactions in Government Securities 13 14 15 Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) List of Charts Chart No. 1 2345 Quarterly Growth Rate in GDP Inflation Rate Based on WPI Title Growth Rate in IIP Monthly Exports and Imports Foreign Investment Flow and Exchange Rate Liquidity in the system 6 7 Holding Pattern of Government Securities 8 Movement of G-Sec Yields - 10-year 9 Government Bond Yield Curve 10 Treasury Bill Yield Curve 11a Secondary Market Transaction – Outright 11b Secondary Market Transaction - Apr-Jun 2011 12a 12b 13 Maturity wise Trading Activity - Apr-Jun 2011 Maturity wise Trading Activity - Jan-Mar 2011 Trading Activity (Buy+Sell) by Category List of Statements Page No. 6 7 7 8 9 11 11 12 13 14 15 20 21 21 22 Page No. 2234 4 10 16 17 18 19 20 20 22 222 22 23 Statement No. Title Page No. 1 23 2 Issuance of Dated Securities During FY12 (April-June 2011) Treasury Bills Issued During FY12 (April-June 2011) i 4 List of Dated Securities Outstanding at end-June, 2011 Maturity Profile of Government Securities at end-June, 2011 vi Introduction The Middle Office, set up in ....
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....September 2008, is in the Budget Division of the Department of Economic Affairs, Ministry of Finance, Government of India. With the objective of enhancing transparency of debt management operations, Middle Office began publishing on its website a quarterly report called "Public Debt Management - Quarterly Report" from the first quarter of 2010-11. The previous reports are available on the website of Ministry of Finance (http://finmin.nic.in/reports/Public_Debt_Management.asp). This is the fifth quarterly report and pertains to the first quarter of the fiscal year 2011-12, viz., Apr-Jun, 2011. The report gives an account of the debt management and cash management operations during the quarter, and attempts a rationale for major activities. The report also tries to provide detailed information on various aspects of debt management. While all attempts have been made to provide authentic and accurate information, it is possible that some errors might have crept in inadvertently. Readers may inform us of such errors, as indeed their valuable suggestions, at [email protected] or [email protected]. 1 Section 1 - Macroeconomic Developments 1.1 The GDP growth rate for the fourth quarter (....
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....Jan-Mar) of financial year 2010-11 came at 7.8 per cent per annum as compared with 8.3 per cent in the previous quarter (Chart 1). Per cent 10.0 Chart 1: Quarterly Growth Rate in GDP 9.0 8.0 7.8 8.0 7.0 6.0 5.0 4.0 8.6 7.3 9.4 9.3 8.9 8.3 7.8 5.6 64 6.3➖➖---- ili 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 Q1 Q2 Q3 Q4 Q1 Q2 аз Q4 Q1 Q2 Q3 Q4 1.2 Inflation rate during June 2011 came at 9.44 per cent per annum (y-o-y) as compared with 9.06 per cent in May 2011 and 9.74 per cent in April 2011 (Chart 2). The major contribution to the inflation was from non-food articles, fuel & power group, edible oil and cotton textile. Inflation build-up in the first quarter of FY12 at 2.34 per cent was lower than 2.57 per cent in the first quarter of the previous year. Per cent 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0-0 Chart 2: Inflation Rate Based on WPI 2009-10 2010-11 2011-12 2 1.3 The rate of growth in Index of Industrial Production (IIP) during Q1 of 2011-12 came lower at 6.8 per cent compared with 7.9 per cent in the previous quarter. The monthly trend in IIP growth showed improvement in June 2011 to 8.8 per cent from 5.9 per cent in May and 5.8 per cent in April 2....
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....011. The corresponding growth in the previous year was 7.5 per cent, 8.5 per cent and 13.0 per cent, respectively (Chart 3). Per cent Chart 3: Growth Rate in IIP 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Apr May Jun Jul Aug ■2010-11 Sep ■2011-12 Oct Nov Dec Jan Feb Mar 1.4 India's exports during Q1 of FY12, in US Dollars, registered a growth of 45.7 per cent over the same quarter a year ago compared with 42.2 per cent in the previous quarter (Q4 of FY11). For the comparable period, imports grew at 35.1 per cent vis-à -vis 17.2 per cent a quarter ago leading to a widening of trade deficit to USD 31.6 billion from USD 21.7 billion in the previous quarter. Buoyant growth in exports during the first quarter of FY12 was supported by engineering, gems & jewellery, petroleum and oil products, electronics and man made yarn sectors. The growth in imports was contributed by petroleum, machinery, gold and silver (Chart 4). 3 USD mn 20000 15000 10000 5000 0 Q1 2009-10 Direct Invest Q2 2009-10 USD mn 50000 40000 30000 20000 Chart 4: Monthly Exports and Imports 10000 0 -10000 -20000 TTTTTTTT ד ⠀ ⠀⠀⠀ May-10 Apr-10 Jun-10 Oct-10 Sep-10 Aug-10 Dec-10 Nov-10 Feb-....
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....11 May-11 Apr-11 Mar-11 Exports Imports Trade Balance Growth Exports (right scale) Growth Imports (right scale) 1.5 Inflows on account of foreign investment increased more than four times during Q1 of FY12 over Q4 of FY 11 mainly on account of foreign direct investment (FDI) which registered a quarterly inflow of USD 13.4 bn. The portfolio investment by Flls, on the other hand, was moderate during the quarter due to net outflow during the month of May 2011 (Chart 5). The Rupee appreciated from 44.65 per USD at end-March 2011 to Rs.44.30 per USD at end- April 2011 but lost the gains in May 2011 to reach Rs.45.03 per USD. At the end of Q1 of FY12, Rupee was marginally weaker at Rs.44.73 per USD vis-à -vis its position at end of previous quarter. 30000 25000 Chart 5: Foreign Investment Flow and Exchange Rate Q3 2009-10 Portfolio Investment 4 Q4 2009-10 Q1 2010-11 Total Q2 2010-11 Q3 2010-11 Q4 2010-11 Exchange Rate (right scale) Q1 2011-12 50.0 49.0 48.0 47.0 46.0 45.0 44.0 43.0 42.0 R/USD average of Quarter/Month 0 40 50 ៦៦ ១៦៩ ៖ 6 8 8 -20 -10 Per cent Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The Union Budget 2....
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....011-12 projected the fiscal deficit for 2011-12 [FY12, budget estimates (BE)] at Rs.4,12,817 crore (4.6 per cent of GDP) compared with revised estimates (RE) for 2010-11 (FY11) at Rs.4,00,998 crore (5.1 per cent of GDP). The gross and net market borrowings requirement of the Government for FY12 were budgeted at Rs.4,17,128 crore and 3,43,000 crore, respectively. 2.2 The fiscal outcome during the first of quarter of FY12 indicates that all the key deficit indicators as percentage of budget estimates (BE) for 2011-12 were substantially higher than their levels during the corresponding period of the previous year because of lower revenue collections both from tax and non-tax sources. Gross tax collections during the quarter at 6.6 per cent of BE were lower than 8.3 per cent a year ago. In the direct taxes, corporation tax collections showed a negative growth of (-)27.8 per cent while personal income tax increased by 6.5 per cent as against budgeted growth rates of 21.5 per cent and 16.2 per cent, respectively, for FY12. All the major indirect taxes (customs, excise and service tax), however, showed buoyant growth rates (37.7 per cent, 23.2 per cent, and 31.1 per cent, respectively) du....
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....ring April-June 2011 as against budgeted growth rates (15.1 per cent, 19.2 per cent and 18.2 per cent, respectively) for FY12. Non-tax revenue at 9.7 per cent of BE was lower than pervious year mainly reflecting the impact of telecom receipts in FY11. Total expenditure at 20.8 per cent of BE during April-June 2011 was less than 21.8 per cent during the corresponding period of previous year. Thus, revenue deficit and gross fiscal deficit during Q1 of FY12, at 43.8 per cent and 39.4 per cent of BE, were higher than those during the corresponding period of the previous fiscal year (Table 1). 5 Table 1: Fiscal Outcome - April-June 201-12 (amount in crore) Item April-June April-June 2011-12 (% April-June 2010-11 (% 2011-12 BE 2011-12 of BE) of BE) Revenue Receipts 789,892 90,920 11.5 29.3 Tax Receipts 664,457 78,699 11.8 15.7 Non-Tax Receipts 125,435 12,221 9.7 78.2 Other Non-debt Receipts 55,020 7,644 13.9 4.9 Total Expenditure 1,257,729 261,217 20.8 21.8 Revenue Expenditure 1,097,162 225,541 20.6 21.9 Capital Expenditure 160,567 35,676 22.2 21.2 Revenue Deficit 307,270 134,621 43.8 3.8 144,831 112,466 77.7 0.0 412,817 162,653 39.4 10.5 Primary Deficit Gross Fiscal Deficit Financing Ma....
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....rket Loans (including T-Bills) 358,000 174,612 48.8 31.3 External Assistance 14,500 781 5.4 45.9 Securities against Small Savings 24,182 -312 -1.3 2.4 National Small Saving Fund 94 2,151 2283.0 192.7 Source: Controller General of Accounts (CGA) website; cga.nic.in B. Issuance Details 2.3 This section discusses the issuance details of market loans during the first quarter (Q1) and the cumulative position for financial year 2011-12 (FY12). 2.4 During Q1 of the current fiscal year, the Central Government issued securities worth *1,20,000 crore constituting 28.8 per cent of BE compared with 33.0 per cent in Q1 of previous fiscal year. Taking into account repayments of Rs.13,473 crore, the net amount raised through dated securities amounted to Rs.1,06,527 crore during the first quarter of FY12 constituting 31.1 per cent of BE compared with 31.8 per cent in the Q1 of previous fiscal year (Table 2). 6 Item Gross Amount Repayment Net Issuance Table 2: Issuance of Dated Securities (Amount in Crore) 2011-12 BE 4,17,128 74,128 Q1 FY 12 Q1 FY 12 (% of BE) 120,000 Q1 FY11 (% of BE) 28.8 33.0 13,473 18.2 36.8 3,43,000 106,527 31.1 31.8 2.5 Auctions during Q1 of FY12 were held broadly in accordan....
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....ce with the pre-announced calendar (Table 3). Two new securities of 7-years and 10-years maturities were issued during this quarter (details given in Statement 1). New issuances amounted to 7.5 per cent of total issuance during the quarter. Greater emphasis on re-issues reflects the continued focus on building up adequate volumes under existing securities imparting greater liquidity in the secondary market. Table 3 - Actual Borrowings versus Calendar for Q1 FY 12 (Crore) 10-14 15-19 Period/Maturity 5-9 years 20-30 Years Total years Years As per calendar 40,000-50,000 Actual Borrowed 36,000 50,000- 8,000- 60,000 12,000 54,000 12,000 12,000- 18,000 18000 120,000 120,000 2.7 The gross amount raised through treasury bills (including 91, 182 and 364 day treasury bills) during Q1 of FY12 amounted to 1,59,062 crore while total repayments amounted to *91,221 crore resulting in net issuance of Rs.67,842 crore compared with net issuance of (-)*2,321 crore in Q1 of previous year (Table 4). The details of issuance of bills during Q1 of FY12 are given in Statement 2. 7 Table 4: Issuance of Treasury Bills* (Amount in Crore) Item 2011-12 BE Q1 FY 12 Q1 FY 11 364 DTB Q1 FY 12 (% of BE) Q1 FY 11 (%....
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.... of BE) Gross Amount 52,610 20,203 10182 38.4 24.5 Repayment 42,482 11,376 6000 26.8 14.5 Net Issuance 10,128 8,827 4,182 87.1 182 DTB Gross Amount 54,994 20,250 10000 36.8 22.0 Repayment 50,595 9,500 10000 18.8 22.0 Net Issuance 4,399 10,750 244.4 91 DTB Gross Amount 310,244 118,610 65000 38.2 21.1 Repayment 309,771 70,345 71503 22.7 23.2 Net Issuance 473 48,265 -6,503 10,200.5 All T-Bills Gross Amount 417,848 159,062 85,182 38.1 21.5 Repayment 402,848 91,221 87,503 22.6 22.1 Net Issuance 15,000 67,842 -2,321 452.3 *:- Including amount through non-competitive route. 2.8 The weighted average maturity (WAM) of dated securities issued during Q1 of FY12 at 12.10 years was higher than 10.45 years in Q1 of previous fiscal year (Table 5). The average maturity of outstanding government securities as at end-June 2011, however, declined to 9.58 years from 9.64 years as at end-March 2011. As the yields on Government securities remained under upward pressure during the quarter amidst policy tightening by the Reserve Bank as well as the evolving macroeconomic environment, the weighted average yield (cut off) of issuance during Q1 of FY12 increased to 8.36 per cent from 7.62 per cent in Q1 of p....
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....revious year. 8 Table 5: Maturity and Yield of Central Government's Dated Securities Issues during the year Outstanding Stock* Weighted Weighted Year Average Average Weighted Average Weighted Average Yield (%) Maturity Coupon (%) Maturity (yrs) (yrs) 1 2 3 4 5 2003-04 5.71 14.94 9.30 9.78 2004-05 6.11 14.13 8.79 9.63 2005-06 7.34 16.90 8.75 9.92 2006-07 7.89 14.72 8.55 9.97 2007-08 8.12 14.90 8.50 10.59 2008-09 7.69 13.81 8.23 10.45 2009-10 7.23 11.16 7.89 9.67 2010-11 7.92 11.62 7.81 9.64 2010-11 Q1 7.62 10.45 7.85 9.71 2011-12 Q1 8.36 12.10 7.83 9.58 * As at end of the financial year/quarter. 6 Section 3 - Cash Management 3.1 Government's cash account is maintained with the Reserve Bank. The cash-flow mismatches of the Government are largely managed through issuance of Cash Management Bills, Treasury Bills and access to the Ways and Means Advances (WMA) facility from RBI when in deficit and through buybacks or investment in Government securities held by RBI when in surplus. The WMA limits for 2011-12 were fixed at Rs.30,000 crore for April 01, 2011 to April 20, 2011; *45,000 crore for April 21, 2011 to June 30, 2011; *30,000 crore for July 01, 2011 to September 30, 2011 and Rs.10....
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....,000 crore for October 01, 2011 to March 31, 2012. 3.2 Liquidity conditions in the economy remained generally tight throughout the quarter barring a spell of surplus liquidity in the beginning of the quarter. The Reserve Bank continued to provide liquidity through repo facility and the net amount provided under LAF operations increased towards the latter part of the quarter (Chart 6). Net LAF in Crore (-absorption+injection) Chart 6: Liquidity in the System 170000 120000 70000 20000 -30000 -80000 01-04-2011 [!!!!!!!! -130000 3.3 The cash position of the Government during Q1 remained in the deficit mode during the quarter. To meet higher than expected cash deficit, the issuance of treasury bills (under competitive route) during Q1 of FY12 was increased to Rs.1,27,000 crore as against 88,000 crore scheduled in calendar. Accordingly, the Government issued (net) treasury bills worth *46,000 crore during the quarter. Apart from this, net amount of Rs.21,842 crore was received 10 Date of Issue 91 DTB 8-Apr-11 4,000 15-Apr-11 4,000 1,000 91 182 DTB 364 DTB under non-competitive route. Details of treasury bills issued and matured in Q1 of FY12 are given in Table 6. Table 6: Repayments and ....
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....Issuance of Treasury Bills in April-June 2011 Repayments (Amount in Crore) Variation in Issued amount over Repayments Issued Amount DTB 182 DTB 364 DTB 0 2,000 4,000 0 2,000 0 0 4,000 2,000 1,000 21-Apr-11 4,000 0 2,000 5,000 0 3,000 2,000 29-Apr-11 4,000 2,000 7,000 3,000 4,000 6-May-11 5,000 13-May-11 5,000 2,000 0 2,000 8,000 0 3,000 4,000 0 8,000 3,000 0 4,000 20-May-11 5,000 27-May-11 5,000 2,000 0 2,000 8,000 0 3,000 4,000 0 8,000 3,000 4,000 3-Jun-11 5,000 10-Jun-11 5,000 1,000 17-Jun-11 5,000 0 24-Jun-11 5,000 1,000 30-Jun-11 5,000 0 0 1,000 8,000 0 3,000 5,000 0 1,000 Q1 61,000 Q1 9,345 8,000 3,000 8,000 0 8,000 3,000 1,000 6,000 0 Total Under Competitive Route 9,000 11,000 90,000 17,000 Total Under Non-Competitive Route 500 376 28,610 3,250 5,000 3,000 5,000 0 5,000 3,000 4,000 20,000 46,000 203 21,842 3.4 Apart from increase in notified amount of regular treasury bills, the Government also issued cash management bills worth 38,000 crore of which 20,000 crore matured during the quarter. Thus, *18,000 crore remained outstanding at end of Q1 of FY12 (Table 7). Table 7: Issuance of Cash Management Bills (Amount in Crore) Issue Date 20-Apr-11 21-Apr-11 30-Jun-11 Maturity Date....
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.... Amount Cut Off Yield (%) 22-Jun-11 8,000 7.27 6,000 7.35 25-Apr-11 13-Jun-11 6,000 7.37 2-May-11 18-Jul-11 6,000 7.66 6-May-11 22-Jul-11 6,000 8.00 29-Jun-11 3-Aug-11 6,000 8.09 Total Issued in Q1 38,000 Matured in Q1 20,000 Outstanding at end of Q1 18,000 11 3.5 The calendar for issuance of treasury bills during July-September 2011 is given in Table 8. Table 8: Calendar for Issuance of Treasury Bills in July-September 2011 (crore) Auctions Date 06-07-2011 91-Days 7000 182-Days 364-Days Total 3000 10000 13-07-2011 7000 3000 10000 20-07-2011 7000 3000 10000 27-07-2011 7000 3000 10000 03-08-2011 7000 3000 10000 10-08-2011 7000 3000 10000 17-08-2011 7000 3000 10000 24-08-2011 7000 3000 10000 30-08-2011 7000 3000 10000 07-09-2011 7000 3000 10000 14-09-2011 7000 3000 10000 21-09-2011 7000 3000 10000 28-09-2011 7000 3000 10000 Total 91000 21000 18000 130000 12 Section 4 - Trends in Outstanding Public Debt 4.1 The total public debt (excluding liabilities that are not classified under public debt) of the Government increased to Rs.31,49,996 crore at end-June 2011 from 29,75,628 crore at end- March 2011 (Table 9). This represented an increase of 5.9 per cent (provisional) during the first....
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.... quarter of FY12 as compared with an increase of 3.2 per cent in the previous quarter (Q4 of FY11). Internal debt constituted 90.3 per cent of public debt, marginally higher than 89.7 per cent at end of Q4 of FY 11. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 78.0 per cent of total public debt, compared with 76.7 per cent at end-March 2011. The outstanding internal debt of the Government at *28,42,953 crore constituted 31.7 per cent of GDP compared with 33.9 per cent at end-March 2011. The decline in the ratio to GDP reflects the impact of change in denominator. Item Table 9: Composition of Public Debt At end-Jun At end-Mar 2011 2011 At end- At end-Mar Jun 2011 2011 (Crore) (% of Total) 1 Public Debt (1 + 2) 2 3 4 5 3,149,996 2,975,628 100.00 100.00 1. Internal Debt 2,842,953 2,668,584 90.25 89.68 Marketable 2,457,445 2,283,076 78.01 76.73 (a) Treasury Bills 202,710 134,869 6.44 4.53 (i) 91-days Treasury Bills 118,655 70,391 3.77 2.37 (ii) 182-days Treasury Bills 32,751 22,001 1.04 0.74 (iii) 364-days Treasury Bills 51,304 42,478 1.63 1.43 (b) Dated Securities 2,254,735 2,148,208 71.58 72.19 Non-marketable 385,508* 385,5....
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....08 12.24 12.96 (i) 14-days Treasury Bills 1,03,100* 103,100 3.27 3.46 (ii) Securities Issued to NSSF 2,18,485* 218,485 6.94 7.34 (iii) Compensation and other bonds 34,607* 34,607 1.10 1.16 (iv) Securities issued to International 29,315* 29,315 0.93 0.99 (v) Ways and Means Advances 2. External Debt# 307,044* 307,044 9.75 10.32 (i) Multilateral (ii) Bilateral (iii) IMF (iv) Rupee debt 190,330* 190,330 6.04 6.40 87,820* 87,820 2.79 2.95 28,163* 28,163 0.89 0.95 731* 731 0.02 0.02 *:-These data are not available for end-June, 2011. So they are carried over from previous quarter. #:- Foreign Institutional Investors (FII)'s investment in government securities and treasury bills (*36,700 crore at end-March 2011) is included in the internal marketable debt. 13 Maturity Pattern for Outstanding Government Debt Stock 4.2 The average maturity of outstanding stock of dated securities as at end-June 2011 was lower at 9.58 years than 9.64 years at end-March 2011. Over the same period, the weighted average coupon of outstanding stock increased marginally to 7.83 per cent from 7.81 per cent (see Table 5). 4.3 As at end of June 2011, the proportion of debt maturing in less than one year increased to....
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.... 5.3 per cent from 3.4 per cent a quarter ago, while debt maturing within 1-5 years increased to 25.6 per cent from 25.5 per cent. Broadly, the proportion of debt maturing in less than 5 years at end-June 2011 was higher at 30.9 per cent than 29.0 per cent at end- March 2011. The outstanding debt maturing in less than 10 years also witnessed an increase to 65.6 per cent from 63.0 per cent a quarter ago. The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q1 of FY12 as well as the maturity dynamics of outstanding securities. Overall, 30.9 per cent of outstanding stock has a residual maturity of upto 5 years, which implies that over the next five years, on an average, 6.2 per cent of outstanding stock needs to be rolled over every year (Table 10). Thus, the rollover risk in the debt portfolio remained low. Table 10: Maturity Profile of Gol Outstanding Dated Securities Maturity Buckets Less than 1 Year 1-5 Years 5-10 Years 10-20 Years 20 Years and above (Amount in Crore) End-Jun 2011 End-Mar 2011 1,20,682 (5.33) 73,581 (3.41) 5,79,318 5,50,892 (25.59) (25.54) 7,84,595 7,35,381 (34.66) (34.09) 4,25,853 4,62,....
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....066 (18.81) (21.42) 3,52,994 3,34,994 (15.60) 22,63,442 (15.53) 21,56,915 Total Note: 1. to total Figures in parentheses represent per cent 2. Totals differ from those given in Table 9 due to different accounting treatment of recapitalization bonds. 14 Holding Pattern 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-March 2011 (Table 11 and Chart 7). Banks (including banks that are primary dealers and co-operative banks) continue to dominate as the major investor category though their share in holding of Government securities maintained the declining trend to reach 50.4 per cent as at end-March 2011 from 50.8 per cent a quarter ago. Among the long-term investors, the share of holding by insurance companies increased to 22.2 per cent at end-March 2011 from 22.1 per cent a quarter ago and the share of provident funds increased to 7.1 per cent from 6.9 per cent over the same period. Holding of securities by Reserve Bank of India at end-March 2011 at 12.8 per cent was higher than 10.7 per cent a quarter ago. Table 11: Ownership Pattern of Government of India Dated Securities Category 2009 (Per cent of Outstandi....
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....ng Securities) 2010 2011 Dec. Mar. Jun. Sep. Dec. Mar. 1. Commercial Banks 39.18 38.03 38.35 38.75 38.63 38.42 2. Bank- PDs 8.2 9.22 9.92 9.73 8.77 8.61 3. Non-Bank PDs 0.18 0.14 0.23 0.29 0.26 0.11 4. Insurance Companies 22.07 22.16 22.05 22.18 22.11 22.22 5. Mutual Funds 0.78 0.4 0.38 0.73 0.88 0.18 6. Co-operative Banks 3.24 3.35 3.4 3.5 3.38 3.41 7. Financial Institutions 0.28 0.35 0.34 0.35 0.33 0.35 8. Corporates 3.27 2.99 2.82 2.57 2.33 1.94 9. Fils 0.59 0.59 0.62 0.55 0.61 0.97 10. Provident Funds 6.51 6.76 6.56 6.79 6.89 7.06 11. RBI 10.2 11.76 9.67 9.2 10.67 12.84 12. Others 5.5 4.24 5.65 5.36 5.14 3.89 Total 100 100 100 100 100 100.0 Source: RBI Bulletin, June 2011; Vol. LXV No. 6 15 45 Chart 7: Holding Pattern of Government Securities (Mar-11 outer ring; Dec-10: inner ring] 3.89 12.84 5.14 10.67 7.06 6.89 0.97 9.93 0.61 1.94 3.38 3.41 22.11 8.77 22.22 8.61 â– Commercial Banks â– Bank-PDs â– Non-Bank PDs 38.42 â– Insurance Companies 38.63 â– Mutual Funds Co-operative Banks â– Financial Institutions Corporates â– Fils Provident Funds 16 â– RBI Per cent Section 5 - Secondary Market A. Government security yields 5.1 Chart 8 depicts the moveme....
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....nt in Government bond yields (10-year yield taken as benchmark) during the year, up to end-June 2011. 10-year bond yield increased during the quarter from 8.01 per cent on end-March 2011 to 8.33 per cent on end-June 2011 (Chart 9). During the quarter, 10-year yield went up till the end-May to reach a high of 8.46 per cent on May 27. Inflationary concerns, policy rate hikes by the Reserve Bank and the fuel price increase were the major factors contributing to upward movement in yields. During the quarter, Reserve Bank raised the reverse repo and repo rates to 6.50 per cent and 7.50 per cent, respectively, in two moves of 50 bps on May 03 and 25 bps on June 16, 2011. 8.7 Chart 8: Movement of G-Sec Yields-10-Yr 8.5 8.3 8.1 7.9 7.7 7.5 7.3 ⠀ ⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀ 14/Oct 23/Sep 02/Sep 12/Aug 31/Mar 10/Mar 17/Feb 27/Jan 06/Jan 16/Dec 25/Nov 04/Nov 21/Apr 12/May 02/Jun 5.2 Bond yields hardened during the quarter across the curve with a sharper increase at the short-end. As a result, the bond yield curve flattened during the quarter. A relatively sharp rise in 5-year yield compared wit....
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....h 10-year yield resulted into inversion of yield curve in the 5-10 year maturity segment. The shape of yield curve remained more of less unchanged in the longer maturities. The 1yr-30yr spread 17 Yield narrowed to 48 basis points (bps) at end-June 2011, from 95 bps at end-March 2011. The short-end of the curve flattened by 39 bps (1yr-10yr spreads narrowed from 60 bps to 21 bps) and the longer-end by 8 bps (10yr-30yr spread came in from 35 bps to 26 bps). 8.60% 8.40% 8.20% Chart 9: Government Bond Yield Curve 8.00% 7.80% 7.60% 7.40% 31-Mar 30-Jun Years 7.20% 7.00% 0 5 10 15 20 25 30 5.3 The Treasury Bills yield curve flattened during the quarter as short-term yields increased sharply after the rate hikes by the Reserve Bank. Flattening of the curve was more in the below 6-months maturity with spread between 1-6 months declining to 26 bps at end-June 2011 from 50 bps at end-March 2011. 3-6 months spread declined to 5 bps at end-June 2011 from 26 bps at end-March 2011. The decline in spread between 6 months and one year maturities, on the other hand, was moderate at 7 bps (from 10 bps at end-March 2011 to 3 bps at end-March 2011). Overall, the treasury bills yield curve flattened by ....
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....32 bps between one month and one year maturity range (Chart 10). 18 Yield (Per cent) 8.5 8.3 8.1 7.9 7.7 7.5 7.3 7.1 6.9 T T 6.7 6.5 T Chart 10: Treasury Bill Yield Curve 31-Mar 30-Jun 0 91 182 273 364 Maturity (days) B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during the quarter (April-June 2011) stood at Rs.6.01 lakh crores, registering an increase of 18.3 per cent over 5.08 lakh crore during the preceding quarter (Table 12). The incremental trading volumes came from treasury bills (growth of 61.5 per cent) and Government dated securities (growth of 14.8 per cent). The transactions of state government securities (or State Development Loans - SDLs) on the other hand showed a decline of 40.7 per cent during the quarter. The annualised outright turnover ratio¹ for the central government dated securities for the April-June 2011 quarter rose to 1.8 from 1.7 during the previous quarter. Including repo transactions, the annualised total turnover ratio² for Q1 of FY12 was lower at 6.5 than 7.3 a quarter ago as the volumes under repo transactions shifted to treasury bills from dated securities. 1 Annualised....
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.... Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)] 2 Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * (Average of outstanding stock)] 19 4) / Table 12: Transactions in Government Securities (*Crore) Outright Repo Period G-Sec T-Bills SDL Total 2008-09 1955412 170436 2009-10 2010-11 34385 2480850 363283 69757 2552181 275095 43677 2160234 2913890 G-Sec T-Bills SDL 3475348 583335 35603 5233295 812537 Total 4094286 26996 6072828 2870952 3253965 832632 12688 4099284 April-Jun 10 Jul-Sep 10 Oct-Dec 10 Dec 10-Mar 11 Apr-Jun 11 895231 122207 18118 698608 58768 7334 514299 42041 6539 562878 444043 52079 11686 507809 509795 84119 6929 600843 640503 473959 1035556 894419 238127 3921 1136466 764710 865106 197084 3752 1065942 737822 185039 2585 925447 756618 212382 2430 971430 4818 1119280 5.5 Central Government dated securities continued to account for a dominant portion of total trading (Chart 11a and 11b). During the April-June 2011 quarter it accounted for 84.8 per cent of total outright volume, compared to 87.4 per cent in the previous quarter. Chart 11a: Secondary Market Transaction - Outright 3500 1200 3....
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....000 2500 1000 '000 Crore 2000 81500 1000 500 0 2008-09 2009-10 2010-11 â– G-Sec T-Bills â– SDL Apr-Jun 10 Jul-Sep 10 Oct-Dec 10 Jan-Mar 11 Apr-Jun 11 800 '000 crore .600 400 200 0 Chart 11b: Secondary Market Transaction -Apr-Jun 2011 G-Sec â– T-Bills â– SDL Outright repo 5.6 The volume of transactions continues to be heavily skewed towards a few securities. The top 10 traded securities accounted for 96.5 per cent of the total outright transaction volume during the Q1 of FY12 as compared with 96.4 per cent during the previous quarter. The top three traded securities accounted for 83.3 per cent of total 20 volume, compared to 74.0 per cent during the previous quarter. List of top 10 traded securities for the current quarter and the previous quarter are given in Table 13. Table 13 : Top 10 Traded Securities Security 7.80% G.S. 2021 Apr-Jun 11 Security (Crore) Jan-Mar 11 231,917 8.13% G.S. 2022 146,521 8.13% G.S. 2022 110,047 8.08% G.S. 2022 144,012 8.08% G.S. 2022 82,707 7.17% G.S. 2015 38,009 7.83% G.S. 2018 27,273 7.99% G.S. 2017 22,385 7.59% G.S. 2016 11,391 8.26% G.S. 2027 21,692 8.26% G.S. 2027 7,543 7.80% G.S. 2020 20,712 7.17% G.S. 2015 6,035 7.49% G.S. 2017 17,....
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....020 FRB 2020 5,590 FRB 2020 8,975 7.40% G.S. 2012 5,060 8.30% G.S. 2040 5,325 7.99% G.S. 2017 4,600 7.40% G.S. 2012 3,325 5.7 The maturity distribution of dated central Government securities transactions in the secondary market is detailed in Table 14 and Chart 12a and 12b. Securities in the maturity range of 7-10 years accounted for the highest share of trading at 46.0 per cent during the April-June 2011 quarter, significantly higher than the 6.9 per cent share in the previous quarter. The share of trading volumes in the above 10-year segment declined to 41.0 per cent from 72.5 per cent in the previous quarter. The shift in share of trading volumes in favour of 7-10 years maturity range reflects the impact of a new 10-year benchmark security issued during the quarter. The securities in maturity range of 3-7 years accounted 10.7 per cent of total volume compared with 18.1 per cent in the previous quarter. The share of trading volume in the below 3 years maturity bracket declined marginally to 2.3 percent from 2.6 per cent in the previous quarter. Table 14: Maturity Pattern of Outright Transactions (crore) Maturity/Quarter Apr-Jun 2011 Jan-Mar 2011 Less than 3 Years 11973 11401 3-7 ....
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....Years 54611 80378 7-10 Years 234252 30487 Oct-Dec 2010 11841 49383 211604 above 10 years 208959 321777 Total 509795 444043 241471 514298 2010-11 2009-10 107943 202683 432297 584202 971464 1081244 1040477 612721 2552181 2480850 21 Chart 12a: Maturity-wise Trading Activity-Apr-Jun 2011 2% Chart 12b: Maturity-wise Trading Activity - Jan-Mar 2011 3% 11% â– 10 yrs 72% 1>10 yrs 5.8 Foreign banks continued to be the dominant trading institution, accounting for 31.1 per cent of total outright trading activity of central Government dated securities as compared with 32.1 per cent in the previous quarter (Chart 13). Share of primary dealers increased to 25.1 per cent from 22.3 per cent over the same period, of private sector banks to 14.0 per cent from 12.0 per cent, while the share of public sector banks decreased to 18.7 per cent from 22.2 per cent. During the quarter, public sector banks as a category was the largest net buyers (34,835 crore) of government securities in the secondary market followed by mutual funds (Rs.12,255 crore), while primary dealers were the major net sellers of securities worth Rs.49,304 crore. Table 15: Category wise - Buying and Selling (% of Total) Category A....
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....pril-June 11 Jan-Mar 11 2010-11 2009-10 Buy Sell Buy Sell Buy Sell Buy Sell Co-operative Banks 2.3 2.1 2.6 2.6 2.6 2.5 2.9 2.6 Fls 0.9 0.1 0.4 0.3 0.5 0.3 0.8 0.4 Foreign Banks 30.0 32.2 32.2 32.0 33.7 34.6 26.7 28.7 Ins. Cos 2.1 1.6 1.5 1.4 1.4 1.0 0.8 0.7 Mutual Funds 6.9 4.8 5.1 5.4 9.2 8.2 13.4 10.5 Primary Dealers 21.0 29.2 19.4 25.1 16.6 21.4 13.3 18.3 Private Sector Banks 14.0 13.9 12.1 11.9 15.9 15.5 17.8 18.3 Public Sector Banks 21.6 15.8 23.3 21.1 18.8 16.5 22.4 20.3 Others 1.2 0.2 3.2 0.2 1.4 0.2 1.9 0.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 5.9 Quarterly change in the share of various categories/participants in the secondary market trading activity (buy + sell) for government securities is shown in Chart 13. 22 Chart 13: Trading Activity (Buy + Sell) By Category (inside circle Apr-Jun '11 and Outside Circle Jan-Mar'11) 22% 25% 3% 4% 5% 22% 2% 6% 19% 3% 31% 32% 23 14% 12% â– Public Sector Banks Private Sector Banks â– Foreign Banks Primary Dealers Mutual Funds Co-operative Banks â– Others Statement 1: Issuance of Dated securities During FY12 (April-June 2011) (Amount in Crore) Residual Name of Stock Date of Issue Notified Devolvement amount on....
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.... PDs Cut off price Cut off yield (%) Date of Maturity Maturity (Years) 7.83% GS 2018 # U 11-Apr-11 4000 0 100.00 7.83 11-Apr-18 7.0 7.80% GS 2021 # U 11-Apr-11 5000 0 100.00 7.80 11-Apr-21 10.0 8.30% GS 2040 $ U 11-Apr-11 3000 0 98.78 8.41 7.59% GS 2016 $ U 18-Apr-11 4000 875 97.50 2-Jul-40 8.21 12-Apr-16 29.2 5.0 8.08% GS 2022 $ U 18-Apr-11 5000 0 98.74 8.25 2-Aug-22 11.3 8.26% GS 2027 $ U 18-Apr-11 3000 0 98.15 8.47 2-Aug-27 16.3 7.83% GS 2018 $ U 25-Apr-11 3000 0 98.60 8.10 11-Apr-18 7.0 7.80% GS 2021 $ U 25-Apr-11 6000 0 98.26 8.06 11-Apr-21 10.0 8.30% GS 2040 $ U 25-Apr-11 3000 0 97.84 8.50 2-Jul-40 29.2 7.59% GS 2016 $ U 9-May-11 4000 0 96.78 8.40 12-Apr-16 4.9 8.13% GS 2022 $ U 9-May-11 5000 0 98.04 8.40 21-Sep-22 11.4 8.26% GS 2027 $ U 9-May-11 3000 0 97.04 8.60 2-Aug-27 16.2 7.83% GS 2018 $ U 16-May-11 4000 0 97.05 8.40 11-Apr-18 6.9 7.80% GS 2021 $ U 16-May-11 5000 0 96.72 8.29 11-Apr-21 9.9 8.30% GS 2040 $ U 16-May-11 3000 0 96.39 8.64 2-Jul-40 29.1 7.59% GS 2016 $ U 23-May-11 4000 631.45 96.46 8.49 12-Apr-16 4.9 8.08% GS 2022 $ U 23-May-11 5000 0 97.05 8.49 2-Aug-22 11.2 8.26% GS 2027 $ U 23-May-11 3000 0 96.71 8.64 2-Aug-27 16.2 7.83% GS 2018 $ U 30-May-11 4000 0 96.35....
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.... 8.54 11-Apr-18 6.9 7.80% GS 2021 $ U 30-May-11 5000 0 95.81 8.43 11-Apr-21 9.9 8.30% GS 2040 $ U 30-May-11 3000 0 96.20 8.66 2-Jul-40 29.1 7.59% GS 2016 $ U 6-Jun-11 3000 0 96.80 8.40 12-Apr-16 4.9 8.13% GS 2022 $ U 6-Jun-11 6000 0 97.75 8.44 21-Sep-22 11.3 8.28% GS 2032 $ U 6-Jun-11 3000 0 96.90 8.60 15-Feb-32 20.7 7.83% GS 2018 $ U 13-Jun-11 3000 0 97.55 8.30 11-Apr-18 6.8 7.80% GS 2021 $ U 13-Jun-11 6000 0 97.00 8.25 11-Apr-21 9.8 8.26% GS 2027 $ U 13-Jun-11 3000 0 97.13 8.59 2-Aug-27 16.1 7.59% GS 2016 $ U 27-Jun-11 3000 0 97.06 8.34 12-Apr-16 4.8 8.08% GS 2022 $ U 27-Jun-11 6000 0 98.06 8.35 2-Aug-22 11.1 8.28% GS 2032 $ U 27-Jun-11 3000 0 96.92 8.60 15-Feb-32 20.6 Gross Nominal Amount Raised 120000 1506.5 Weighted Average Yield Weighted Average Maturity 8.36 12.10 Name of Security Statement 2:Treasury Bills Issued During FY12 (April-June 2011) (Amount in Crore) Non- Competitive Nominal Gross Competitive Cut off Date of Issue amount raised amount amount Yield (%) raised raised 364 DTB 8-Apr-11 2000 0 2000 7.55 364 DTB 21-Apr-11 3000 0 3000 7.76 364 DTB 6-May-11 3000 0 3000 8.20 364 DTB 20-May-11 3000 0 3000 8.29 364 DTB 3-Jun-11 3000 0 3000 8.32 364 DTB 17-Jun-11 3000 202.8 3....
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....202.8 8.34 364 DTB 30-Jun-11 3000 0 3000 8.29 182 DTB 15-Apr-11 2000 1500 3500 7.45 182 DTB 29-Apr-11 3000 1250 4250 7.75 182 DTB 13-May-11 3000 0 3000 8.20 182 DTB 27-May-11 3000 500 3500 8.27 182 DTB 10-Jun-11 3000 0 3000 8.23 182 DTB 24-Jun-11 3000 0 3000 8.16 91 DTB 8-Apr-11 4000 0 4000 7.14 91 DTB 15-Apr-11 4000 1000 5000 7.19 91 DTB 21-Apr-11 5000 300 5300 7.44 91 DTB 29-Apr-11 7000 1484.65 8484.65 7.52 91 DTB 6-May-11 8000 2875 10875 7.89 91 DTB 13-May-11 8000 1100 9100 8.06 91 DTB 20-May-11 8000 1250 9250 8.10 91 DTB 27-May-11 8000 7250 15250 8.14 91 DTB 3-Jun-11 8000 1500 9500 8.19 91 DTB 10-Jun-11 8000 2000 10000 8.23 91 DTB 17-Jun-11 8000 3200 11200 8.27 91 DTB 24-Jun-11 8000 1900 9900 8.19 91 DTB 30-Jun-11 6000 4750 10750 8.19 Total 127000 32062 159062 ii Statement 3: List of Dated Securities Outstanding at end-June 2011 – contd. - Nomenclature Date of maturity Outstanding Stock (Crore) 9.39% GS 2011 2-Jul-11 37000.0 11.50 % GS 2011 5-Aug-11 2861.4 FRB, 2011 8-Aug-11 6000.0 12.00% GS 2011 21-Oct-11 3246.9 11.50% GS 2011(II) 24-Nov-11 11000.0 6.85% GS 2012 5-Apr-12 26000.0 7.40% GS 2012 3-May-12 33000.0 10.25% GS 2012 1-Jun-12 1574.1 6.72% GS 2007/12 18-Jul-12 546....
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.....8 11.03% GS 2012 18-Jul-12 13500.0 9.40% GS 2012 11-Sep-12 11000.0 FRB, 2012 10-Nov-12 5000.0 9.00% GS 2013 24-May-13 1751.3 9.81% GS 2013 30-May-13 11000.0 12.40% GS 2013 20-Aug-13 11983.9 7.27% GS 2013 (conv) 3-Sep-13 46000.0 FRB, 2013 10-Sep-13 4000.0 5.32% GS 2014 16-Feb-14 5000.0 6.72% GS 2014 24-Feb-14 15273.6 7.37% GS 2014 16-Apr-14 42000.0 6.07% GS 2014 15-May-14 40000.0 FRB, 2014 20-May-14 5000.0 10.00% GS 2014 30-May-14 2333.3 7.32% GS 2014 20-Oct-14 18000.0 10.50% 2014 29-Oct-14 1755.1 7.56% 2014 3-Nov-14 41000.0 11.83 % GS 2014 12-Nov-14 11500.0 10.47% GS 2015 12-Feb-15 6430.0 10.79% GS 2015 19-May-15 2683.5 11.50% GS 2015 21-May-15 3560.5 6.49% GS 2015 8-Jun-15 40000.0 7.17% GS 2015 14-Jun-15 56000.0 FRB, 2015 2-Jul-15 6000.0 iii of which: MSS Nomenclature Date of maturity Statement 3: List of Dated Securities Outstanding at end-June 2011 – contd. Outstanding Stock (* Crore) - of which: MSS 11.43% GS 2015 7-Aug-15 12000.0 FRB, 2015(II) 10-Aug-15 6000.0 7.38% GS 2015 (conv) 3-Sep-15 61000.0 9.85% GS 2015 16-Oct-15 10000.0 7.59% GS 2016 12-Apr-16 68000.0 10.71% GS 2016 19-Apr-16 9000.0 FRB, 2016 7-May-16 6000.0 5.59% GS 2016 4-Jun-16 6000.0 12.30% GS 2016 2-Jul-1....
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....6 13129.9 7.02% GS 2016 17-Aug-16 60000.0 8.07% 2017 15-Jan-17 49000.0 7.49% 2017 (con) 16-Apr-17 58000.0 FRB-2017 2-Jul-17 3000.0 7.99% 2017 9-Jul-17 59000.0 7.46% 2017 28-Aug-17 57886.8 6.25% 2018 (conv) 2-Jan-18 16886.8 7.83% GS 2018 11-Apr-18 18000.0 8.24% GS 2018 22-Apr-18 50000.0 10.45% GS 2018 30-Apr-18 3716.0 5.69 % GS 2018 (Conv) 25-Sep-18 16130.0 12.60% GS 2018 23-Nov-18 12631.9 5.64% GS 2019 2-Jan-19 10000.0 6.05% GS 2019 2-Feb-19 53000.0 6.05% GS 2019 (con) 12-Jun-19 11000.0 6.90% GS 2019 13-Jul-19 45000.0 10.03% GS 2019 9-Aug-19 6000.0 6.35% GS 2020 (con) 2-Jan-20 61000.0 10.70% GS 2020 22-Apr-20 6000.0 7.80% GS 2020 3-May-20 60000.0 FRB - 2020 21-Dec-20 8000.0 11.60% GS 2020 27-Dec-20 5000.0 7.80% GS 2021 11-Apr-21 27000.0 7.94% GS 2021 24-May-21 49000.0 iv Statement 3: List of Dated Securities Outstanding at end-June 2011 - concld. Nomenclature Date of maturity Outstanding Stock (* Crore) of which: MSS 10.25% GS 2021 30-May-21 26213.3 8.20% GS 2022 15-Feb-22 57632.3 8.35% GS 2022 14-May-22 44000.0 8.08% GS 2022 2-Aug-22 46969.4 5.87% GS 2022 (conv) 28-Aug-22 11000.0 8.13% GS 2022 21-Sep-22 48495.3 6.30% GS 2023 9-Apr-23 13000.0 6.17% GS 2023 (conv) 12-Jun-23 14000.0....
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.... 7.35% GS 2024 22-Jun-24 10000.0 5.97% GS 2025 (Conv) 25-Sep-25 16687.9 10.18% GS 2026 11-Sep-26 15000.0 8.24 % GS 2027 15-Feb-27 57388.6 8.26% GS 2027 2-Aug-27 64427.3 8.28% GS 2027 21-Sep-27 1252.2 6.01% GS GS 2028 (C Align) 25-Mar-28 15000.0 6.13% GS 2028 4-Jun-28 11000.0 8.28% GS 2032 15-Feb-32 58687.1 8.32 % GS 2032 2-Aug-32 15434.1 7.95% GS 2032 28-Aug-32 59000.0 8.33% GS GS 2032 21-Sep-32 1522.5 7.50% GS 2034 10-Aug-34 60000.0 FRB, 2035 25-Jan-35 350.0 7.40% GS 2035 9-Sep-35 42000.0 8.33% GS 2036 7-Jun-36 59000.0 6.83% GS 2039 19-Jan-39 13000.0 8.30% GS 2040 2-Jul-40 44000.0 Total 2,263,441.7 Statement 4: Maturity Profile of Government Securities as on End-June 2011 Year of maturity Outstanding Stock ( Crore) 2011-12 60108 2012-13 90621 2013-14 95009 2014-15 168018 2015-16 197244 2016-17 211130 2017-18 194774 2018-19 163478 2019-20 123000 2020-21 79000 2021-22 159846 2022-23 150465 2023-24 27000 2024-25 10000 2025-26 16688 2026-27 72389 2027-28 80680 2028-29 11000 2029-30 2030-31 2031-32 58687 2032-33 75957 2033-34 2034-35 60350 2035-36 42000 2036-37 59000 2037-38 2038-39 13000 2039-40 2040-41 Total vi 44000 2,263,442<BR> News - Press release - PIB....