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Quarterly Report on Public Debt Management for the Quarter October-December 2011 Released
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....uarterly Report on Public Debt Management for the Quarter October-December 2011 Released <br>Income Tax<br>Dated:- 9-2-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 09-February-2012 16:27 IST The Central Government today released the seventh report, pertaining to the quarter October-December 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 market activity in the Government securities market. This report will be....
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.... published every quarter. The complete report of this quarter is enclosed. Click here to See Details of Quarterly Report October-December 2011 DSM/SS/GN ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT OCTOBER-DECEMBER 2011 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS FEBRUARY 2012 www.finmin.nic.in Section Introduction CONTENTS Page No. 1 1 Macroeconomic Developments 2 2 Debt Management - Primary Market Operations 5 3 Cash Management 11 4 Trends in Outstanding Public Debt 14 5 Secondary Market 18 List of Tables and Charts List of Tables Table No. 1 23 4 569∞ a 7 8 Title Fiscal Outcome - April-December 2011-12 Issuance of Dated Securities Actual Borrowings versus Calendar for Q3 of FY 12 Issuance of Treasury Bills Maturity and Yield of Central Government's Market Loans Gross Borrowings proposed as per Calendar Proposed Dated Securities Issuance Calendar-Q4 2011-12 Repayments and Issuance of Treasury Bills in Oct-Dec 2011 Issuance of Cash Management Bills Calendar for Issuance of Treasury Bills in Jan-March 2011 Composition of Public Debt 9 10 11 12 13 14 15 Top 10 Traded Securities 16 17 Maturity Profile of Gol Outstanding Dated Sec....
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....urities Ownership Pattern of Government of India Dated Securities Transactions in Government Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) Page No. 6 7 7 8 9 9 10 12 13 13 14 15 16 21 22 23 24 List of Charts Chart No. 1 Quarterly Growth Rate in GDP Title Page No. 2 23 Inflation Rate Based on WPI 4 Growth Rate in IIP Monthly Exports and Imports 569∞ Foreign Investment Flow and Exchange Rate 2334 6 Liquidity in the System 11 7 Holding Pattern of Government Securities 17 8 Movement of G-Sec Yields - 10-year 18 9 Government Bond Yield Curve 19 10 Treasury Bill Yield Curve 20 11a Secondary Market Transaction – Outright 21 11b Secondary Market Transaction - Oct-Dec 2011 21 12a Maturity wise Trading Activity - Oct-Dec 2011 23 12b 13 Maturity wise Trading Activity - Jul-Sept 2011 Trading Activity (Buy+Sell) by Category 23 24 List of Statements Statement No. Title Page No. 1 2 3 Issuance of Dated Securities During FY12 (April-December 2011) Treasury Bills Issued During FY12 (April- December 2011) List of Dated Securities Outstanding at end-Dec, 2011 i iv vii 4 Maturity Profile of Government Securities at end- December, 2011 ....
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....X Introduction The Middle Office, set up in September 2008, is in 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 seventh quarterly report and pertains to the third quarter of the fiscal year 2011-12, viz., Oct-Dec., 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 s....
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....econd quarter (Jul-Sep) of financial year 2011-12 came at 6.9 per cent per annum as compared with 7.7 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 5.6 5.0 4.0 6.4 6.3 9.4 8.8 8.7 8.4 8.3 7.8 7.7 7.3 6.9 20092009200920092010201020102010201120112011201120122012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.2 Inflation rate during December 2011 declined to 7.47 per cent per annum (y-o-y) continuing the declining trend set in after September 2011 (Chart 2). The major contribution to the inflation was from chemical and chemical products group, basic metal alloy/products group and fuel & power group. Inflation build-up during April-December 2011 at 4.95 per cent was lower than 7.12 per cent in the corresponding period of the previous year. Per cent 12.0 10.0 8.0 6.0 4.0 2.0 Chart 2: Inflation Rate Based on WPI རྩà¾à¼‹à½¢à¾©à¼‹à½‡à½±à¼‹à½‡à¼‹à½¢à¾©à¼‹à½¢à¾© ་ཌྷ་ ྣ་ཎྜ་སà¾à¾±à¼‹à½¢à¾«à¾™à¾°à¼‹ 0.0 -2.0 2009-10 2010-11 2011-12 2 1.3 The rate of growth in the Index of Industrial....
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.... Production (IIP) for November 2011 came at 5.9 per cent compared with a negative growth of (-) 4.7 per cent in the previous month. The average growth in IIP during the financial year 2011-12 (upto November) was lower at 3.9 per cent than 8.4 per cent during the same period of the previous year (Chart 3). 14.0 12.0 Per cent Chart 3: Growth Rate in IIP 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar -4.0 -6.0 2010-11 2011-12 1.4 India's exports during Q3 of FY12, in US Dollars, registered an average growth of 6.9 per cent over the same period a year ago compared with 46.9 per cent in the previous quarter (Q2 of FY12). For the comparable period, imports grew at 22.0 per cent vis-Ã -vis 33.6 per cent a quarter ago leading to a trade deficit to USD 46.0 billion during Q3 of FY12 from USD 40.2 billion in the Q2 of FY12 (Chart 4). USD mn 50000 40000 30000 20000 10000 0 -10000 -20000 -30000 Chart 4: Monthly Exports and Imports Jun-10 Apr-10 May-10 Sep-10 Aug-10 Jul-10 Nov-10 Oct-10 Per cent 10 26523220 70 40 Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Exports Imports Trade Balance Growth Exports (right scale) 3....
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.... Growth Imports (right scale) USD mn 30000 25000 20000 15000 10000 5000 0 -5000 Q1 2009-10 Q2 2009-10 Q3 2009-10 Q4 2009-10 1.5 Inflows on account of foreign investment during Oct-Nov 2011 remained subdued as in Q2 of FY12 with a lacklustre performance by both components viz., foreign direct investment (FDI) and portfolio investment by Foreign Institutional Investors (Flls), which showed net outflow in October and a marginal inflow in November (Chart 5). Subdued capital inflows coupled with deceleration in exports growth led the depreciation of Rupee from 48.92 (per USD) at end-September 2011 to Rs.53.26 at end-December 2011. Q1 2010-11 Direct Invest Portfolio Investment Total Q2 2010-11 Chart 5: Foreign Investment Flow and Exchange Rate Q3 2010-11 Q4 2010-11 Q1 2011-12 Exchange Rate (right scale) Q2 2011-12â– | Q3 2011-12 (Oct-Nov 11) 40.0 50.0 48.0 46.0 52.0 R/USD average of Quarter/Month 42.0 44.0 Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The Union Budget 2011-12 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....
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.....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 April-December of FY12 indicates that all the key deficit indicators as percentage of budget estimates (BE) for 2011-12 were 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 period at 63.5 per cent of BE were lower than 70.7 per cent a year ago. In the direct taxes, corporation tax collections showed a moderate growth of 6.0 per cent due to large refunds while personal income tax increased by 16.4 per cent as against budgeted growth rates of 21.5 per cent and 16.2 per cent, respectively, for FY12. Among the major indirect taxes, while collections from customs duty and service tax showed healthy growth rates of 15.3 per cent and 37.3 per cent, respectively, during April-December 2011 as against budgeted growth rates of 15.1 per cent and 18.2 per cent, respectively, for FY12, collection from excise duties grew at a lower rate of 8.1 per cent a....
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....gainst budgeted growth of 19.2 per cent for FY12. Non-tax revenue at 62.2 per cent of BE was lower than previous year mainly reflecting the impact of telecom receipts in FY11. Total expenditure as per cent of BE at 71.3 per cent during April- December 2011 was broadly similar to 71.0 per cent during the corresponding period of the previous year. Thus, revenue deficit and gross fiscal deficit during April-December 2011 at 93.1 per cent and 92.3 per cent of BE, were higher than those during the corresponding period of the previous fiscal year mainly reflecting the impact of large refunds under directs taxes early this year and higher telecom receipts in the previous year (Table 1). 5 Item 2011-12 BE Table 1: Fiscal Outcome during the April-December 2011-12 (amount in Rs. crore) Apr-Dec 2010- 11 (% of BE) Apr-Dec 2011-12 Apr-Dec 2011- 12 (% of BE) Revenue Receipts 789,892 498,491 63.1 85.6 Tax Receipts 664,457 420,414 63.3 73.2 Non-Tax Receipts 125,435 78,077 62.2 130.4 Other Non-debt Receipts 55,020 16,858 30.6 69.4 Total Expenditure 1,257,729 896,361 71.3 71.0 Revenue Expenditure 1,097,162 784,595 71.5 73.1 Capital Expenditure 160,567 111,766 69.6 57.5 Revenue Deficit Primary Defici....
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....t Gross Fiscal Deficit 307,270 286,104 93.1 42.1 144,831 201,583 139.2 18.8 412,817 381,012 92.3 44.9 Financing Market Loans External Assistance Securities against Small Savings Others 358,000 384,146 107.3 84.7 14,500 7,058 48.7 74.2 24,182 -889 -3.7 -97.7 16,135 -9,303 -57.7 -18,415.5 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 third quarter (Q3) and the cumulative position for financial year 2011-12 (FY12). 2.4 During Q3 of FY12, the Central Government issued dated securities worth 1,44,000 crore constituting 34.5 per cent of BE. Including H1, borrowings during the first three quarters of the current fiscal year amounted to 94.5 per cent of BE as compared with 84.0 per cent in the corresponding period of the previous year. Taking into account repayments of Rs.73,631 crore, the net amount raised through dated securities during first three quarters of FY12 amounted to Rs.3,20,369 crore constituting 93.4 per cent of BE compared with 86.5 per cent during April-December 2010-11 (Table 2). 6 Table 2: Issuance of Dated Securities (Amount in Crore) Apr-Dec Apr-Dec FY 12 Ap....
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....r-Dec FY11 2011-12 BE Q3 FY 12 Item Gross Amount 417128 144,000 FY 12 394,000 % of BE % of BE 94.5 84.0 Repayments Net Issuance 74128 343000 14,297 73,631 129,703 320,369 99.3 76.4 93.4 86.5 2.5 Auctions during Q3 of FY12 were held broadly in accordance with the pre-announced calendar. While the auction for one security for 4,000 crore was cancelled in November 2011, one additional auction for 15,000 crore was held in the last of week of December 2011. Maturity-wise issuance was broadly line with the calendar (Table 3). Taking into account market appetite and portfolio management considerations, four new securities were issued during the quarter which constituted 12.5 per cent of total issuance amount during Q3 of FY12. Notwithstanding this, the greater emphasis on re-issues was continued to build up adequate volumes under existing securities imparting greater liquidity in the secondary market. Table 3 - Actual Borrowings versus Calendar for Q3 FY 12 Period/Maturity 5-9 years 10-14 years As per calendar Actual Borrowed 30000-40000 37,000 49000-59000 65,000 15-19 Years 18000- 25000 20-30 Years (Crore) Total 15000- 20000 133,000 23,000 19000 144,000 2.7 The gross amount raised throug....
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....h treasury bills (including 91, 182 and 364 day treasury bills) during Q3 of FY12 amounted to Rs.1,39,327 crore while total repayments amounted to *1,47,761 crore resulting in net issuance of (-) Rs.8,434 crore compared with net issuance of 18,603 crore in Q2 and 67,842 crore in Q1 . Thus, the net issuance of treasury bills during first three quarters of current fiscal year amounted to Rs.78,011 crore (Table 4). The details of issuance of bills during April-December 2011 are given in Statement 2. 7 Table 4: Issuance of Treasury Bills* (Amount in Crore) Item 2011-12 BE Q3 FY 12 Apr-Dec FY 12 Apr-Dec FY 11 Apr-Dec FY 12 as % of BE 364 DTB Gross Amount 52,610 28,210 66371 28,482 126.2 Repayment 42,482 11,042 28482 27,369 67.0 Net Issuance 10,128 17,168 37,890 1,113 374.1 182 DTB Gross Amount 54,994 24,001 65601 30,800 119.3 Repayment 50,595 20,250 42251 31,500 83.5 Net Issuance 4,399 3,751 23,351 -700 530.9 91 DTB Gross Amount 310,244 87,115 322193 187,638 103.9 Repayment 309,771 116,469 305423 196,282 98.6 Net Issuance 473 -29,353 16,770 -8,644 3,544.3 All T-Bills Gross Amount 417,848 139,327 454,166 246,920 108.7 Repayment 402,848 147,761 376,155 255,151 93.4 Net Issuance 15,000 -8,....
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....434 78,011 -8,231 520.1 *:- Including amount through non-competitive route. 2.8 The weighted average maturity (WAM) of dated securities issued during Q3 of FY12 at 13.20 years was higher than 12.27 years in the previous quarter (Table 5). The average maturity of outstanding government securities at end-December 2011 was, however, marginally lower at 9.66 years than 9.68 years at end-September 2011. Reflecting the impact of higher weighted average maturity as well as hardening of yields due to increased supply and also due to policy tightening, the weighted average yield (cut-off) of issuance during Q3 of FY12 increased to 8.87 per cent from 8.43 per cent in the previous quarter. 8 Table 5: Maturity and Yield of Central Government's Market Loans 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 2011-12 Q2 8.43 12.27 7.83 9.68 201....
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....1-12 Q3 8.87 13.20 7.84 9.66 2011-12 (Apr-Dec) 8.57 12.56 7.84 9.66 *As at end of period. 2.9 The market borrowings through dated securities were increased during the second half (HY2) of FY12 by Rs.52,872 crore vis-Ã -vis the budget estimates, in view of shortfall in other financing items. On a review of the Government's overall financing requirements, the Government borrowings programme was increased further by Rs.40,000 crore, resulting in a total increase of 92,872 crore during the year (Table 6). Table 6: Gross Borrowings proposed as per Calendar crore Amount of Period Borrowings Apr-Dec FY12 (Actual) 3,94,000 Jan-Mar FY12 (Scheduled) 1,16,000 Total for FY12 5,10,000 FY12 BE 4,17,128 Increase in FY12 92,872 6 2.10 The revised calendar announced for issuance of dated securities during January-March 2012 is given in Table 7. Table 7: Proposed Dated Securities Issuance Calendar - Q4 2011-12 (amount in crore) Week Total Amount Range of Amount Under Different Maturity Buckets Ending to be issued 5-9 Year 10-14 Year 15-19 Year 6-Jan-12 14000 4000-5000 6000-7000 20-30 Year 3000-4000 13-Jan-12 14000 4000-5000 6000-7000 3000-4000 20-Jan-12 14000 4000-5000 6000-7000 3000-4000 27-Jan-1....
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....2 13000 3000-4000 6000-7000 3000-4000 3-Feb-12 13000 3000-4000 6000-7000 3000-4000 10-Feb-12 12000 3000-4000 5000-6000 3000-4000 17-Feb-12 12000 3000-4000 5000-6000 3000-4000 24-Feb-12 12000 3000-4000 5000-6000 3000-4000 9-Mar-12 12000 3000-4000 5000-6000 3000-4000 Total Q4 116000 30000-39000 50000-59000 12000-16000 15000-20000 10 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; Rs.30,000 crore for July 01, 2011 to September 30, 2011. The limits were revised to 20,000 crore for Q3 and *10,000 crore for the last quarter of FY12. 3.2 Liquidity conditions in the economy remained generally tight during the quarter. The Reserve Bank continued to provide liquidity through its Liquidity Adjustment Facility....
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.... (LAF). The net amount provided under LAF operations was substantially higher towards the end of the quarter due to advance tax payments (Chart 6). The Reserve Bank also conducted open market operations to support liquidity and purchased securities worth 41,211 crore during the quarter. 200000 Chart 6: Liquidity in the System 150000 100000 50000 Net LAF in Crore (-absorption+injection) 30-12-2011 22-12-2011 14-12-2011 06-12-2011 -28-11-2011 20-11-2011 12-11-2011 04-11-2011 27-10-2011 19-10-2011 11-10-2011 03-10-2011 -50000 11 3.3 The cash position of the Government during Q3 remained largely in the deficit mode. The issuance of treasury bills were modulated taking into account the cash position. The net amount mobilised through treasury bills (under competitive route) during Q3 of FY12 was negative at (-) Rs.15,000 crore. Under the non-competitive route, net amount received amounted to 6,566 crore. Details of treasury bills issued and matured in Q3 of FY12 are given in Table 8. Table 8: Repayments and Issuance Treasury Bills in Oct-Dec. 2011 (Amount in Crore) Variation in Issued amount over Repayments Date of Repayments Issued Amount Issue 91 DTB 91 182 DTB 364 DTB DTB 182 DTB 364 ....
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....DTB 7-Oct-11 7,000 0 2,000 4,000 0 4,000 -1,000 14-Oct-11 7,000 2,000 0 4,000 4,000 0 -1,000 21-Oct-11 7,000 28-Oct-11 7,000 3,000 0 2,000 4,000 0 4,000 -1,000 4,000 4,000 0 -2,000 4-Nov-11 7,000 0 11-Nov-11 7,000 3,000 18-Nov-11 7,000 25-Nov-11 7,000 3,000 0 2,000 0 2,000 2-Dec-11 7,000 9-Dec-11 7,000 3,000 0 1,000 16-Dec-11 7,000 0 23-Dec-11 7,000 3,000 30-Dec-11 7,000 0 1,000 0 4,000 0 4,000 4,000 4,000 0 4,000 4,000 4,000 0 4,000 4,000 4,000 0 4,000 4,000 1,000 4,000 0 Total Under Competitive Route 4,000 -1,000 0 -2,000 4,000 -1,000 -2,000 4,000 0 0 -2,000 4,000 0 -2,000 4,000 0 Q3 91,000 Q3 25,469 17,000 11,000 52,000 24,000 Total Under Non-Competitive Route 3,250 42 35,115 28,000 -15,000 1 210 6,566 3.4 To meet temporary mis-matches in cash flows, the Government issued cash management bills (CMBS) worth Rs.21,000 crore during the quarter. By the end of the quarter, however, all the CMBS were repaid. Therefore, outstanding amount under these bills was nil at end of Q3 (Table 9). 12 Table 9: Issuance of Cash Management Bills (Amount in Crore) Issue Date Maturity Date Amount Cut Off Yield (%) 18-Oct-11 5-Dec-11 10,000 8.69 9-Nov-11 21-Dec-11 6,000 8.69 9-Nov-11 21-Dec-11 5,000 ....
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....8.87 Outstanding at end of Q2 Total Issued in Q3 21,000 Matured in Q3 21,000 Outstanding at end of Q3 3.5 The calendar for issuance of treasury bills during October-December 2011 is given in Table 10. Table 10: Calendar for Issuance of Treasury Bills in Jan-Mar 2012 (crore) Auctions Date 04-01-2012 91-Days 6000 182-Days 364-Days Total 4000 10000 11-01-2012 6000 4000 10000 18-01-2012 6000 4000 10000 25-01-2012 6000 4000 10000 01-02-2012 9000 4000 13000 08-02-2012 9000 4000 13000 15-02-2012 9000 4000 13000 22-02-2012 9000 4000 13000 29-02-2012 8000 4000 12000 07-03-2012 8000 4000 12000 14-03-2012 8000 4000 12000 21-03-2012 8000 4000 12000 28-03-2012 8000 4000 12000 Total 100000 28000 24000 152000 13 33 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.33,82,645 crore at end-December 2011 from Rs.32,76,368 crore at end-September 2011 (Table 11). This represented a QoQ (Quarter-on-Quarter) increase of 3.2 per cent (provisional) compared with an increase of 4.7 per cent in the previous quarter (Q2 of FY12). Internal debt constituted 89.9 per cent of public debt, comp....
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....ared with 89.6 per cent at the end of the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills/cash management bills) accounted for 79.1 per cent of total public debt, compared with 78.4 per cent at end-September 2011. The outstanding internal debt of the Government at Rs.30,41,895 crore constituted 33.9 per cent of GDP compared with 32.7 per cent at end-September 2011. Table 11: Composition of Public Debt Item At end-Dec At end-Sept 2011 2011 (**Crore) At end- Dec 2011 At end- Sept 2011 (% of Total) 1 2 3 4 5 Public Debt (1 + 2) 3,382,645 3,276,368 100.00 100.00 1. Internal Debt 3,041,895 2,935,618 89.93 89.60 Marketable 2,675,172 2,568,895 79.09 78.41 (a) Treasury Bills 212,838 221,314 6.29 6.75 (i) 91-days Treasury Bills 87,115 116,514 2.58 3.56 (ii) 182-days Treasury Bills 45,351 41,600 1.34 1.27 (iii) 364-days Treasury Bills 80,371 63,199 2.38 1.93 (b) Dated Securities 2,462,334 2,347,581 72.79 71.65 Non-marketable 366,723* 366,723 10.84 11.19 (i) 14-days Treasury Bills 67,367* 67,367 1.99 2.06 (ii) Securities Issued to NSSF 217,864* 217,864 6.44 6.65 (iii) Compensation and other bonds 26,348* 26,348 0.78 0.80 (iv) Securi....
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....ties issued to International 30,757* 30,757 0.91 0.94 Financial Institutions (v) Ways and Means Advances 24,387* 24,387 0.72 0.74 2. External Debt 340,750* 340,750 10.07 10.40 (i) Multilateral 208,988* 208,988 6.18 6.38 (ii) Bilateral 100,661* 100,661 2.98 3.07 (iii) IMF 30,398* 30,398 0.90 0.93 (iv) Rupee debt 703* 703 0.02 0.02 *:-These data are not available for Dec 31, 2011. So they are carried over from previous quarter. Note: Foreign Institutional Investors (FII)'s investment in government securities and treasury bills (**41,643 crore at end-Sep. 2011) is included in the internal marketable debt. 14 Maturity Pattern for Outstanding Government Debt Stock 4.2 The average maturity of outstanding stock of dated securities as at end-December 2011 declined marginally to 9.66 years from 9.68 years at end-September 2011. Over the same period, the weighted average coupon of outstanding stock increased to 7.84 per cent from 7.83 per cent a quarter ago (see Table 5). 4.3 As at end of December 2011, the proportion of debt maturing in less than one year declined to 3.7 per cent from 4.3 per cent a quarter ago, while debt maturing within 1-5 years came down to 25.3 per cent from 26.7 per c....
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....ent at end-September 2011. Thus, the proportion of debt maturing in less than 5 years at end-December 2011 was lower at 29.0 per cent than 31.0 per cent a quarter ago. The proportion of outstanding debt maturing in less than 10 years, showed a decline to 63.3 per cent from 64.3 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 Q3 of FY12 as well as the maturity dynamics of outstanding securities. Overall, 29.0 per cent of outstanding stock has a residual maturity of upto 5 years, which implies that over the next five years, on an average, less than 6.0 per cent of outstanding stock needs to be rolled over every year (Table 12). Thus, the rollover risk in the debt portfolio remained low. Table 12: Maturity Profile of Gol Outstanding Dated Securities (Amount in Crore) Maturity Buckets Less than 1 Year 1-5 Years 5-10 Years 10-20 Years 20 Years and above Total End-Dec 2011 90,621 End-Sep 2011 99,868 (3.68) (4.25) 6,22,401 6,27,401 (25.28) (26.73) 8,44,465 7,81,465 (34.30) (33.29) 5,17,853 4,67,853 (21.03) (19.93) 3,86,994 3,70,994 (15.72) (15.80) 24,62,333 23,47,580 Note: Figures in....
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.... parentheses represent per cent to total. 15 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-September 2011 (Table 13 and Chart 7). Banks (including banks that are primary dealers and co-operative banks) continue to dominate as the major investor category. Their share in holding of Government securities increased to 51.2 per cent at end-June 2011 from 50.9 per cent as at end-June 2011. Among the long-term investors, while of the share of holding by insurance companies increased to 22.6 per cent at end-September 2011 from 22.5 per cent a quarter ago, the share of provident funds increased to 7.2 per cent from 7.0 per cent over the same period. Holding of securities by Reserve Bank of India at end-September 2011 at 12.5 per cent was lower than 12.9 per cent a quarter ago. Table 13: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2010 2011 Jun. Sep. Dec. Mar. June Sept. 1. Commercial Banks 38.35 38.75 38.63 38.42 37.59 37.22 2. Bank- PDs 9.92 9.73 8.77 8.61 9.96 10.67 3. Non-Bank PDs 0.23 0.29 0.26 0.11 0.1 0.12 4. Insurance Companies 22.....
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....05 22.18 22.11 22.22 22.47 22.57 5. Mutual Funds 0.38 0.73 0.88 0.18 0.41 0.32 6. Co-operative Banks 3.4 3.5 3.38 3.41 3.31 3.28 7. Financial Institutions 0.34 0.35 0.33 0.35 0.34 0.35 8. Corporates 2.82 2.57 2.33 1.94 1.86 1.64 9. Fils 0.62 0.55 0.61 0.97 0.89 0.97 10. Provident Funds 6.56 6.79 6.89 7.06 7.01 7.23 11. RBI 9.67 9.2 10.67 12.84 12.9 12.52 12. Others 5.65 5.36 5.14 3.89 3.15 3.13 Total 100 100 100 100 100 100 Source: RBI Bulletin, December 2011; Vol. LXV No. 12 16 Chart 7 : Holding Pattern of Government Securities (Sep-11 outer ring; Jun-11: inner ring] 7.23 12.52 7.01 12.90 3.13 3.15 37.59 37.22 O 0.97 0.89 3.28 3.31 22.47 22.57 9.96 10.67 â– Commercial Banks Bank-PDs Non-Bank PDs Insurance Companies Mutual Funds Co-operative Banks â– Financial Institutions Corporates â– Fils Provident Funds RBI 17 Per cent Section 5 - Secondary Market A. Government security yields 5.1 Chart 8 depicts the movement in Government bond yields (10-year yield taken as benchmark) during the quarter, up to end-December 2011. The 10-year bond yield increased during the quarter from 8.44 per cent at end-September 2011 to 8.54 per cent at end-December 2011. The yields went up shar....
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....ply during the quarter due to policy rate hike of 25 bps by the Reserve Bank on October 25 as well as supply concerns. 10-year yield increased to 8.95 per cent on 01 November 2011 but moderated somewhat after that due to risk aversion and hopes of pause in rake hikes by the Reserve Bank. Yields, however, rose again to reach a peak of 8.97 per cent on November 14 as supply concerns emerged due to announcement of auction of cash management bills. Yields came down subsequently in the wake of open market operations (OMO) purchase by the Reserve Bank, moderation in inflation rate and negative growth in IIP. 10-year yields dropped to a low of 8.29 per cent on December 12. The yields hardened thereafter due to tight liquidity conditions and the 10-year yield closed the quarter at 8.54 per cent. 9.1 8.9 Chart 8 Movement of G-Sec Yields - 10-Year 8.7 8.5 8.3 8.1 7.9 7.7 7.5 7.3 18 Yield 5.2 Bond yields increased during the quarter across the curve barring a few maturities which saw inversion in yield curve. Particularly, the yield curve flattened in the maturities below 10-years and steepened in the longer maturities. While the 1yr- 10yr spread narrowed to 9 bps at end-December 2011 from 35....
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.... bps at end-September 2011, 5yr-10yr spread increased to 3 bps from (-) 4 bps over the same period. At the long end, the 10yr-30yr spread widened to 29 bps on end-December 2011 from 15 bps at end of previous quarter. Overall, the 1yr-30yr spread at end of Q3 of FY12 was lower at 38 bps than 50 bps at end of previous quarter (Chart 9). 9.00% 8.90% 8.80% 8.70% 8.60% 8.50% Chart 9: Government Bond Yield Curve 8.40% 8.30% 8.20% 30-Sep 31-Dec Years 8.10% 8.00% 1 5 9 13 17 21 25 29 5.3 The Treasury Bills curve flattened and got inverted at end of Q3 of FY12 as short-term yields increased sharply owing to the Reserve Bank's repo rate hikes by 25 bps during the quarter as well as tight liquidity conditions, particularly toward the end of the quarter. Inversion in the curve was more pronounced in the above 6-months maturity with spread between 6 months-1 year declining to (-)10 bps from (-) 2 bps at end of previous quarter. The 1-6 months spread declined to 4 bps at end-December 2011 from 14 bps at end-September 2011. Overall, the treasury yield curve flattened by 19 bps between one month and one year maturity range (Chart 10). 19 Yield (Per cent) 8.6 8.5 8.4 8.2 8.1 Chart 10: Treasury Bill....
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.... Yield Curve 30-Sep-11 31-Dec-11 8.0 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 Q3 of FY12 stood at *9.07 lakh crores, representing a moderate increase of 3.1 per cent over 8.80 lakh crore during the preceding quarter (Table 14). While the transaction in treasury bills declined during the quarter by (-)26.7 per cent, transaction volumes in state government securities recorded a growth of 62.7 per cent. The transactions volumes in the Central Government securities showed a growth of 6.5 per cent during October-December 2011 over the pervious quarter. The annualised outright turnover ratio¹ for the Central Government dated securities for Q3 of FY12 was marginally higher at 2.72 than 2.68 during the previous quarter. Including repo transactions, the annualised total turnover ratio² for Q3 of FY12 was lower at 6.13 than 6.53 during the previous quarter. 1 2 Annualised Outright Turnover Ratio = 4* [Quarterly Outright Volume *2/(Average of outstanding stock)] Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume (Average of outsta....
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....nding stock)] * 4) / 20 20 '000 Crore Outright Period Table 14: Transactions in Government Securities (volumes in Crore) Repo Total G-Sec T-Bills SDL Total T-Bills SDL 2008-09 1955412 170436 34385 2160234 3475348 583335 35603 4094286 2009-10 2480850 363283 69757 2913890 5233295 812537 26996 6072828 2010-11 2552181 275095 43677 2870952 3253965 832632 12688 4099284 Jan-Mar 11 444043 52079 11686 507809 756618 212382 2430 971430 Apr-Jun 11 509795 84119 6929 600843 640503 473959 4818 1119280 Jul-Sep 11 770109 101507 7988 879605 556349 418372 7452 982173 Oct-Dec 11 819819 74401 13001 907221 512088 363477 4777 880343 G-Sec 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q3 of FY12, it accounted for 90.4 per cent of total outright volume, compared to 87.6 per cent in the previous quarter and 58.2 per cent of the total repo volume, compared to 56.6 per cent in the previous quarter. Chart 11a: Secondary Market Transaction - Outright 1000 1000 900 â– G-Sec T-Bills SDL 800 700 800 600 00 500 400 300 200 100 '000 crore 00 600 400 0 Jan-Mar 11 Apr-Jun 2011 Jul-Sep 2011 Oct-Dec2011 00 200 Chart 11b: Secon....
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....dary Market Transaction - Oct-Dec 2011 0 Outright repo G-Sec T-Bills SDL 5.6 The volume of transactions continued to be skewed towards a few securities. The top 10 traded securities accounted for 87.6 per cent of the total outright transaction volume during the Q3 of FY12 as compared with 85.6 per cent during the previous quarter. The share of top three traded securities in total outright transaction 21 volume, however, declined to 68.0 per cent during Q3 from 76.8 per cent in the previous quarter. List of top 10 traded securities for the current quarter and the previous quarter are given in Table 15. Table 15 - Top 10 Traded Securities (in Crore) Security Oct-Dec. 2011 8.79% G.S. 2021 2,52,129 Security 7.80% G.S. 2021 Jul-Sept. 2011 5,09,680 9.15% G.S. 2024 1,89,945 8.13% G.S. 2022 1,09,854 7.80% G.S. 2021 1,74,570 8.08% G.S. 2022 56,316 7.83% G.S.2018 78,269 7.83% G.S. 2018 42,105 8.13% G.S. 2022 35,289 8.28% G.S. 2027 8,791 8.08% G.S. 2022 23,729 7.59% G.S. 2016 6,914 8.97% G.S. 2030 11,830 8.07% GS 2017 6,573 FRB 2020 10,425 8.30% G.S. 2040 4,334 8.30% G.S. 2040 9,604 FRB 2020 4,305 8.28% G.S. 2027 8,772 8.26% G.S. 2027 3,714 5.7 The maturity distribution of dated central Gover....
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....nment securities transactions in the secondary market is detailed in Table 16 and Chart 12a and 12b. Reflecting the impact of high liquidity of 10-year benchmark paper, securities in the maturity range of 7-10 years continued to account for the highest share of trading volumes though their share declined during the quarter while that of other maturity buckets showed an increase. The 7-10 years maturity bucket account for 53.5 per cent of outright trading volumes during Q3 of FY12, lower than 71.8 per cent in the previous quarter. The share of trading volumes in the above 10-year segment increased over the quarter to 34.4 per cent from 24.9 per cent due to issuance of new securities in this segment during the quarter. The securities in the maturity range of 3-7 years accounted for 11.0 per cent of total volume compared with 2.7 per cent in the previous quarter. The share of trading volume in the below 3 years maturity bracket remained low at 1.1 per cent. 22 22 Table 16 : Maturity Pattern of Outright Transactions (in Crore) Maturity/Quarter Less than 3 Years Oct-Dec 2011 9076 Jul-Sep 2011 4473 Apr-Jun 2011 2010-11 2009-10 11973 107943 202683 3-7 Years 90125 20768 54611 432297 584202....
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.... 7-10 Years 438754 553215 234252 971464 1081244 above 10 years 281864 191653 208959 1040477 Total 819819 770109 509795 2552181 612721 2480850 Chart 12a: Maturity-wise Trading Activity- Oct-Dec 11 1% 11% 34% 54% Chart 12b: Maturity wise Trading Activity - Jul-Sep 25% â– 10 yrs 11 -0% 3% 72% â– 10 yrs 5.8 Foreign banks continued to be the dominant trading institution, accounting for 27.2 per cent of total outright trading activity of Central Government dated securities as compared with 30.3 per cent in the previous quarter (Chart 13). Share of primary dealers increased to 28.5 per cent from 27.3 per cent during Q3 of the current financial year, share of private sector banks to 15.5 per cent from 14.3 per cent, and share of public sector banks to 18.4 per cent from 18.0 per cent. During the quarter, public sector banks were the major net buyers (*20,124 crore), followed by 'others category' investors (9,889 crore) while primary dealers were the only category showing a net selling position. 23 Chart 13: Trading Activity (Buy + Sell) By Category (inside circle Oct-Dec '11 and Outside Circle Jul-Sep'11) 3% 3% 5% 18% 5% 3% 18% 3% 27% 28% 27% 30% Public Sector Banks | Private Sect....
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....or Banks Foreign Banks Primary Dealers 16% 14% I Mutual Funds I Co-operative Banks Others 5.9 Quarterly share of various categories/participants in the secondary market trading activity (buy + sell) for government securities is shown in Table 17. Table 17: Category wise - Buying and Selling (% of total) Oct-Dec 2011 Jul-Sep 2011 Apr-Jun 2011 Jan-Mar 2011 Category Buy Sell Sell Buy Buy Sell Buy Sell Co-operative Banks 3.1 2.9 2.8 2.7 2.3 2.1 2.6 2.6 0.5 0.1 0.4 0.2 0.9 0.1 0.4 0.3 Fls Foreign Banks 27.3 27.1 30.6 29.9 30.0 32.2 32.2 32.0 Ins. Cos 1.7 1.5 1.6 1.3 2.1 1.6 1.5 1.4 5.0 4.9 5.1 4.6 6.9 4.8 5.1 5.4 Mutual Funds Primary Dealers 25.9 31.0 24.2 30.4 21.0 29.2 19.4 25.1 Private Sector Banks 15.7 15.2 14.2 14.5 14.0 13.9 12.1 11.9 Public Sector Banks 19.5 17.2 19.7 16.2 21.6 15.8 23.3 21.1 Others 1.2 0.1 1.4 0.1 1.2 0.2 3.2 0.2 3.1 2.9 2.8 2.7 2.3 2.1 2.6 2.6 Total 24 24 Statement 1: Issuance of Dated securities During FY11 (April-December 2011)-contd. (Amount in Crore) Devolve Cut off Residual Name of Stock Date of Notified auction Cut off Date of ment on yield Maturity amount price Maturity PDs (%) (Years) 7.83% GS 2018 8-Apr-11 4000 100.00 7.83 11-Apr-18 7.0 7.80% GS 2021 8....
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....-Apr-11 5000 0 100.00 7.80 11-Apr-21 10.0 8.30% GS 2040 8-Apr-11 3000 0 98.78 8.41 2-Jul-40 29.2 7.59% GS 2016 15-Apr-11 4000 875 97.50 8.21 12-Apr-16 5.0 8.08% GS 2022 15-Apr-11 5000 0 98.74 8.25 2-Aug-22 11.3 8.26% GS 2027 15-Apr-11 3000 98.15 8.47 2-Aug-27 16.3 7.83% GS 2018 21-Apr-11 3000 98.60 8.10 11-Apr-18 7.0 7.80% GS 2021 21-Apr-11 6000 0 98.26 8.06 11-Apr-21 10.0 8.30% GS 2040 21-Apr-11 3000 97.84 8.50 2-Jul-40 29.2 7.59% GS 2016 6-May-11 4000 0 96.78 8.40 12-Apr-16 4.9 8.13% GS 2022 6-May-11 5000 0 98.04 8.40 21-Sep-22 11.4 8.26% GS 2027 6-May-11 3000 97.04 8.60 2-Aug-27 16.2 7.83% GS 2018 13-May-11 4000 0 97.05 8.40 11-Apr-18 6.9 7.80% GS 2021 13-May-11 5000 96.72 8.29 11-Apr-21 9.9 8.30% GS 2040 13-May-11 3000 96.39 8.64 2-Jul-40 29.1 7.59% GS 2016 20-May-11 4000 631.45 96.46 8.49 12-Apr-16 4.9 8.08% GS 2022 20-May-11 5000 97.05 8.49 2-Aug-22 11.2 8.26% GS 2027 20-May-11 3000 96.71 8.64 2-Aug-27 16.2 7.83% GS 2018 27-May-11 4000 0 96.35 8.54 11-Apr-18 6.9 7.80% GS 2021 27-May-11 5000 95.81 8.43 11-Apr-21 9.9 8.30% GS 2040 27-May-11 3000 96.20 8.66 2-Jul-40 29.1 7.59% GS 2016 3-Jun-11 3000 96.80 8.40 12-Apr-16 4.9 8.13% GS 2022 3-Jun-11 6000 0 97.75 8.44 21-Sep-22 11.3 ....
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....8.28% GS 2032 3-Jun-11 3000 96.90 8.60 15-Feb-32 20.7 7.83% GS 2018 10-Jun-11 3000 0 97.55 8.30 11-Apr-18 6.8 7.80% GS 2021 10-Jun-11 6000 97.00 8.25 11-Apr-21 9.8 8.26% GS 2027 10-Jun-11 3000 97.13 8.59 2-Aug-27 16.1 7.59% GS 2016 24-Jun-11 3000 0 97.06 8.34 12-Apr-16 4.8 8.08% GS 2022 24-Jun-11 6000 98.06 8.35 2-Aug-22 11.1 8.28% GS 2032 24-Jun-11 3000 96.92 8.60 15-Feb-32 20.6 7.83% GS 2018 1-Jul-11 3000 97.14 8.39 11-Apr-18 6.8 7.80% GS 2021 1-Jul-11 6000 96.31 8.36 11-Apr-21 9.8 8.26% GS 2027 1-Jul-11 3000 0 96.75 8.64 2-Aug-27 16.1 8.30% GS 2040 1-Jul-11 3000 96.20 8.66 2-Jul-40 29.0 8.07% GS 2017 8-Jul-11 3000 0 98.65 8.38 15-Jan-17 5.5 8.13% GS 2022 8-Jul-11 6000 0 97.47 8.48 21-Sep-22 11.2 8.28% GS2027 8-Jul-11 3000 0 97.00 8.62 21-Sep-27 16.2 7.83% GS 2018 15-Jul-11 3000 97.69 8.28 11-Apr-18 6.7 7.80% GS 2021 15-Jul-11 6000 0 97.00 8.25 11-Apr-21 9.7 Statement 1: Issuance of Dated securities During FY11 (April-December 2011)-contd. (Amount in Crore) Devolve Cut off Residual Name of Stock Date of Notified auction amount Cut off Date of ment on yield Maturity price Maturity PDs (%) (Years) 8.30% GS 2040 15-Jul-11 3000 0 96.91 8.59 2-Jul-40 29.0 8.07% GS 2017 22-Jul-11 4000 ....
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....98.87 8.33 15-Jan-17 5.5 8.08% GS 2022 22-Jul-11 5000 0 97.46 8.44 2-Aug-22 11.0 8.28% GS2027 22-Jul-11 3000 97.05 8.62 21-Sep-27 16.2 7.83% GS 2018 29-Jul-11 3000 96.59 8.50 11-Apr-18 6.7 7.80% GS 2021 29-Jul-11 6000 95.60 8.47 11-Apr-21 9.7 8.30% GS 2040 29-Jul-11 3000 95.49 8.73 2-Jul-40 28.9 8.07% GS 2017 5-Aug-11 4000 0 99.00 8.30 15-Jan-17 5.4 8.13% GS 2022 5-Aug-11 5000 0 98.12 8.39 21-Sep-22 11.1 8.28% GS2027 5-Aug-11 3000 97.21 8.60 21-Sep-27 16.1 7.83% GS 2018 12-Aug-11 3000 97.67 8.29 11-Apr-18 6.7 7.80% GS 2021 12-Aug-11 6000 96.85 8.28 11-Apr-21 9.7 8.30% GS 2040 12-Aug-11 3000 0 96.92 8.59 2-Jul-40 28.9 8.07% GS 2017 18-Aug-11 3000 99.04 8.29 15-Jan-17 5.4 8.08% GS 2022 18-Aug-11 4000 97.68 8.41 2-Aug-22 10.9 8.28% GS 2032 18-Aug-11 3000 96.95 8.60 15-Feb-32 20.5 7.83% GS 2018 26-Aug-11 3000 97.41 8.34 11-Apr-18 6.6 7.80% GS 2021 26-Aug-11 6000 0 96.70 8.30 11-Apr-21 9.6 8.28% GS2027 26-Aug-11 2000 0 97.36 8.58 21-Sep-27 16.1 7.99% GS 2017 2-Sep-11 3000 725.25 98.15 8.39 9-Jul-17 5.8 8.13% GS 2022 2-Sep-11 5000 97.66 8.46 21-Sep-22 11.0 8.30% GS 2040 2-Sep-11 3000 96.09 8.67 2-Jul-40 28.8 8.07% GS 2017 9-Sep-11 3000 0 98.87 8.33 15-Jan-17 5.3 7.80% GS 2021 9-Sep-11 50....
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....00 96.71 8.30 11-Apr-21 9.6 8.28% GS2027 9-Sep-11 3000 97.49 8.07% GS 2017 7-Oct-11 3000 0 97.61 8.08% GS 2022 7-Oct-11 6000 0 95.68 8.57 21-Sep-27 8.64 8.70 2-Aug-22 16.0 15-Jan-17 5.3 10.8 8.28% GS2027 7-Oct-11 3000 192.53 95.00 8.87 21-Sep-27 15.9 8.30% GS 2040 7-Oct-11 3000 705.83 93.59 8.92 2-Jul-40 28.7 7.83% GS 2018 14-Oct-11 4000 1613.88 95.31 8.79 11-Apr-18 6.5 7.80% GS 2021 14-Oct-11 6000 2424.01 93.75 8.78 11-Apr-21 9.5 8.26% GS 2027 14-Oct-11 3000 94.21 8.95 2-Aug-27 15.8 7.99% GS 2017 28-Oct-11 4000 149.25 95.90 8.92 9-Jul-17 5.7 8.13% GS 2022 28-Oct-11 6000 94.35 8.95 21-Sep-22 10.9 8.28% GS2027 28-Oct-11 2000 0 94.12 8.98 21-Sep-27 15.9 8.30% GS 2040 28-Oct-11 3000 93.03 8.98 2-Jul-40 28.7 7.83% GS 2018 4-Nov-11 4000 0 95.03 8.86 11-Apr-18 6.4 8.79% GS 2021 4-Nov-11 6000 0 100.00 8.79 8-Nov-21 10.0 Statement 1: Issuance of Dated securities During FY11 (April-December 2011)-concld. (Amount in Crore) Devolvem Cut off Residual Name of Stock Date of Notified auction amount Cut off Date of ent on yield Maturity price Maturity PDs (%) (Years) 8.26% GS 2027 4-Nov-11 3000 0 93.82 9.00 2-Aug-27 15.7 9.15% GS 2024 11-Nov-11 6000 1505.76 100.00 9.15 14-Nov-24 13.0 8.30% GS 2040....
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.... 11-Nov-11 3000 861.38 90.45 9.25 2-Jul-40 28.6 7.83% GS 2018 18-Nov-11 4000 0 94.93 8.88 11-Apr-18 6.4 8.79% GS 2021 18-Nov-11 6000 1150.47 99.70 8.83 8-Nov-21 10.0 8.28% GS2027 18-Nov-11 3000 0 92.95 9.13 21-Sep-27 15.8 GOI FRB 2020 25-Nov-11 3000 103.26 93.00 10.01 21-Dec-20 9.1 9.15% GS 2024 25-Nov-11 6000 0 101.18 8.99 14-Nov-24 13.0 8.30% GS 2040 25-Nov-11 4000 0 90.22 9.28 2-Jul-40 28.6 7.83% GS 2018 2-Dec-11 4000 0 95.94 8.67 11-Apr-18 6.4 8.79% GS 2021 2-Dec-11 6000 0 100.49 8.71 8-Nov-21 9.9 8.97% GS 2030 2-Dec-11 3000 0 100.00 8.97 5-Dec-30 19.0 7.99% GS 2017 9-Dec-11 2000 0 97.97 8.45 9-Jul-17 5.6 GOI FRB 2020 9-Dec-11 2000 400 92.75 10.00 21-Dec-20 9.0 9.15% GS 2024 9-Dec-11 6000 0 103.80 8.65 14-Nov-24 12.9 8.83% GS 2041 9-Dec-11 3000 0 100.00 8.83 12-Dec-41 30.0 7.83% GS 2018 23-Dec-11 4000 0 97.09 8.43 11-Apr-18 6.3 8.79% GS 2021 23-Dec-11 5000 0 102.60 8.39 8-Nov-21 9.9 8.97% GS 2030 23-Dec-11 3000 0 102.90 8.65 5-Dec-30 18.9 7.99% GS 2017 30-Dec-11 3000 0 97.57 8.55 9-Jul-17 5.5 9.15% GS 2024 30-Dec-11 6000 0 103.41 8.70 14-Nov-24 12.9 8.28% GS2027 30-Dec-11 3000 0 94.75 8.90 21-Sep-27 15.7 8.83% GS 2041 30-Dec-11 3000 0 100.05 8.82 12-Dec-41 29.9 Gross Nominal Am....
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....ount Raised 394000 11338.07 Weighted Average Yield 8.57 Weighted Average Maturity 12.56 iii = Statement 2:Treasury Bills Issued During FY11 (April-December 2011)-contd. (Amount in Crore) Non- Gross Competitive Competitive Nominal Cut off Name of Security 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 3202.8 8.34 364 DTB 30-Jun-11 3000 0 3000 8.29 364 DTB 15-Jul-11 3000 0 3000 8.24 364 DTB 29-Jul-11 3000 0 3000 8.49 364 DTB 12-Aug-11 3000 0 3000 8.17 364 DTB 26-Aug-11 3000 0 3000 8.31 364 DTB 9-Sep-11 2742.25 216 2958.25 8.34 364 DTB 23-Sep-11 3000 0 3000 8.46 364 DTB 7-Oct-11 4000 0 4000 8.52 364 DTB 21-Oct-11 4000 5 4005 8.68 364 DTB 4-Nov-11 4000 0 4000 8.74 364 DTB 18-Nov-11 4000 203.3 4203.3 8.85 364 DTB 2-Dec-11 4000 0 4000 8.45 364 DTB 16-Dec-11 4000 0 4000 8.26 364 DTB 30-Dec-11 4000 4002 8.35 182 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 3....
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....000 0 3000 8.23 182 DTB 24-Jun-11 3000 0 3000 8.16 182 DTB 8-Jul-11 3000 0 3000 8.27 182 DTB 22-Jul-11 3000 0 3000 8.18 182 DTB 5-Aug-11 2950 0 2950 8.47 182 DTB 18-Aug-11 3000 0 3000 8.40 182 DTB 2-Sep-11 3000 0 3000 8.40 182 DTB 16-Sep-11 3000 400 3400 8.40 182 DTB 29-Sep-11 3000 0 3000 8.47 182 DTB 14-Oct-11 4000 0 4000 8.62 182 DTB 28-Oct-11 4000 0 4000 8.70 182 DTB 11-Nov-11 4000 0 4000 8.95 iv Statement 2:Treasury Bills Issued During FY11 (April-December 2011)-contd. (Amount in Crore) Non- Gross Competitive Competitive Nominal Cut off Name of Security Date of Issue amount raised amount amount Yield (%) raised raised 182 DTB 25-Nov-11 4000 1.25 4001.25 8.84 182 DTB 9-Dec-11 4000 0 4000 8.51 182 DTB 23-Dec-11 4000 0 4000 8.27 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....
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....-11 6000 4750 10750 8.19 91 DTB 8-Jul-11 7000 250 7250 8.19 91 DTB 15-Jul-11 7000 1500 8500 8.14 91 DTB 22-Jul-11 7000 500 7500 8.10 91 DTB 29-Jul-11 7000 1993.52 8993.52 8.39 91 DTB 5-Aug-11 7000 2575 9575 8.39 91 DTB 12-Aug-11 7000 3100 10100 8.31 91 DTB 18-Aug-11 7000 100 7100 8.35 91 DTB 26-Aug-11 7000 1500 8500 8.35 91 DTB 2-Sep-11 7000 6500 13500 8.39 91 DTB 9-Sep-11 7000 2750 9750 8.39 91 DTB 16-Sep-11 7000 700 7700 8.39 91 DTB 23-Sep-11 7000 2500 9500 8.44 91 DTB 29-Sep-11 7000 1500 8500 8.44 91 DTB 7-Oct-11 4000 1500 5500 8.44 91 DTB 14-Oct-11 4000 1700 5700 8.48 91 DTB 21-Oct-11 4000 1301 5301 8.65 91 DTB 28-Oct-11 4000 503.64 4503.64 8.65 91 DTB 4-Nov-11 4000 2863.91 6863.91 8.65 91 DTB 11-Nov-11 4000 1800 5800 8.86 91 DTB 18-Nov-11 4000 0.72 4000.72 8.90 91 DTB 25-Nov-11 4000 4000 8000 8.86 V Statement 2:Treasury Bills Issued During FY11 (April-December 2011)-concld. (Amount in Crore) Non- Gross Competitive Competitive Nominal Name of Security Date of Issue amount raised amount amount Cut off Yield (%) raised raised 91 DTB 2-Dec-11 4000 854 4854 8.81 91 DTB 9-Dec-11 4000 6600 10600 8.60 91 DTB 16-Dec-11 4000 1701 5701 8.48 91 DTB 23-Dec-11 4000 2290.8 6290.8 8.39 91 DTB....
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.... 30-Dec-11 4000 10000 14000 8.48 Total 360692 93474 454166 vi Date of maturity Statement 3: List of Dated Securities Outstanding at end-Dec 11 - Nomenclature Outstanding Stock (Crore) contd. of which: MSS 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-12 546.8 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 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-....
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....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-16 13129.9 7.02% GS 2016 17-Aug-16 60000.0 8.07% 2017 15-Jan-17 69000.0 7.49% 2017 (con) 16-Apr-17 58000.0 FRB-2017 2-Jul-17 3000.0 vii Nomenclature 7.99% 2017 Statement 3: List of Dated Securities Outstanding at end-Dec 11 – contd. Date of maturity 9-Jul-17 of which: MSS Outstanding Stock (Crore) 68000.0 7.46% 2017 28-Aug-17 57886.8 6.25% 2018 (conv) 2-Jan-18 16886.8 7.83% GS 2018 11-Apr-18 53000.0 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 13000.0 11.60% GS 2020 27-Dec-20 5000.0 7.80% GS 2021 11-Apr-21 68000.0 7.94% GS 2021 24-May-21 49000.0 10.25% GS 2021 30-May-21 26213.3 8.79% GS 2021 8-Nov-21 23000.0 8.20% GS 2022 15-Feb-22 57632.3 8.35% GS 2022 14....
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....-May-22 44000.0 8.08% GS 2022 2-Aug-22 61969.4 5.87% GS 2022 (conv) 28-Aug-22 11000.0 8.13% GS 2022 21-Sep-22 70495.3 6.30% GS 2023 9-Apr-23 13000.0 6.17% GS 2023 (conv) 12-Jun-23 14000.0 7.35% GS 2024 22-Jun-24 10000.0 9.15% GS 2024 14-Nov-24 18000.0 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 73427.3 8.28% GS 2027 21-Sep-27 23252.2 6.01% GS GS 2028 (C 25-Mar-28 15000.0 6.13% GS 2028 4-Jun-28 11000.0 8.97% GS 2030 5-Dec-30 6000.0 8.28% GS 2032 15-Feb-32 61687.1 8.32% GS 2032 2-Aug-32 15434.1 7.95% GS 2032 28-Aug-32 59000.0 viii Date of maturity 8.33% GS GS 2032 21-Sep-32 7.50% GS 2034 10-Aug-34 Statement 3: List of Dated Securities Outstanding at end-Dec 11- concld. Nomenclature Outstanding Stock (Crore) 1522.5 60000.0 of which: MSS 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 72000.0 8.83% GS 2041 12-Dec-41 3000.0 Total 2,462,333.5 ix Statement 4: Maturity Profile of Government Securities as on End-December 2011 Year of maturity Outstanding Stock (Crore) 2012-13 90621 2013-14 95009 2014-15 168018 2015....
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....-16 197244 2016-17 231130 2017-18 203774 2018-19 198478 2019-20 123000 2020-21 84000 2021-22 223846 2022-23 187465 2023-24 27000 2024-25 28000 2025-26 16688 2026-27 72389 2027-28 111680 2028-29 11000 2029-30 2030-31 6000 2031-32 61687 2032-33 75957 2033-34 2034-35 60350 2035-36 42000 2036-37 59000 2037-38 2038-39 13000 2039-40 2040-41 2041-42 Total 72000 3000 2,462,333<BR> News - Press release - PIB....