TaxTMI 
TaxTMI 
Quarterly Report on Debt Management for the Quarter April-June 2012 Released
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....uarterly Report on Debt Management for the Quarter April-June 2012 Released <br>Income Tax<br>Dated:- 27-7-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 27-July-2012 16:22 IST Government has released the Quarterly Report on debt management pertaining to the quarter April-June 2012, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on debt management since April-June (Q1) 2010-11. 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. Th....
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....e full Quarterly Report is enclosed herewith. DSM/SS/GN ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT APRIL-JUNE 2012 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS JULY 2012 www.finmin.nic.in Section CONTENTS Page No. 1 1 Introduction Macroeconomic Developments 2 Debt Management - Primary Market Operations 2 5 3 Cash Management 10 4 Trends in Outstanding Public Debt 13 5 Secondary Market 17 List of Tables Table No. List of Tables and Charts Title 1 23 4 56 7 9 10 11 12 13 14 Fiscal Outcome - April-May 2012-13 Issuance of Dated Securities Actual Borrowings versus Calendar for Q1 of FY 13 Issuance of Treasury Bills Maturity and Yield of Central Government's Market Loans Repayments and Issuance of Treasury Bills in Apr-Jun 2012 Calendar for Issuance of Treasury Bills in July-September 2012 Composition of Public Debt Maturity Profile of Gol Outstanding Dated Securities Ownership Pattern of Government of India Dated Securities Transactions in Government Securities Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) List of Charts Chart No. 1 23456 Quarterly Growth Rate in GDP Infl....
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....ation Rate Based on WPI Title Growth Rate in IIP Monthly Exports and Imports Foreign Investment Flow and Exchange Rate Liquidity in the System 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 11b 12a 12b 13 Secondary Market Transaction - Outright Secondary Market Transaction - Apr-Jun 2012 Maturity wise Trading Activity - Apr-Jun 12 Maturity wise Trading Activity - Jan-Mar 12 Trading Activity (Buy+Sell) by Category List of Statements Statement No. 1 2 3 4 Page No. 6 7 8 9 11 12 13 14 15 20 21 223 21 23 Page No. 2 33 44 9 10 16 17 18 19 20 20 22 22 23 Title Issuance of Dated Securities During FY13 (April-June 2012) Treasury Bills Issued During FY13 (April-June 2012) List of Dated Securities Outstanding at end-June 2012 Maturity Profile of Government Securities at end-June 2012 Page No. i iii iv vii Introduction The Middle Office was set up in September 2008, 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 titled "Public Deb....
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....t 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 report pertains to the first quarter of the fiscal year 2012-13, viz., April-June 2012. 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 (Jan-Mar) of financial year 2011-12 came at 5.3 per cent per annum as compared with 6.1 per cent in the previous quarter, showing deceleration for the fourth consecutive quarter beginning April-June 2011 (Chart 1). Growth rate for fiscal year 2011-12 decelerated to 6.5 per cent from 8.4 per cent in the previous....
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.... fiscal year. While deceleration was seen across most segments, major decline was noticed in growth rates of mining and quarrying, manufacturing, and construction. Electricity, gas & water supply and community, social & personal services showed improved growth during the year. Per cent 11.0 10.0 Chart 1: Quarterly Growth Rate in GDP 9.0 7.8 8.0 7.0 6.4 6.0 5.6 9.8 7.5 7.4 9.2 8.6 8.5 8.2 8.0 7.6 6.7 6.1 5.3 5.0 4.0 2009 Q2 2009 Q4 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 1.2 Inflation rate during June 2012 declined to 7.25 per cent per annum (y-o-y) continuing a generally declining trend set in after September 2011 (Chart 2). Apart from food articles and vegetables, the major contribution to inflation during the year was from fuel and power group, and iron and edible oils in manufacturing group. Inflation build-up during Q1 of FY13 at 1.99 per cent was lower than 2.41 per cent in the previous year. 2 Per cent 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Chart 2: Inflation Rate Based on WPI & F F C OF 8 FT 2010-11 2011-12 2012-13 1.3 The rate of growth in the Index of Industrial Production (IIP) for May 2012 came at 2.4 per cent after showing negative growth rates in March and April ....
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....2012. The cumulative growth in IIP during the financial year 2012-13 (Apr-May) was lower at 0.8 per cent than 5.8 per cent during the same period of the previous year (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 -2.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar -4.0 -6.0 ■2010-11 ■2011-12 2012-13 1.4 India's exports during the first quarter (Q1) of FY13, in US Dollars, showed a decline of 2.5 per cent over the same period a year ago as compared with a growth of 3.3 per cent in previous quarter (Q4 of FY12). For the comparable period, imports declined by 5.9 per cent vis-à -vis 24.5 per cent growth in Q4 of FY12 leading to a trade deficit of USD 40.0 billion during Q1 of FY13 against a deficit of USD 46.4 billion in the previous quarter (Chart 4). 3 USD mn 50,000 40,000 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 Chart 4: Monthly Exports and Imports 30 KINUNTIILLINITHI 20 YT]NITI|ןןזי דייןזין Jan-11 Feb-11 Dec-10 Nov-10 Oct-10 Sep-10 Jul-10 Aug-10 Mar-11 Apr-11 Dec-11 Jan-12 Feb-12 Nov-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 -10 -20 Exports Imports Trade Balance Growth Exports (rig....
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....ht scale) Growth Imports (right scale) Apr-12 Mar-12 May-12 Jun-12 1.5 Net inflows on account of foreign investment during April-May 2012 declined significantly due to net outflow under portfolio investment by Foreign Institutional Investors (Flls). Foreign direct investment (FDI) showed improvement during the two first months of Q1 of FY13 (Chart 5). Subdued capital inflows and continued trade deficit led to depreciation of Rupee from Rs.51.2 (per USD) at end-March 2012 to Rs.56.4 at end-May 2012. Pressure on Rupee continued in June and it closed at *56.3 at end-June 2012. USD mn 25000 20000 15000 10000 5000 0 -5000 Direct Invest 30000 Chart 5: Foreign Investment Flow and Exchange Rate Q1 2009-10 Q2 2009-10 Q3 2009-10 Q4 2009-10 Q1 2010-11 Portfolio Investment Q2 2010-11 اس لاسا Q3 2010-11 Q4 2010-11 Q1 2011-12 Note: Data on FDI have been revised since April 2011 to expand the coverage. 4 Q2 2011-12 Q3 2011-12 Total Exchange Rate (right scale) Q4 2011-12 Q1 2012-13 (April-May) 60.0 50.0 40.0 30.0 20.0 10.0 0.0 */USD average of Quarter/Month 70 60 50 40 Per cent Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The gross fiscal def....
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....icit of the Central Government for fiscal year 2012-13 (FY13) was budgeted at 5,13,590 crore (5.1 per cent of GDP) compared with Rs.5,21,980 crore (5.9 per cent of GDP) in the revised estimates (RE) for 2011-12. The gross and net market borrowing requirements of the Government for FY13 were placed at Rs.5,69,616 crore and Rs.4,79,000 crore against Rs.5,10,000 crore and Rs.4,36,414 crore, respectively, in FY12. 2.2 The fiscal outcome during April-May of FY13 indicates that all the key deficit indicators as percentage of budget estimates (BE) for 2012-13 were lower than their levels during the corresponding period of the previous year. Gross tax collections during the period at 7.8 per cent of BE were higher than 6.6 per cent a year ago. In the direct taxes, corporation tax collections at 10,137 crore showed a healthy growth against negative collections of (-) Rs.3,086 crore last year. Personal income tax collections at *25,999 crore also showed a buoyant growth of 44.2 per cent against budgeted growth rate of 13.9 per cent for FY13. Among the major indirect taxes, while collections from customs and excise duties showed negative growth rates of (-)2.0 per cent and (-)4.6 per cent, re....
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....spectively, against budgeted growth rates of 22.0 per cent and 29.1 per cent, service tax collections increased by 37.7 per cent during April-May 2012-13 as against BE growth rate of 30.5 per cent. Non- tax revenue at 4.2 per cent of BE was lower than 4.5 per cent in the same period of the previous year. Total expenditure as per cent of BE at 12.8 per cent during April-May 2012-13 was lower than 13.2 per cent during the corresponding period of the previous year mainly on account of reduction in capital expenditure. Thus, revenue deficit and gross fiscal deficit during April-May of FY13 at 33.8 per cent and 27.6 per cent of BE, were lower than those during the corresponding period of the previous fiscal year (Table 1). 5 Table 1: Fiscal Outcome during the April-May 2012-13 (amount in Rs. crore) 2012-13 BE Item April-May 2012-13 April-May 2012- 13 (% of BE) April-May 2011- 12 (% of BE) Revenue Receipts 9,35,685 47,897 5.1 3.6 Tax Receipts 7,71,071 40,925 5.3 3.5 Non-Tax Receipts 1,64,614 6,972 4.2 4.5 Other Non-debt Receipts 41,650 1,411 3.4 12.4 Total Expenditure 14,90,925 1,90,895 12.8 13.2 Revenue Expenditure 12,86,109 1,66,412 12.9 12.6 Capital Expenditure 2,04,816 24,483 12.0 17....
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.....1 Revenue Deficit 3,50,424 1,18,515 33.8 35.8 Primary Deficit 1,93,831 96,869 50.0 65.1 Gross Fiscal Deficit 5,13,590 1,41,587 27.6 31.7 Financing Market Loans* 4,88,000 1,10,135 22.6 29.4 External Assistance 10,148 399 3.9 12.0 Securities against Small 1,198 -198 -16.5 -0.8 Savings Others 14,244 31,251 219.4 148.9 *:- Includes borrowings through treasury bills. 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) of FY13 and corresponding position in the same quarter of FY12. 2.4 As mentioned above, the gross and net market borrowings of the Central Government for FY13 were projected at Rs.5,69,616 crore and Rs.4,79,000 crore, respectively, in FY13 BE. During the first quarter of FY13, the Government issued dated securities worth Rs.1,73,000 crore constituting 30.4 per cent of BE FY13 against 28.8 per cent in the Q1 of previous fiscal year (Table 2). Taking into account repayments of 60,574 crore, the net amount raised through dated securities during FY13 amounted to Rs.1,12,426 crore, constituting 23.5 per cent of BE as compared with 31.1 per cent a year ....
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....ago. 6 Table 2: Issuance of Dated Securities (Amount in Crore) 2012-13 Q1 FY 13 Q1 FY12 % of Item BE Gross Amount 5,69,616 Q1 FY 13 1,73,000 Q1 FY 12 1,20,000 % of BE BE 30.4 28.8 Repayments Net Issuance 90,616 4,79,000 60,574 1,12,426 13,473 66.8 18.2 1,06,527 23.5 31.1 2.5 Auctions during Q1 of FY13 were held in accordance with the pre-announced calendar (Table 3). During the quarter, greater emphasis on re-issues was continued with a view to build up adequate volumes under existing securities imparting greater liquidity in the secondary market. One new security with a maturity of 10 years was issued during the quarter, constituting 4.0 per cent of total issuance amount during Q1 of FY13. Table 3-Actual Borrowings versus Calendar for Q1 FY 13 (amount in crore) Maturity range 5-9 years 10-14 years 15-19 Years 20-30 Years Total HY1 FY13 96,000- 1,46,000- 50,000- 50,000- (calendar) 1,20,000 1,70,000 74,000 74,000 3,70,000 % of Total 25.9-32.4 39.5-45.9 13.5-20 13.5-20 100.0 Q1 FY 13 actual 43,000 78,000 25,000 % of Total 24.9 45.1 14.5 27,000 15.6 1,73,000 100.0 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q1 of FY13 amounted to Rs.2....
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....,30,762 crore while total repayments amounted to *1,68,814 crore resulting in net issuance of Rs.61,948 crore compared with net issuance of *67,842 in Q1 of FY12 (Table 4). The details of issuance of bills during FY13 are given in Statement 2. 7 Table 4: Issuance of Treasury Bills* (Amount in Crore) 2012-13 BE Q1 FY 13 Q1 FY 12 Q1 FY 13% of Q1 FY 12 % of Item BE BE 364 DTB Gross Amount 1,04,371 35,376 20,203 33.9 38.4 Repayment 90,371 20,203 11,376 22.4 26.8 Net Issuance 14,000 15,173 8,827 108.4 87.1 182 DTB Gross Amount 99,352 30,000 20,250 30.2 36.8 Repayment 99,352 24,001 9,500 24.2 18.8 Net Issuance 5,999 10,750 244.4 91 DTB Gross Amount 5,32,546 1,65,386 1,18,610 31.1 38.2 Repayment 5,37,546 1,24,610 70345 23.2 22.7 Net Issuance -5,000 40,776 48,265 10,200.5 All T-Bills Gross Amount 7,36,270 2,30,762 1,59,062 31.3 38.1 Repayment Net Issuance 7,27,270 9,000 1,68,814 91,221 23.2 22.6 61,948 67,842 688.3 452.3 *:- Including amount through non-competitive route. 2.7 The weighted average maturity (WAM) of dated securities issued during Q1 of FY13 at 13.53 years was higher than 13.00 years in the previous quarter (Table 5). The average maturity of outstanding government securities ....
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....at end-June 2012 increased to 9.80 years from 9.60 years at end-March 2012. Reflecting the impact of higher weighted average maturity as well as rise in yields in the early part of the quarter, the weighted average yield (cut-off) of issuance during Q1 of FY13 increased to 8.60 per cent from 8.35 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 8.52 12.66 7.88 9.60 2011-12 Q4 8.35 13.00 7.88 9.60 2012-13 Q1 8.60 13.53 7.94 9.80 * As at end of period. 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 ....
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....from the Reserve Bank when in deficit and through buybacks or investment in Government securities held by the Reserve Bank when in surplus. The WMA limits for 2012-13 were fixed at 50,000 crore for Q1 of FY13 and; 45,000 crore for Q2 of FY13. 3.2 Liquidity conditions in the economy remained generally tight during the quarter with liquidity deficit remaining above the Reserve Bank's stated comfort zone of about one per cent of Net Demand and Time Liabilities (NDTL) of scheduled commercial banks. The net amount provided under Liquidity Adjustment Facility (LAF) operations remained generally high during the quarter (Chart 6). The Reserve Bank also conducted open market operations to support liquidity and purchased securities worth Rs.54,573 crore during the quarter. Chart 6: Liquidity in the System 180000 160000 140000 120000 100000 80000 60000 40000 20000 Net LAF in Crore (-absorption+injection) 29-06-2012 21-06-2012 13-06-2012 05-06-2012 28-05-2012 20-05-2012 12-05-2012 04-05-2012 26-04-2012 3.3 The cash position of the Government during Q1, was generally comfortable and remained in positive territory for most part of quarter. The issuances of treasury bills were 18-04-2012 10-04-20....
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....12 02-04-2012 10 modulated with a view to meet higher redemption expenditure scheduled in the beginning of FY13. The net amount mobilised through treasury bills (under competitive route) during Q1 of FY13 amounted to Rs.41,159 crore. Under the non-competitive route, net amount received amounted to 20,789 crore. Details of treasury bills issued and matured in Q1 of FY13 are given in Table 6. Table 6: Repayments and Issuance of Treasury Bills in Apr-Jun 2012 Issued Amount (Amount in Crore) Variation in Issued amount over Date of Repayments Issue 91 DTB 9-Apr-12 6,000 182 DTB 364 DTB 91 DTB 0 182 DTB 364 DTB Repayments 2,000 6,000 0 5,000 3,000 13-Apr-12 6,000 4,000 9,000 5,000 4,000 20-Apr-12 6,000 27-Apr-12 6,000 4,000 4-May-12 9,000 11-May-12 9,000 4,000 18-May-12 9,000 25-May-12 9,000 4,000 1-Jun-12 6,841 8-Jun-12 8,000 4,000 15-Jun-12 8,000 0 22-Jun-12 8,000 4,000 29-Jun-12 8,000 0 0 3,000 9,000 0 5,000 5,000 0 9,000 5,000 0 4,000 0 3,000 0 3,000 0 0 3,000 0 3,000 0 3,000 10,000 0 9,000 5,000 10,000 9,000 5,000 10,000 0 9,000 5,000 10,000 0 9,000 5,000 10,000 0 5,000 3,000 0 1,000 0 5,000 3,000 0 1,000 5,000 5,159 2,000 5,000 4,000 0 2,000 5,000 4,000 Total Under Competitive Rout....
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....e Q1 98,841 24,000 20,000 119,000 30,000 35,000 41,159 Q1 25,769 1 Total Under Non-Competitive Route 203 46,386 0 376 20,789 11 3.4 The calendar for issuance of treasury bills during July-September 2012 is given in Table 7. Table 7: Calendar for Issuance of Treasury Bills in July-September 2012 (crore) Auctions Date 04-07-2012 91-Days 7,000 182-Days 364-Days Total 5,000 12,000 11-07-2012 7,000 5,000 12,000 18-07-2012 7,000 5,000 12,000 25-07-2012 7,000 5,000 12,000 01-08-2012 7,000 5,000 12,000 08-08-2012 7,000 5,000 12,000 14-08-2012 7,000 5,000 12,000 22-08-2012 7,000 5,000 12,000 29-08-2012 7,000 5,000 12,000 05-09-2012 7,000 5,000 12,000 12-09-2012 7,000 5,000 12,000 20-09-2012 7,000 5,000 12,000 26-09-2012 7,000 5,000 12,000 Total 91,000 35,000 30,000 1,56,000 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 37,52,576 crore at end-June 2012 from Rs.35,78,244 crore at end- March 2012 (Table 8). This represented a Quarter-on-Quarter (QoQ) increase of 4.9 per cent (provisional) compared with an increase of 4.8 per cent in the previous quarter (Q4 of FY12). I....
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....nternal debt constituted 90.6 per cent of public debt, compared with 90.1 per cent at the end of the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 80.9 per cent of total public debt, compared with 79.9 per cent at end-March 2012. The outstanding internal debt of the Government at *33,98,154 crore constituted 33.4 per cent of GDP compared with 36.4 per cent at end- March 2012. Table 8: Composition of Public Debt Item At end-June 2012 At end-Mar 2012 (Crore) At end- June 2012 At end- Mar 2012 (% of Total) 1 Public Debt (1 + 2) 2 3 4 5 37,52,576 35,78,244 100.00 100.00 1. Internal Debt 33,98,154 32,23,822 90.56 90.10 Marketable 30,34,696 28,60,364 80.87 79.94 (a) Treasury Bills 3,28,940 2,67,035 8.77 7.46 (i) 91-days Treasury Bills 1,65,386 1,24,656 4.41 3.48 (ii) 182-days Treasury Bills 58,000 52,001 1.55 1.45 (iii) 364-days Treasury Bills 1,05,555 90,378 2.81 2.53 (b) Dated Securities 27,05,755 25,93,329 72.10 72.47 Non-marketable 3,63,458* 3,63,458 9.69 10.16 (i) 14-days Treasury Bills 97,800* 97,800 2.61 2.73 (ii) Securities Issued to NSSF 2,08,183* 2,08,183 5.55 5.82 (iii) Compensation and other bonds 2....
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....7,849* 27,849 0.74 0.78 (iv) Securities issued to International 29,626* 29,626 0.79 0.83 Financial Institutions (v) Ways and Means Advances 0* 2. External Debt 3,54,422* 3,54,422 9.44 9.90 (i) Multilateral 2,22,581* 2,22,581 5.93 6.22 (ii) Bilateral 99,610* 99,610 2.65 2.78 (iii) IMF 31,528* 31,528 0.84 0.88 (iv) Rupee debt 702* 702 0.02 0.02 *:-These data are not available for June 30, 2012. So they are carried over from previous quarter. Note:- Foreign Institutional Investors (FII) investment in government securities and treasury bills (*57,828 crore at end-March 2012) 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 2012 increased to 9.80 years from 9.60 years at end-March 2012. Over the same period, the weighted average coupon of outstanding stock increased to 7.94 per cent from 7.88 per cent a quarter ago (see Table 5). 4.3 At end-June 2012, the proportion of debt maturing in less than one year declined to 1.6 per cent from 3.5 per cent a quarter ago, while debt maturing within 1-5 years increased to 27.2 per cent from 26.7 per cent at end-Marc....
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....h 2012. Thus, the proportion of debt maturing in less than 5 years at end-June 2012 was lower at 28.8 per cent than 30.2 per cent a quarter ago. The proportion of outstanding debt maturing in less than 10 years came down to 64.4 per cent from 64.9 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 FY13 as well as the maturity dynamics of outstanding securities. Overall, 28.8 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 9). Thus, the rollover risk in the debt portfolio remained low. Table 9: 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 Total (Amount in Crore) End-June 2012 42,793 (1.58) End-Mar 2012 90,616 (3.49) 7,36,650 6,91,401 (27.23) (26.66) 9,63,097 9,00,097 (35.59) (34.71) 5,95,908 5,70,908 (22.02) (22.01) 3,67,307 3,40,307 (13.58) (13.12) 27,05,754 25,93,328 Note: Figures in parentheses represent per cent ....
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....to total. 14 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 2012 (Table 10 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 declined to 49.1 per cent at end-March 2012 from 50.5 per cent as at end-December 2011. Among the long-term investors, while the share of holding by insurance companies declined to 21.1 per cent at end-March 2012 from 22.4 per cent a quarter ago, the share of provident funds increased to 7.5 per cent from 7.3 per cent over the same period. Holding of securities by the Reserve Bank at end-March 2012 at 14.4 per cent was higher than 13.6 per cent a quarter ago, mainly reflecting the impact of OMO purchase of securities to support liquidity. Table 10: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2010 2011 2012 Dec. Mar. June Sep. Dec. Mar 1. Commercial Banks 38.63 38.42 37.59 37.22 37.06 36.28 2. Bank- PDs 8.77 8.61 9.96 10.67 10.25 9.83 3. Non-Bank PDs 0.26 0.11 0.1 0....
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.....12 0.09 0.1 4. Insurance Companies 22.11 22.22 22.47 22.57 22.42 21.08 5. Mutual Funds 0.88 0.18 0.41 0.32 0.27 0.17 6. Co-operative Banks 3.38 3.41 3.31 3.28 3.21 2.98 7. Financial Institutions 0.33 0.35 0.34 0.35 0.34 0.37 8. Corporates 2.33 1.94 1.86 1.64 1.58 1.38 9. Flls 0.61 0.97 0.89 0.97 0.85 0.88 10. Provident Funds 6.89 7.06 7.01 7.23 7.31 7.45 11. RBI 10.67 12.84 12.9 12.52 13.56 14.41 12. Others 5.14 3.89 3.15 3.13 3.07 5.07 Total 100 100 100 100 100 100 Source: RBI Bulletin, June 2012; Vol. LXVI No. 6 15 45 Chart 7: Holding Pattern of Government Securities (Mar-12 outer ring; Dec-11: inner ring] 5.07 14.41 3.07 13.56 37.06 7.31 7.45 9.88 0.88 3.21 1.38 2.98 22.42 10.25 9.83 21.08 16 Commercial Banks 36.28 â– â– Bank- PDs Non-Bank PDs â– Insurance Companies â– Mutual Funds Co-operative Banks â– Financial Institutions Corporates â– Fils Provident Funds RBI 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-June 2012. The 10-year bond yield began the year on a bearish note due to supply concerns. Yields remained eleva....
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....ted during April to mid-May 2012 but eased thereafter due to Reserve Bank's OMO purchases, lower GDP and IIP growth rates, Euro zone crisis and fall in international crude oil prices. Yields dropped on April 17, 2012 to 8.42 per cent after the Reserve Bank reduced policy rates by 50 bps, but rose thereafter due to tight liquidity conditions and absence of OMO announcement. Yields began declining since mid-May 2012 as the Reserve Bank began conducting OMO purchases. A sharp deceleration in GDP growth rate, on 31 May 2012, drove yields further down. 10-year yields dropped to 8.05 per cent on 13 June 2012 amidst deepening of Euro crisis and fall in international crude oil prices which declined to below USD 90 a bbl (Brent crude) on 21 June 2012. The 10-year yield, which ranged between 8.05-8.79 per cent during Q1 of FY13, closed the quarter at 8.18 per cent at end-June 2012 against 8.63 per cent at end-March 2012. Per cent 9.0 Chart 8: Movement of G-Sec Yields - 10-Year 8.8 8.6 8.4 8.2 8.0 T 7.8 / ⠀ ⠀ ⠀ ⠀⠀ ⠀ ⠀ ⠀ ⠀ 17 5.2 The decline in bond yields was noticeable in 5-12 years and 16-20 years maturity ranges. Thus, the yield curve t....
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....urned flat in below 10-year maturity range while steepened in longer maturity range during the quarter. While the 1yr-10yr spread declined to 14 bps at end-June 2012 from 39 bps at end-March 2012, 10yr-30yr spread increased to 49 bps from 13 bps over the same period. The yield curve got sharply inverted in 9yr-10yr maturity with spread declining to (-)24 bps at end-June 2012 from 8 bps at end of previous quarter. Inversion was mainly due to introduction of new 10-year benchmark security which elicited high demand from investors and traders. Overall, the 1yr-30yr spread at end of Q1 of FY13 widened to 63 bps from 52 bps at end of previous quarter (Chart 9). Yield Chart 9: Government Bond Yield Curve 8.90% 8.70% 8.50% 8.30% 8.10% 7.90% 31-Mar 30-Jun 7.70% Years 7.50% 1 5 9 13 17 21 25 29 5.3 Treasury Bills yield curve remained inverted at end of Q1 of FY13 though the degree of inversion declined in comparison with the end of the previous quarter (Q4 of FY12). This was due to a sharper decline in short-term yields following policy rate reduction by the Reserve Bank during the quarter and expectations regarding further rate reductions in the wake of growth constraints. While the 1m-3m ....
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....spread increased to 3 bps from (-) 6 bps at end of previous quarter, 3m-6m spread increased to (-) 7 bps from (-)30 bps over the same period. Overall, 1m-12m inversion in treasury yield curve declined by 42 bps, from (-)60 bps at end-March 2012 to (-)18 bps at end-June 2012 (Chart 10). 18 Yield (Per cent) 8.9 8.7 8.5 Chart 10: Treasury Bill Yield Curve 8.3 8.1 7.9 7.7 31-Mar-12 30-Jun-12 7.5 91 182 Maturity (days) 273 364 B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q1 of FY13 stood at Rs.12.92 lakh crores, representing an increase of 17.4 per cent over Rs.11.00 lakh crore during the preceding quarter (Table 11). While the transactions in treasury bills increased by 40.9 per cent during the quarter, transaction volumes in state government securities registered a growth of 34.7 per cent. The transaction volumes in the Central Government securities showed a lower growth of 15.1 per cent during Q1 of FY13 over Q4 of FY12. The annualised outright turnover ratio¹ for the Central Government dated securities (G-Secs) for Q1 of FY13 improved to 3.5 from 3.2 during the previous quarter. Including repo tran....
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....sactions, the annualised total turnover ratio² for Q1 of FY13 was higher at 6.3 than 6.2 during the previous quarter. 1 Annualised 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 * 4) / (Average of outstanding stock)] 19 '000 Crore Table 11: Transactions in Government Securities (volumes in **Crore) Period G-Sec 2009-10 2010-11 2011-12 Jan-Mar 12 Apr-Jun 12 Outright T-Bills SDL Total G-Sec Repo T-Bills Total SDL 24,80,850 3,63,283 69,757 29,13,890 52,33,295 8,12,537 26,996 60,72,828 25,52,181 2,75,095 43,677 28,70,952 32,53,965 8,32,632 12,688 40,99,284 30,99,107 3,45,237 43,859 34,88,203 21,86,877 15,54,121 22,878 37,63,877 9,99,384 85,209 15,941 11,00,534 4,77,937 2,98,313 5,830 7,82,081 11,50,531 1,20,055 21,470 12,92,057 4,74,943 6,83,722 4,409 11,63,074 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q1 of FY13, it accounted for 89.0 per cent of total outright volume, compared to 90.8 per cent in the previous quarter and 40.8 per cent of the total repo ....
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....volume, compared to 61.1 per cent in the previous quarter. Chart 11a: Secondary Market Transaction - Outright Chart 11b: Secondary Market Transaction - Apr-Jun 2012 1400 â– G-Sec T-Bills â– SDL 1200 1400 G-Sec T-Bills â– SDL 1200 1000 800 600 1000 '000 crore 800 600 400 400 200 200 0 0 Jul-Sep 2011 Oct-Dec2011 Jan-Mar 2012 Apr-Jun 2012 Outright repo 5.6 The volume of transactions continued to be skewed towards a few securities. The top 10 traded securities accounted for 86.7 per cent of the total outright transaction volume during the quarter as compared with 86.9 per cent during the previous quarter. The share of top three traded securities, however, declined to 76.2 20 per cent during Q1 of FY13 from 80.2 per cent in the previous quarter. List of top 10 traded securities for the current quarter and the previous quarter are given in Table 12. Table 12 - Top 10 Traded Securities (in Crore) Security 9.15% G.S. 2024 Jan-Mar 2012 4,93,579 Security Jan-Mar 2012 8.79% G.S. 2021 4,76,478 8.79% G.S. 2021 4,01,728 8.19% G.S. 2020 9.15% G.S. 2024 88,623 7.83% G.S. 2018 3,52,797 53,606 8.15% G.S. 2022 43,353 8.19% G.S. 2020 22,913 8.24% G.S. 2018 23,841 8.97% G.S. 2030 17,726 8.2....
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....8% G.S. 2027 22,334 7.80% G.S. 2021 8,510 8.97% G.S. 2030 20,399 8.28% G.S. 2027 7,450 8.83% G.S. 2041 14,043 8.83% G.S. 2041 6,377 8.33% G.S. 2036 6,596 7.40% G.S. 2012 5,666 7.83% G.S.2018 5,758 7.99% G.S. 2017 5,321 5.7 Trend in outright trading volumes in Government securities under different maturity buckets is given in Table 13. Table 13: Maturity Pattern of Outright Transactions (in Crore) Maturity/Quarter Apr-Jun 2012 Jan-Mar 2012 2011-12 Less than 3 Years 4,836 3-7 Years 41,965 7-10 Years 5,41,399 above 10 years Total 5,62,332 1,15,0532 2010-11 10,023 35,545 1,07,943 2,02,683 68,933 2,34,437 4,32,297 5,84,202 5,17,665 17,43,886 9,71,464 10,81,244 4,02,763 10,85,239 10,40,477 6,12,721 9,99,384 30,99,107 25,52,181 24,80,850 2009-10 5.8 The maturity distribution of G-Secs transactions in the secondary market is detailed in Chart 12a and 12b. Reflecting the increased trading activity in longer term securities, '10 years and above' maturity range accounted for the highest share of trading volumes during Q1 of FY13 followed by '7-10 years' maturity range which reflected high liquidity of 10-year benchmark security. The share of trading volumes in the 'above 10-year' segment duri....
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....ng Q1 of FY13 increased to 48.9 per cent from 40.3 per 21 cent in the previous quarter. The 7-10 years maturity bucket accounted for 47.1 per cent of outright trading volumes during Q1 of FY13, lower than 51.8 per cent in the previous quarter. The transaction volumes of securities in the maturity range of 3-7 years declined to 3.6 per cent of total volume compared with 6.9 per cent in the previous quarter. The share of trading volume in the below 3 years maturity bracket remained negligible during the quarter. Chart 12a: Maturity-wise Trading Activity - Apr-Jun 12 0% 4% Chart 12b: Maturity wise Trading Activity - Jan- Mar 12 49% â– 10 yrs 1% 7% â– 10 yrs 52% 5.9 Foreign banks continued to be the dominant trading category accounting for 31.7 per cent of total outright trading activity as compared with 29.3 per cent in the previous quarter (Chart 13). While the share of primary dealers declined to 19.2 per cent during Q1 of FY13 from 24.5 per cent during Q4 of FY12, share of public sector banks improved to 21.0 per cent from 18.4 per cent in the previous quarter. The share of private sector banks was marginally higher at 17.3 per cent from 17.0 per cent during Q4 of FY12. Du....
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....ring the quarter, 'others category' (which includes the Reserve Bank purchases other than through OMO auctions) investors were the major net buyers (*29,288 crore) followed by public sector banks (Rs.20,631 crore), insurance companies (6,250 crore), and mutual funds (Rs.5,549 crore). Foreign Institutional Investors (Flls) and Co-operative banks were the other net buyer categories during the quarter. Apart from the primary dealers, private sector banks (Rs.3,094 crore) and foreign banks (Rs.2,606 crore) were the major net seller categories during Q1 of FY13. 22 Chart 13: Trading Activity (Buy + Sell) By Category (inside circle Apr-Jun '12 and Outside Circle Jan-Mar12) 4% 3% 4% 18% 3% 4% 21% 4% 19% 25% 32% 29% Public Sector Banks Private Sector Banks Foreign Banks Primary Dealers 17% â– Mutual Funds 17% 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 14. Table 14: Category wise - Buying and Selling (% of total) Apr-Jun 2012 Jan-Mar 2012 Oct-Dec 2011 Jul-Sep 2011 Category Buy Sell Buy Sell Buy Sell Buy Sell Co-operative Banks 3.2 3.0 3.8 3.8 3.1 2.9 2.....
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....8 2.7 Fls 0.5 0.1 0.2 0.2 0.5 0.1 0.4 0.2 Foreign Banks 31.6 31.8 28.6 29.9 27.3 27.1 30.6 29.9 Ins. Cos 2.3 1.8 1.6 1.9 1.7 1.5 1.6 1.3 Mutual Funds 4.4 4.0 4.0 3.8 5.0 4.9 5.1 4.6 Primary Dealers 16.8 21.6 21.9 27.1 25.9 31.0 24.2 30.4 Private Sector Banks 17.2 17.5 17.7 16.4 15.7 15.2 14.2 14.5 Public Sector Banks 21.8 20.2 20.1 16.7 19.5 17.2 19.7 16.2 Others 2.3 0.1 1.9 0.1 1.2 0.1 1.4 0.1 Total 100 100 100 100 100 100 100 100 23 Statement 1: Issuance of Dated securities During FY13 (April-June 2012)-contd. (Amount in Crore) Date of Notified Name of Stock Devolve ment on Cut off Residual Cut off Date of yield Maturity Auction amount price Maturity PDs (%) (Years) 8.19% GS 2020 $ U 3-Apr-12 4000 319.2 96.80 8.76 16-Jan-20 7.8 9.15% GS 2024 $ U 3-Apr-12 8000 0 102.31 8.84 14-Nov-24 12.6 8.97% GS 2030 $ U 3-Apr-12 3000 875.96 99.70 9.00 5-Dec-30 18.7 8.83% GS 2041 $ U 3-Apr-12 3000 0 97.65 9.06 12-Dec-41 29.7 8.24% GS 2018 $ U 13-Apr-12 4000 0 98.51 8.56 22-Apr-18 6.0 8.79% GS 2021 $ U 13-Apr-12 7000 102.09 8.47 8-Nov-21 9.6 8.28% GS 2027 $ U 13-Apr-12 2000 96.16 8.74 21-Sep-27 15.4 8.33% GS 2036 $ U 13-Apr-12 2000 0 95.30 8.80 7-Jun-36 24.1 8.19% GS 2020 $ U 20-Apr-12 4000 0 98.....
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....60 9.15% GS 2024 $ U 20-Apr-12 7000 104.97 8.50 8.97% GS 2030 $ U 20-Apr-12 2000 0 101.85 8.44 16-Jan-20 14-Nov-24 8.76 5-Dec-30 7.7 12.6 18.6 8.83% GS 2041 $ U 20-Apr-12 3000 0 100.20 8.81 12-Dec-41 29.6 8.24% GS 2018 $ U 27-Apr-12 4000 0 98.16 8.64 22-Apr-18 6.0 8.79% GS 2021 $ U 27-Apr-12 7000 101.00 8.63 8-Nov-21 9.5 8.28% GS 2027 $ U 27-Apr-12 2000 0 95.45 8.82 21-Sep-27 15.4 8.33% GS 2036 $ U 27-Apr-12 3000 0 93.82 8.96 7-Jun-36 24.1 8.19% GS 2020 $ U 4-May-12 4000 98.05 8.54 16-Jan-20 7.7 9.15% GS 2024 $ U 4-May-12 8000 0 103.25 8.72 14-Nov-24 12.5 8.97% GS 2030 $ U 4-May-12 3000 0 100.45 8.83% GS 2041 $ U 4-May-12 3000 98.31 8.92 8.99 5-Dec-30 12-Dec-41 18.6 29.6 8.24% GS 2018 $ U 11-May-12 4000 98.52 8.56 22-Apr-18 5.9 8.79% GS 2021 $ U 11-May-12 7000 101.43 8.57 8-Nov-21 9.5 8.28% GS 2027 $ U 11-May-12 2000 0 95.09 8.87 21-Sep-27 15.4 8.33% GS 2036 $ U 11-May-12 2000 93.94 8.95 7-Jun-36 24.1 8.19% GS 2020 $ U 18-May-12 4000 0 98.60 8.44 16-Jan-20 7.7 9.15% GS 2024 $ U 18-May-12 7000 0 104.67 8.53 14-Nov-24 12.5 8.97% GS 2030 $ U 18-May-12 2000 101.35 8.82 5-Dec-30 18.5 8.83% GS 2041 $ U 18-May-12 2000 0 99.01 8.92 12-Dec-41 29.6 8.24% GS 2018 $ U 26-May-12 4000 0 98.94 8.....
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....47 22-Apr-18 5.9 8.79% GS 2021 $ U 26-May-12 6000 0 101.70 8.52 8-Nov-21 9.4 8.28% GS 2027 $ U 26-May-12 2000 0 95.83 8.78 21-Sep-27 15.3 8.33% GS 2036 $ U 26-May-12 3000 94.35 8.90 7-Jun-36 24.0 8.19% GS 2020 $ U 1-Jun-12 4000 0 99.27 8.32 16-Jan-20 7.6 9.15% GS 2024 $ U 1-Jun-12 7000 105.45 8.43 14-Nov-24 12.4 8.28% GS 2032 $ U 1-Jun-12 2000 0 96.52 8.65 15-Feb-32 19.7 8.83% GS 2041 $ U 1-Jun-12 2000 0 101.10 8.73 12-Dec-41 29.5 8.24% GS 2018 $ U 8-Jun-12 3000 0 100.10 8.21 22-Apr-18 5.9 i Statement 1: Issuance of Dated securities During FY13 (April-June 2012)-concld. (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) 8.15% GS 2022 # U 8-Jun-12 7000 0 100.00 8.15 11-Jun-22 10.0 8.97% GS 2030 $ U 8-Jun-12 3000 0 104.48 8.49 5-Dec-30 18.5 8.33% GS 2036 $ U 8-Jun-12 2000 0 97.85 8.54 7-Jun-36 24.0 8.19% GS 2020 $ U 22-Jun-12 4000 100.10 8.17 16-Jan-20 7.6 9.15% GS 2024 $ U 22-Jun-12 7000 0 105.95 8.37 14-Nov-24 12.4 8.28% GS 2027 $ U 22-Jun-12 2000 0 98.48 8.83% GS 2041 $ U 22-Jun-12 2000 0 102.13 8.46 21-Sep-27 8.63 12-Dec-41 15.2 29.5 Gross Nominal Amount Raised 173000 1195.....
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....16 Weighted Average Yield 8.60 Weighted Average Maturity 13.53 #: New security, yield based auction; $:- Re-issues, price based auctions U:- Uniform Price =: Statement 2:Treasury Bills Issued During FY13 (April-June 2012) (Amount in Crore) Competive Non- Competive Nominal Gross Cut off Name of Security Date of Issue amount raised amount amount Yield (%) raised raised 364 DTB 9-Apr-12 5000 0 5000 8.34 364 DTB 20-Apr-12 5000 0 5000 8.17 364 DTB 4-May-12 5000 0 5000 8.31 364 DTB 18-May-12 5000 0 5000 8.29 364 DTB 1-Jun-12 5000 0 5000 8.28 364 DTB 15-Jun-12 5000 376 5376 8.28 364 DTB 29-Jun-12 5000 0 5000 8.12 182 DTB 13-Apr-12 5000 0 5000 8.57 182 DTB 27-Apr-12 5000 0 5000 8.38 182 DTB 11-May-12 5000 0 5000 8.42 182 DTB 25-May-12 5000 0 5000 8.42 182 DTB 8-Jun-12 5000 0 5000 8.16 182 DTB 22-Jun-12 5000 0 5000 8.31 91 DTB 9-Apr-12 6000 2520 8520 8.81 91 DTB 13-Apr-12 9000 2013 11013 8.77 91 DTB 20-Apr-12 9000 500 9500 8.31 91 DTB 27-Apr-12 9000 5500 14500 8.39 91 DTB 4-May-12 10000 7500 17500 8.44 91 DTB 11-May-12 9000 4500 13500 8.44 91 DTB 18-May-12 10000 6900 16900 8.39 91 DTB 25-May-12 9000 8580 17580 8.39 91 DTB 1-Jun-12 10000 900 10900 8.39 91 DTB 8-Jun-12 9000 885 9885 8.27 91 D....
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....TB 15-Jun-12 10000 3720 13720 8.14 91 DTB 22-Jun-12 9000 1525 10525 8.31 91 DTB 29-Jun-12 10000 1343 11343 8.31 Total 184000 46762 230762 iii Statement 3: List of Dated Securities Outstanding at end-June 2012-contd. Nomenclature Date of maturity Outstanding Stock (* Crore) 6.72% GS 2007/12 11.03% GS 2012 18-Jul-12 541.8 18-Jul-12 13500.0 9.40% GS 2012 FRB, 2012 9.00% GS 2013 11-Sep-12 11000.0 10-Nov-12 5000.0 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-15 10000.0 7.59% GS 2016....
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.... 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 7.99% 2017 9-Jul-17 71000.0 7.46% 2017 28-Aug-17 57886.8 iv of which: MSS Statement 3: List of Dated Securities Outstanding at end-June 2012-contd. Nomenclature Date of maturity Outstanding Stock (* Crore) 6.25% 2018 (conv) 2-Jan-18 16886.8 7.83% GS 2018 11-Apr-18 64000.0 8.24% GS 2018 22-Apr-18 75000.0 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 8.19% GS 2020 16-Jan-20 38000.0 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 83000.0 8.20% GS 2022 15-Feb-22 57632.3 8.35% GS 202....
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....2 14-May-22 44000.0 8.15% GS 2022 11-Jun-22 7000.0 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 92000.0 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 36252.2 6.01% GS GS 2028 (C Align) 25-Mar-28 15000.0 6.13% GS 2028 4-Jun-28 11000.0 8.97% GS 2030 5-Dec-30 32000.0 8.28% GS 2032 15-Feb-32 66687.1 V of which: MSS 8.32% GS 2032 7.95% GS 2032 Statement 3: List of Dated Securities Outstanding at end-June 2012-concld. Nomenclature Outstanding Stock (Crore) 15434.1 Date of maturity 2-Aug-32 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 71000.0 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 33000.0 Total 2705754.3 vi of which: MSS Statement 4: Maturity Profile of Government Securities as on End-June 2012 Year of maturity 2012-13 2013-14 2014-15....
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.... 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Outstanding Stock ( Crore) 30042 95009 168018 197244 231130 206774 234478 161000 84000 283846 2022-23 194465 2023-24 27000 2024-25 102000 2025-26 16688 2026-27 72389 2027-28 124680 2028-29 11000 2029-30 2030-31 32000 2031-32 66687 2032-33 75957 2033-34 2034-35 60350 2035-36 42000 2036-37 71000 2037-38 2038-39 13000 2039-40 2040-41 2041-42 Total 72000 33000 2,705,754 vii<BR> News - Press release - PIB....