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Quarterly Report on Debt Management for the Quarter July-September 2012 Released
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....uarterly Report on Debt Management for the Quarter July-September 2012 Released <br>Income Tax<br>Dated:- 26-10-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 26-October-2012 16:04 IST Since April-June (Q1) 2010-11, Middle Office (MO) of the Ministry of Finance is bringing out a Quarterly Report on Debt Management. The current report pertains to the quarter July-September 2012. 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. Click here to see details ******** DSM/SS/ka ============= Document 1PUBLIC DEBT MANAGEMENT QUART....
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....ERLY REPORT JULY-SEPTEMBER 2012 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS OCTOBER 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. 1 List of Tables and Charts Title Fiscal Outcome - April-August 2012-13 Page No. 6 7 23 Issuance of Dated Securities Actual Borrowings versus Calendar for Q2 of FY 13 4 Issuance of Treasury Bills 8 56 7 9 Maturity and Yield of Central Government's Market Loans Proposed Dated Securities Issuance Calendar – H2 2012-13 Repayments and Issuance of Treasury Bills in Jul-Sept 2012 Calendar for Issuance of Treasury Bills in October-December 2012 Composition of Public Debt 8 - 9 11 12 13 10 Maturity Profile of Gol Outstanding Dated Securities 14 11 Ownership Pattern of Government of India Dated Securities 15 12 Transactions in Government Securities 20 13 14 15 Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) 21 122 22 24 List of Charts Chart No. 1 Title Page No. Qu....
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....arterly Growth Rate in GDP Inflation Rate Based on WPI 3 4 Growth Rate in IIP Monthly Exports and Imports 5 Foreign Investment Flow and Exchange Rate 23344 6 Liquidity in the System 10 7 Holding Pattern of Government Securities 16 8 Movement of G-Sec Yields - 10-year 18 9 Government Bond Yield Curve 19 10 Treasury Bill Yield Curve 19 11a Secondary Market Transaction - Outright 21 11b Secondary Market Transaction – Jul-Sept 2012 21 12a 12b 13 Maturity wise Trading Activity - Jul-Sept 12 Maturity wise Trading Activity - Apr-Jun 12 Trading Activity (Buy+Sell) by Category 222 22 22 23 List of Statements Statement No. Title Page No. 1 3 4 Issuance of Dated Securities During FY13 (April-Sept 2012) Treasury Bills Issued During FY13 (April-Sept 2012) List of Dated Securities Outstanding at end-September 2012 Maturity Profile of Government Securities at end-September 2012 i iv vi ix 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 Debt Managem....
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....ent - 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 second quarter of the fiscal year 2012-13, viz., July-September 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]. 1 Per cent Section 1 - Macroeconomic Developments 1.1 The GDP growth rate for the first quarter (Apr-Jun) of financial year 2012-13 came at 5.5 per cent per annum as compared with 5.3 per cent in the previous quarter (Q4 of 2011-12), showing a marginal improvement after experiencing deceleration during the previous four quarters (Chart 1). While contribution to improved growth rate came from all major sectors, barring 'min....
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....ing and quarrying' and 'trade, hotel, transport and communications' groups, the major turnaround was seen in the construction sector which showed a growth rate of 10.9 per cent during the quarter as compared with 4.8 per cent in previous quarter. 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 Chart 1: Quarterly Growth Rate in GDP 9.8 ili 8.6 8.5 7.6 8.2 9.2 8.0 ili 6.7 6.1 5.3 55 5.5 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1.2 WPI Inflation rate for September 2012 increased to 7.81 per cent per annum (y-o-y) showing upturn after remaining below 7.6 per cent since the beginning of current financial year (Chart 2). Main contribution to rise in inflation came from ‘fuel and power' group mainly reflecting the impact of revision in petroleum products announced in September 2012. Apart from this, manufacturing food products, 'cement & lime', and non-metallic mineral products showed higher inflation during the month. Inflation build-up during the first half of FY13 at 4.60 per cent was higher than 4.48 per cent in the same period of previous year. 2 Per cent 12.00 10.00 Chart 2: Inflation Rate Based on WPI 8.00 6.00 4.00 2.00 0.00 ....
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....½¢à¾©à¾à¼‹à½¢à¾©à¼‹à½‘ྷ་ཇ་རྩ་ ྴ་ ཱ་རྩ་ ྣ་ ྗ་་ྕ་རྩà¾à¼‹ May 2010-11 2011-12 2012-13 Nov Dec Feb Mar 1.3 The rate of growth in the Index of Industrial Production (IIP) for August 2012 came at 2.7 per cent after showing negative growth rates in June and July 2012. The cumulative growth in IIP during the financial year 2012-13 (Apr-Aug) was lower at 0.5 per cent than 5.6 per cent during the same period of the previous year (Chart 3). Per cent 14.0 12.0 10.0 8.0 6.0 4.0 | Chart 3: Growth Rate in IIP 2.0 0.0 -2.0 Apr May Jun -4.0 -6.0 Jul Aug Sep Oct Nov Dec Jan Feb Mar â– 2010-11 2011-12 2012-13 1.4 India's exports and imports in August 2012 contracted by 9.7 per cent and 5.1 per cent, respectively, showing fourth consecutive monthly decline since May 2012. The period between April-August 2012-13 witnessed a decline of 7.6 per cent in exports and 6.7 per cent in imports as compared with growth rates of 40.6 per cent 38.8 per cent, respectively, in the corresponding period of the previous fiscal year. Trade deficit of USD ....
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....72.2 billion during April-August 2012 was less than USD 76.2 billion in the same period of previous year, reflecting a greater amount of decline in imports (Chart 4). 3 USD mn Chart 4: Monthly Exports and Imports 50,000 60 40,000 50 30,000 40 20,000 30 10,000 20 0 10 -10,000 -20,000 -30,000 TTIT 0 -10 -20 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-11 Aug-11 Dec-11 Nov-11 Oct-11 Feb-12 Mar-12 Exports Imports Trade Balance Growth Exports (right scale) Growth Imports (right scale) Aug-12 Jun-12 Apr-12 May-12 1.5 Net inflows on account of foreign investment during July-August 2012 showed some improvement after remaining subdued in the first quarter of the current fiscal year. The improved inflow was on account of both categories viz., portfolio investment by Foreign Institutional Investors (FIIs) and foreign direct investment (FDI) (Chart 5). Positive capital inflows enabled some improvement in exchange rate of Rupee which appreciated to Rs.55.7 (per USD) at end-August 2012 from 56.3 at end-June 2012. Pressure on Rupee eased in September and it closed at Rs.52.7 at end-September 2012. USD mn 20000 15000 30000 25000 Chart 5: Foreign Investment Flow and Exchange R....
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....ate 10000 5000 0 -5000 Q2 2009-10 Q3 2009-10 Q4 2009-10 Q1 2010-11 Q2 2010-11 Q3 2010-11 Q4 2010-11 Direct Invest Portfolio Investment Total Exchange Rate (right scale) Note:- Data on FDI have been revised since April 2011 to expand the coverage. Q1 2012-13 I Q2 2012-13 (Jul- Aug) 60.0 50.0 40.0 30.0 */USD average of Quarter/Month 20.0 10.0 0.0 Per cent Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The gross fiscal deficit 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.5,09,731 crore (5.8 per cent of GDP) in the provisional accounts 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-August of FY13 indicates stress in the in the revenue account (revenue deficit as percentage of budget estimates (BE)), vis-a-vis its position during the same period previous fiscal year. Gross tax collections during the period at 26.4 per cent of BE were higher than 25.8 per cent a year ago. ....
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....In the direct taxes, collections from corporation tax and personal income tax at *64,900 crore and Rs.58,249 crore, respectively, showed healthy growth rates of 25.8 per cent and 30.3 per cent against 13.9 per cent growth rate budgeted for each during FY13. Among the major indirect taxes, while growth in collections from customs and excise duties decelerated to 3.4 per cent and 10.8 per cent, respectively, against budgeted growth rates of 22.0 per cent and 29.1 per cent, service tax collections increased by 33.5 per cent during April-August 2012-13 as against BE growth rate of 30.5 per cent. Non-tax revenue at 29.0 per cent of BE was lower than 34.8 per cent in the same period of the previous year. Total expenditure as per cent of BE at 37.9 per cent during April-August 2012-13 was marginally higher than 37.5 per cent during the corresponding period of the previous year mainly on account of increased revenue expenditure while capital expenditure was lower vis-a-vis its level a year ago. Reflecting the impact of higher revenue expenditure, revenue deficit during April-August of FY13 at 79.2 per cent of BE was higher than 74.9 per cent a year ago, while gross fiscal deficit and prima....
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....ry deficit were lower than those during the corresponding period of the previous fiscal year (Table 1). 5 Table 1: Fiscal Outcome - April -August 2012-13 (amount in crore) Item 2012-13 BE April-Aug 2012-13 April-Aug 2012- 13 (% of BE) April-Aug 2011- 12 (% of BE) Revenue Receipts 9,35,685 2,22,731 23.8 23.9 Tax Receipts 7,71,071 1,75,061 22.7 21.8 Non-Tax Receipts 1,64,614 47,670 29.0 34.8 Other Non-debt Receipts 41,650 5,083 12.2 18.4 Total Expenditure 14,90,925 5,65,352 37.9 37.5 Revenue Expenditure 12,86,109 5,00,166 38.9 38.1 Capital Expenditure 2,04,816 65,186 31.8 33.4 Revenue Deficit 3,50,424 2,77,435 79.2 74.9 Primary Deficit 1,93,831 2,23,773 115.4 119.6 Gross Fiscal Deficit 5,13,590 3,37,538 65.7 66.3 Financing Market Loans* 4,88,000 2,92,514 59.9 69.9 External Financing 10,148 -727 -7.2 10.9 Securities against Small 1,198 -545 -45.5 -1.5 Savings Others 14,244 46,295 325.0 137.6 *:- 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 second quarter (Q2) of FY13 and corresponding position in the same quarter of FY12. 2.4 As....
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.... 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 Q2 of FY13, the Government issued dated securities worth 1,82,000 crore taking the borrowings during first half (H1) of FY13 to Rs.3,55,000 crore (excluding 15,000 crore borrowings auctioned on September 28 but issued on October 01) constituting 62.3 per cent of BE FY13 against 59.9 per cent in the H1 of previous fiscal year (Table 2). Taking into account repayments of Rs.85,616 crore, the net amount raised through dated securities during H1 of FY13 amounted to Rs.2,69,384 crore, constituting 56.2 per cent of BE as compared with 55.6 per cent a year ago. 6 Table 2: Issuance of Dated Securities (Amount in H1 FY 13 (% Crore) H1 FY 12 (% of Item 2012-13 BE Gross Amount 5,69,616 Q2 FY 13 1,82,000 H1 FY 13 3,55,000* of BE) BE) 62.3 59.9 Repayments 90,616 25,042 85,616 94.5 80.0 Net Issuance 4,79,000 1,56,958 2,69,384 56.2 55.6 *:-Excluding auction of borrowings for Rs.15,000 crore conducted on September 28 but issued on October 01, 2012. 2.5 Auctions during Q2 of FY13 were held in accordance with the pre-anno....
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....unced 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. Two new securities with maturities of 13 years and 14 years were introduced during the quarter, constituting 7.0 per cent of total issuance amount during Q2 of FY13. Maturity range Table 3-Actual Borrowings versus Calendar for Q2 of FY 13 HY1 FY13 5-9 years 96,000- 10-14 years 1,46,000- 15-19 Years (amount in crore) 20-30 Years Total (Projected) 1,20,000 1,70,000 50,000- 74,000 50,000- 74,000 3,70,000 % of Total 25.9-32.4 39.5-45.9 13.5-20.0 13.5-20.0 100.0 Q2 FY13 (actual) % of Total 48,000 26.4 H1 FY 13 actual 95,000 78,000 42.9 1,63,000 % of Total 25.7 44.1 30,000 16.5 57,000 15.4 26,000 14.3 55,000 1,82,000 100.0 3,70,000 14.9 100.0 *:-Including auction of borrowings for Rs.15,000 crore conducted on September 28 but issued on October 01, 2012. 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q2 of FY13 amounted to Rs.2,11,876 crore while total repayments amounted to Rs.2,11,344 crore resulting in net issuance of Rs.532 crore c....
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....ompared with net issuance of *61,948 crore in Q1 of FY13 (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) H1 FY 13% of Item 2012-13 BE Q2 FY 13 H1 FY 13 BE H1 FY 12 % of BE 364 DTB Gross Amount 104,371 30,020 65,396 62.7 72.5 Repayment 90,371 17,958 38,161 42.2 41.1 Net Issuance 14,000 12,062 27,235 194.5 204.6 182 DTB Gross Amount 99,353 35,238 65,238 65.7 75.6 Repayment 99,353 28,000 52,001 52.3 43.5 Net Issuance 7,238 13,237 445.6 91 DTB Gross Amount 5,32,545 1,46,618 3,12,003 58.6 75.8 Repayment 5,37,547 1,65,386 2,89,996 53.9 61.0 Net Issuance -5,000 -18,768 22,008 -440.2 9,748.0 All T-Bills Gross Amount 7,36,270 2,11,876 4,42,637 60.1 75.3 Repayment Net Issuance 7,27,270 9,000 2,11,344 3,80,158 52.3 56.7 532 62,479 694.2 576.3 *:- Including amount through non-competitive route. 2.7 The weighted average maturity (WAM) of dated securities issued during Q2 of FY13 at 13.58 years was higher than 13.53 years in the previous quarter (Table 5). The average maturity of outstanding government securities at end-September 2012 increased to 9.90 years from 9.80 years at end-June 2012. Reflecting the....
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.... impact of moderation in yields during the quarter, the weighted average yield (cut-off) of issuance during Q2 of FY13 declined to 8.33 per cent from 8.60 per cent in the previous quarter. Table 5: Maturity and Yield of Central Government's Market Loans Year Issues during the year Weighted Average Weighted Average Yield (%) Maturity (yrs) Weighted Average Coupon (%) Outstanding Stock* Weighted Average Maturity (yrs) 1 2 3 4 5 2010-11 7.92 11.62 7.81 9.64 2011-12 8.52 12.66 7.88 9.60 2012-13 Q1 8.60 13.53 7.94 9.80 2012-13 Q2 8.33 13.58 7.95 9.90 2012-13 H1 8.46 13.55 7.95 9.90 *As at end of period. 8 2.8 The calendar for issuance of dated securities during the second half of the year amounting to 2,00,000 crore was announced in end-September 2012 (Table 6). Week Ending 5-Oct-12 Total Amount Table 6: Proposed Dated Securities Issuance Calendar - H2 2012-13 Range of Amount Under Different Maturity Buckets (Amount in Crore) to be issued 5-9 Year 10-14 Year 15-19 Year 20-30 Year 13,000 3,000-4,000 6,000-7,000 0 2,000-3,000 12-Oct-12 13,000 3,000-4,000 6,000-7,000 2,000-3,000 19-Oct-12 13,000 3,000-4,000 6,000-7,000 0 2,000-3,000 2-Nov-12 13,000 3,000-4,000 6,000-7,000 2,000-3,000 0 9-N....
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....ov-12 13,000 3,000-4,000 6,000-7,000 0 2,000-3,000 16-Nov-12 13,000 3,000-4,000 6,000-7,000 2,000-3,000 0 23-Nov-12 13,000 3,000-4,000 6,000-7,000 0 2,000-3,000 30-Nov-12 13,000 3,000-4,000 6,000-7,000 2,000-3,000 0 7-Dec-12 21-Dec-12 12,000 12,000 3,000-4,000 3,000-4,000 6,000-7,000 0 2,000-3,000 6,000-7,000 2,000-3,000 0 28-Dec-12 12,000 3,000-4,000 6,000-7,000 0 2,000-3,000 4-Jan-13 12,000 3,000-4,000 6,000-7,000 2,000-3,000 18-Jan-13 12,000 3,000-4,000 6,000-7,000 0 2,000-3,000 1-Feb-13 12,000 3,000-4,000 6,000-7,000 2,000-3,000 0 8-Feb-13 12,000 3,000-4,000 6,000-7,000 0 2,000-3,000 15-Feb-13 12,000 3,000-4,000 6,000-7,000 2,000-3,000 0 48,000- 96,000- Total 2,00,000 64,000 1,12,000 16,000- 24,000 16,000- 24,000 6 Section 3 - Cash Management 3.1 Government's cash account is maintained with the Reserve Bank. The cash-flow mismatches of the Government are largely managed through issuance of Cash Management Bills, Treasury Bills and access to the Ways and Means Advances (WMA) facility from 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....
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.... Q1 of FY13 and; 45,000 crore for Q2 of FY13. WMA for the second half of FY13 is fixed at 20,000 crore. 3.2 Liquidity conditions in the economy remained generally tight during the quarter, though the liquidity deficit was within 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 witnessed some oscillations during the quarter; in particular a decline was seen in the beginning of each of three months indicating the impact of beginning of the month expenditure by the Government (Chart 6). The liquidity impact of CRR cut, effective September 21, seemed to be muted by the advance tax payments. 2012 Chart 6: Liquidity in the System 100000 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 28-09-2012 20-09-2012 12-09-2012 04-09-2012 27-08-2012 19-08-2012 11-08-2012 03-08-2012 26-07-2012 18-07-2012 10-07-2012 02-07-2012 Net LAF in Crore (-absorption+injection) 10 3.3 The cash position of the Government during Q2 was generally comfortable and remained in positive territory for a major part of the quarter. The issuances of treasu....
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....ry bills were 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 Q2 of FY13 was negative at (-)Rs.8,742 crore. Under the non-competitive route, net amount received amounted to Rs.9,274 crore. Details of treasury bills issued and matured in Q2 of FY13 are given in Table 7. Date of Issue Table 7: Repayments and Issuance of Treasury Bills in Jul-Sept 2012 Issued Amount (Amount in Crore) Variation in Issued amount over Repayments Repayments 6-Jul-12* 13-Jul-12 91 DTB 6,000 9,000 182 DTB 364 DTB 91 DTB 4,000 0 7,000 182 DTB 5,000 364 DTB 0 2,000 0 3,000 7,000 20-Jul-12 9,000 4,000 27-Jul-12 9,000 3-Aug-12 10,000 4,000 10-Aug-12 9,000 16-Aug-12 10,000 4,000 0 0 7,000 5,000 5,000 0 -1,000 0 3,000 7,000 0 5,000 0 7,000 5,000 0 -2,000 0 3,000 7,000 5,000 7,000 5,000 0 -2,000 24-Aug-12 9,000 31-Aug-12 10,000 4,000 0 3,000 7,000 0 5,000 0 7-Sep-12 9,000 14-Sep-12 10,000 4,000 21-Sep-12 9,000 28-Sep-12 10,000 0 2,742 0 7,000 5,000 7,000 0 7,000 5,000 0 -2,000 5,000 258 -2,000 0 3,000 7,000 4,000 0 0 7,000 5,000 5,000 0 0 -2,000 Total Under Competitive Route Q2 1,19,000 ....
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....Q2 28,000 17,742 91,000 35,000 Total Under Non-Competitive Route 46,386 0 216 55,618 238 Repayment of 91 DTB was made on 09 July 2012. 30,000 -8,742 20 9,274 11 3.4 The calendar for issuance of treasury bills during October-December 2012 is given in Table 8. Table 8: Calendar for Issuance of Treasury Bills in October-December 2012 (crore) Auctions Date 04-10-2012 91-Days 5,000 182-Days 364-Days Total 5,000 10,000 11-10-2012 5,000 5,000 10,000 18-10-2012 5,000 5,000 10,000 25-10-2012 5,000 5,000 10,000 01-11-2012 5,000 5,000 10,000 08-11-2012 5,000 5,000 10,000 14-11-2012 5,000 5,000 10,000 22-11-2012 5,000 5,000 10,000 29-11-2012 5,000 5,000 10,000 06-12-2012 5,000 5,000 10,000 13-12-2012 5,000 5,000 10,000 21-12-2012 5,000 5,000 10,000 27-12-2012 5,000 5,000 10,000 Total 65,000 30,000 35,000 1,30,000 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 Rs.39,00,386 crore at end-September 2012 from Rs.37,63,264 crore at end-June 2012 (Table 9). This represented a Quarter-on-Quarter (QoQ) increase of 3.6 per cent (provisional) compared with an increase of 5.2 per c....
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....ent in the previous quarter (Q1 of FY13). Internal debt constituted 90.4 per cent of public debt, compared with 89.6 per cent at the end of the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 81.8 per cent of total public debt, compared with 80.6 per cent at end-June 2012. The outstanding internal debt of the Government at Rs.35,27,405 crore constituted 34.7 per cent of GDP compared with 33.2 per cent at end-June 2012. Item Table 9: Composition of Public Debt At end- Sept. 2012# At end-June 2012 (Crore) At end- Sept. 2012 At end- June 2012 (% of Total) 1 2 3 4 5 Public Debt (1+2) 39,00,386 37,63,264 100.00 100.00 1. Internal Debt 35,27,405 33,69,957 90.44 89.55 Marketable 31,92,186 30,34,738 81.84 80.64 (a) Treasury Bills 3,29,472 3,28,982 8.45 8.74 (i) 91-days Treasury Bills 1,46,618 1,65,432 3.76 4.40 (ii) 182-days Treasury Bills 65,238 58,000 1.67 1.54 (iii) 364-days Treasury Bills 1,17,617 1,05,551 3.02 2.80 (b) Dated Securities 28,62,713 27,05,755 73.40 71.90 Non-marketable 3,35,219* 3,35,219 8.59 8.91 (i) 14-days Treasury Bills 65,591* 65,591 1.68 1.74 (ii) Securities Issued to NSSF 2,07,871* 2,07,871....
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.... 5.33 5.52 (iii) Compensation and other bonds 32,694* 32,694 0.84 0.87 (iv) Securities issued to International 29,063* 29,063 0.75 0.77 Financial Institutions (v) Ways and Means Advances 2. External Debt (i) Multilateral (ii) Bilateral (iii) IMF (iv) Rupee debt #:- Data are provisional. 3,72,981 3,93,307 9.56 10.45 2,31,263 2,44,539 5.93 6.50 1,08,712 1,14,096 2.79 3.03 32,331 33,996 0.83 0.90 675 676 0.02 0.02 *:-These data are not available for September 30, 2012. So they are carried over from previous quarter. Note: Foreign Institutional Investors (FII) investment in government securities and treasury bills (**58,611 crore at end-June 2012) is included in 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-September 2012 increased to 9.90 years from 9.80 years at end-June 2012. Over the same period, the weighted average coupon of outstanding stock increased marginally to 7.95 per cent from 7.94 per cent a quarter ago (see Table 5). 4.3 The proportion of debt (dated securities) maturing in less than one year increased to 2.8 per cent at end-September 2012 from 1.6 per cent ....
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....a quarter ago, while debt maturing within 1-5 years increased to 29.0 per cent from 27.2 per cent at end-June 2012. Thus, the proportion of debt maturing in less than 5 years at end-September 2012 rose to 31.8 per cent from 28.8 per cent a quarter ago. The proportion of outstanding debt maturing in less than 10 years was also higher at 68.0 per cent from 64.4 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 Q2 of FY13 as well as the maturity dynamics of outstanding securities. Overall, 31.8 per cent of outstanding stock has a residual maturity of upto 5 years, which implies that over the next five years, on an average, slightly more than 6.0 per cent of outstanding stock needs to be rolled over every year (Table 10). Thus, the rollover risk in the debt portfolio remained low. Table 10: Maturity Profile of Gol Outstanding Dated Securities Maturity Buckets (Amount in Crore) End-September 2012 End-June 2012 Less than 1 Year 1-5 Years 5-10 Years 79,735 42,793 (2.79) (1.58) 8,30,553 7,36,650 (29.01) (27.23) 10,36,675 9,63,097 (36.21) (35.59) 10-20 Years 20 Years and above 5,98,400 5....
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....,95,908 (20.90) (22.02) 3,17,350 3,67,307 (11.09) (13.58) Total 28,62,713 27,05,754 Note: Figures in parentheses represent per cent to total. 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-June 2012 (Table 11 and Chart 7). Banks (including banks that are primary dealers and co-operative banks) continue to dominate as the major investor category, though their share in holding of Government securities declined to 47.3 per cent at end-June 2012 from 49.1 per cent as at end-March 2012. Among the long-term investors, while the share of holding by insurance companies increased marginally to 21.2 per cent at end-June 2012 from 21.1 per cent a quarter ago, the share of provident funds declined to 7.3 per cent from 7.5 per cent over the same period. Proportion of securities held by the Reserve Bank at end-June 2012 at 17.6 per cent was higher than 14.4 per cent a quarter ago, mainly reflecting the impact of OMO purchase of securities to support liquidity. Table 11: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2011 2012 Mar. June Sep. Dec....
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..... Mar Jun 1. Commercial Banks 38.42 37.59 37.22 37.06 36.28 33.88 2. Bank- PDs 8.61 9.96 10.67 10.25 9.83 10.34 3. Non-Bank PDs 0.11 0.1 0.12 0.09 0.1 0.08 4. Insurance Companies 22.22 22.47 22.57 22.42 21.08 21.19 5. Mutual Funds 0.18 0.41 0.32 0.27 0.17 0.29 6. Co-operative Banks 3.41 3.31 3.28 3.21 2.98 3.07 7. Financial Institutions 0.35 0.34 0.35 0.34 0.37 0.34 8. Corporates 1.94 1.86 1.64 1.58 1.38 1.37 9. Fils 0.97 0.89 0.97 0.85 0.88 0.89 10. Provident Funds 7.06 7.01 7.23 7.31 7.45 7.31 11. RBI 12.84 12.9 12.52 13.56 14.41 17.62 12. Others 3.89 3.15 3.13 3.07 5.07 3.63 Total 100 100 100 100 100 100 Source: RBI Bulletin, September 2012; Vol. LXVI No. 9 15 45 Chart 7 : Holding Pattern of Government Securities (Jun-12 outer ring; Mar-12: inner ring] 3.63 17.62 5.07 14.41 7.45 7.31 0.88 9.89 2.98 3.07 36.28 Commercial Banks 33.88 Bank- PDs â– Non-Bank PDs â– Insurance Companies â– Mutual Funds Co-operative Banks â– Financial Institutions Corporates â– Fils 9.83 21.08 10.34 21.19 16 Provident Funds â– 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....
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....) during the quarter. Bond yields during the quarter were influenced by the global economic outlook, domestic inflation and GDP growth rate, and RBI's monetary policy. It began the quarter on a positive note as central banks (China, Euro, UK and Denmark) reduced their policy rates confirming concern regarding global economic outlook which was re-affirmed by IMF in mid-July. 10-year yield went up sharply (by 10 bps) to 8.24 per cent on 31 July, as RBI reduced Statutory Liquidity Ratio (SLR) in its quarterly review of monetary policy to 23 per cent from 24 per cent earlier. Yields eased thereafter to reach 8.13 per cent on 07 August 2012 due to hopes of fiscal consolidation and policy rate cut by RBI, disappointing economic data from Japan, Germany and China, and a lower IIP growth rate. Yields, however, hardened again due to rise in manufacturing inflation rate to reach 8.25 per cent on 16 August 2012. Subsequently, better than expected GDP growth rate for Q1 announced in end- August and increase in inflation rate kept yields range bound upto first week of September. Some softening of yield was seen thereafter due to decline in international crude oil prices. Yields also moved down ....
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....in the absence of additional borrowings in the calendar for issuance of dated securities for the second half of the year. The 10-year yield, which ranged between 8.04-8.25 per cent during Q2 of FY13, closed the quarter at 8.14 per cent at end-September 2012 against 8.18 per cent at end-June 2012. 17 Per cent 8.3 2 8.2 8.1 8.0 7.9 7.8 Chart 8: Movement of G-Sec Yields - 10-Year 5.2 While decline in bond yields during the quarter was seen across the curve, it was more prominent in the longer ends with 13-year and above maturities showing a relatively sharper decline. Thus, the yield curve steepened in below 10-year maturity range while flattening in longer maturity range. The 1yr-10yr spread increased to 25 bps at end-September 2012 from 14 bps at end-June 2012, 10yr-30yr spread declined to 34 bps from 49 bps over the same period. Introduction of new 10-year benchmark and 13- year securities, which elicited high demand from investors and traders, pushed these yields below the curve. Overall, the 1yr-30yr spread at end of Q2 of FY13 narrowed to 59 bps from 63 bps at end of previous quarter (Chart 9). 18 Yield 8.90% 8.70% Chart 9: Government Bond Yield Curve 8.50% 8.30% 8.10% 7.90% 30-....
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....Jun 30-Sep 7.70% Years 7.50% 1 5 9 13 17 21 25 29 5.3 Treasury Bills yield curve remained slightly inverted, particularly at longer end, at the end of the quarter, albeit to a lesser degree compared with the end of the previous quarter (Q1 of FY13). This was partly due to improvement in liquidity conditions reflected by decline in amount provided under repo window of LAF by RBI. While the 1m-3m spread remained unchanged at 3 bps, 3m-6m spread increased to (-) 1 bps from (-)7 bps during the quarter. Overall, 1m-12m inversion in treasury yield curve increased by 9 bps, from (-)18 bps at end-June 2012 to (-)9 bps at end-September 2012 (Chart 10). Yield (Per cent) 8.3 Chart 10: Treasury Bill Yield Curve 8.2 8.1 8.0 7.9 30-Jun-12 30-Sep-12 7.8 0 91 182 273 364 Maturity (days) 19 B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q2 of FY13 stood at Rs.15.09 lakh crores, representing an increase of 16.8 per cent over 12.92 lakh crore during the preceding quarter (Table 12). While the transactions in treasury bills increased by 32.9 per cent during the quarter, transaction volumes in state government securities r....
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....egistered a growth of 20.0 per cent. The transaction volumes in the Central Government securities showed a lower growth of 15.1 per cent during Q2 of FY13 over Q1 of FY13. The annualised outright turnover ratio ¹ for the Central Government dated securities (G-Secs) for Q2 of FY13 improved to 3.8 from 3.5 during the previous quarter. Including repo transactions, the annualised total turnover ratio² for Q2 of FY13 was higher at 7.4 than 6.3 during the previous quarter. Table 12 : Transactions in Government Securities (volumes in Crore) Period G-Sec 2009-10 2010-11 2011-12 Apr-Jun 12 Jul-Sept 12 Outright T-Bills SDL Total G-Sec Repo T-Bills SDL Total 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 11,50,531 1,20,055 21,470 12,92,057 4,74,943 6,83,722 4,409 11,63,074 13,23,826 1,59,586 25,758 15,09,170 6,34,378 6,41,880 22,655 12,98,914 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q2 of FY13, it accounted for 87.7 per cent ....
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....of total outright volume, compared to 89.0 per cent in the previous quarter and 48.8 per cent of the total repo volume, compared to 40.8 per cent in 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 * (Average of outstanding stock)] 20 20 4) / '000 Crore Chart 11a: Secondary Market Transaction - Outright Chart 11b: Secondary Market Transaction - Jul-Sept 2012 1600 1400 â– G-Sec T-Bills â– SDL 1200 1000 800 1600 â– G-Sec T-Bills SDL 1400 1200 600 '000 crore 1000 800 600 400 400 200 200 0 0 Oct-Dec2011 Jan-Mar 2012 Apr-Jun 2012 Jul-Sep 12 Outright repo 5.6 The volume of transactions continued to be skewed towards a few securities. The top 10 traded securities accounted for 84.4 per cent of the total outright transaction volume during the quarter as compared with 86.7 per cent during the previous quarter. The share of top three traded securities, however, declined to 64.1 per cent during Q2 of FY13 from 76.2 per cent in the previous quarter. List of top 10 traded securities for the current quarter and the p....
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....revious quarter are given in Table 13. Table 13 - Top 10 Traded Securities (amount in Crore) Security Jul-Sept 2012 8.15% G.S. 2022 3,96,041 Security 9.15% G.S. 2024 Apr-Jun 2012 4,93,579 8.33% G.S. 2026 3,76,522 8.79% G.S. 2021 4,01,728 9.15% G.S. 2024 1,95,040 8.19% G.S. 2020 88,623 8.19% G.S. 2020 1,43,754 8.15% G.S. 2022 43,353 8.79% G.S. 2021 54,444 8.24% G.S. 2018 23,841 8.07% G.S. 2017 36,906 8.28% G.S. 2027 22,334 8.97% G.S. 2030 33,139 8.97% G.S. 2030 20,399 8.20% G.S. 2025 16,617 8.83% G.S. 2041 14,043 8.28% G.S. 2027 11,129 8.33% G.S. 2036 6,596 8.24% G.S. 2018 9,683 7.83% G.S.2018 5,758 21 5.7 Trend in outright trading volumes in Government securities under different maturity buckets is given in Table 14. Table 14: Maturity Pattern of Outright Transactions Maturity/Quarter Less than 3 Years Jul-Sep 2012 2,202 3-7 Years 62,759 7-10 Years 6,01,108 above 10 years Total 6,57,758 13,23,827 Apr-Jun 2012 4,836 35,545 1,07,943 41,965 2,34,437 4,32,297 5,41,399 17,43,886 9,71,464 10,81,244 5,62,332 10,85,239 10,40,477 6,12,721 11,50,532 30,99,107 25,52,181 24,80,850 (in Crore) 2011-12 2010-11 2009-10 2,02,683 5,84,202 5.8 The maturity distribution of G-secs transactions in the s....
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....econdary market is detailed in Chart 12a and 12b. Reflecting the increased trading activity in longer term securities, '10 years and above' maturity range continue to account for the highest share of trading volumes during Q2 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 during Q2 of FY13 increased to 49.7 per cent from 48.9 per cent in the previous quarter. The 7-10 years maturity bucket accounted for 45.4 per cent of outright trading volumes during Q2 of FY13, lower than 47.1 per cent in the previous quarter. The transaction volume of securities in the maturity range of 3-7 years during the quarter was higher at 4.7 per cent of total volume compared with 3.6 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 - Jul-Sept 12 0% 5% Chart 12b: Maturity wise Trading Activity - Apr-Jun 12 -0% 4% â– 10 yrs â– >10 yrs 22 5.9 Foreign banks continued to be the dominant trading category with further increase in their share in total o....
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....utright trading activity to 33.9 per cent during Q2 of FY13 from 31.7 per cent in the previous quarter, continuing their uptrend for the third consecutive quarter (Chart 13). The share of all other trading categories, barring 'others', in total trading volume during the quarter showed a decline from the previous quarter. While primary dealers accounted for 18.0 per cent of total trading volume during Q2 of FY13 compared with 19.2 per cent during Q1 of FY13, share of public sector banks and private sector banks showed marginal decline over the previous quarter. During the quarter, public sector banks were the major net buyers of government securities in the secondary market (Rs.47,121 crore) followed by 'others category' investors (Rs.14,472 crore, includes the Reserve Bank purchases other than through OMO auctions), mutual funds (Rs.11,911 crore), private sector banks (Rs.11,004 crore). Insurance companies, foreign Institutional Investors (FIIs) and co-operative banks were the other net buyer categories during the quarter. Apart from the primary dealers, foreign banks (*24,415 crore) were the only net seller category during Q2 of FY13. Chart 13: Trading Activity (Buy + Sell) By Cat....
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....egory (inside circle Jul-Sept'12 and Outside Circle circle Apr-Jun '12) 3% 4% 4% 21% 4% 3% 20% 4% 19% 18% 34% 32% â– Public Sector Banks â– Private Sector Banks Foreign Banks Primary Dealers â– Mutual Funds 17% 17% â– 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 15. 23 23 Table 15: Category wise - Buying and Selling (% of total) Jul-Sept 2012 Apr-Jun 2012 Jan-Mar 2012 Oct-Dec 2011 Category Buy Sell Buy Sell Buy Sell Buy Sell Co-operative Banks 2.7 2.5 3.2 3.0 3.8 3.8 3.1 2.9 Fls 0.4 0.2 0.5 0.1 0.2 0.2 0.5 0.1 Foreign Banks 33.1 34.7 31.6 31.8 28.6 29.9 27.3 27.1 Ins. Cos 1.9 1.7 2.3 1.8 1.6 1.9 1.7 1.5 Mutual Funds 4.4 3.6 4.4 4.0 4.0 3.8 5.0 4.9 Primary Dealers 15.7 20.2 16.8 21.6 21.9 27.1 25.9 31.0 Private Sector Banks 17.6 16.8 17.2 17.5 17.7 16.4 15.7 15.2 Public Sector Banks 22.2 19.1 21.8 20.2 20.1 16.7 19.5 17.2 Others 2.0 1.1 2.3 0.1 1.9 0.1 1.2 0.1 Total 100 100 100 100 100 100 100 100 24 24 Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-contd. (Amount in Crore) Date of Name of Stock Auction No....
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....tified amount Devolve ment on Cut off Residual Cut off Date of yield Maturit price Maturity PDs (%) y (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 98.60 8.44 16-Jan-20 7.7 9.15% GS 2024 $ U 20-Apr-12 7000 104.97 8.50 14-Nov-24 12.6 8.97% GS 2030 $ U 20-Apr-12 2000 0 101.85 8.76 5-Dec-30 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 8.33% GS 2036 $ U 27-Apr-12 3000 0 93.82 8.82 21-Sep-27 8.96 15.4 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%....
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.... GS 2030 $ U 4-May-12 3000 0 100.45 8.92 5-Dec-30 18.6 8.83% GS 2041 $ U 4-May-12 3000 98.31 8.99 12-Dec-41 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 8.47 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 8.15% GS 2022 # U 8-Jun-12 7000 100.00 8.15 11-Jun-22 10.0 8.97% GS 2030....
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.... $ U 8-Jun-12 3000 0 104.48 8.49 5-Dec-30 18.5 Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-contd. (Amount in Crore) Devolve Cut off Residual Name of Stock Date of Notified Auction Cut off Date of ment on yield Maturit amount price Maturity PDs (%) y (Years) 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 0 100.10 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 98.48 8.46 21-Sep-27 15.2 8.83% GS 2041 $ U 22-Jun-12 2000 0 102.13 8.63 12-Dec-41 29.5 8.07% GS 2017 # U 29-Jun-12 4000 0 100.00 8.07 3-Jul-17 5.0 8.15% GS 2022 $ U 29-Jun-12 7000 99.85 8.17 11-Jun-22 9.9 8.97% GS 2030 $ U 29-Jun-12 2000 0 103.75 8.56 5-Dec-30 18.4 8.33% GS 2036 $ U 29-Jun-12 2000 0 97.20 8.61 7-Jun-36 23.9 8.19% GS 2020 $ U 6-Jul-12 4000 99.90 8.21 16-Jan-20 7.5 8.33% GS 2026 # U 6-Jul-12 6000 100.00 8.33 9-Jul-26 14.0 8.28% GS 2032 $ U 6-Jul-12 2000 0 97.45 8.55 15-Feb-32 19.6 8.83% GS 2041 $ U 6-Jul-12 3000 0 101.91 8.65 12-Dec-41 29.4 8.07% GS 2017 $ U 13-Jul-12 4000 100.25 8.01 3-Jul-17 5.0 8.15% GS 2022 $ U 13-Jul-12 6000 0 100.30 8.10 11-Jun-22 9.9 8.97% GS 203....
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....0 $ U 13-Jul-12 3000 0 104.35 8.50 5-Dec-30 18.4 8.33% GS 2036 $ U 13-Jul-12 3000 97.36 8.59 7-Jun-36 23.9 8.19% GS 2020 $ U 20-Jul-12 4000 0 100.34 8.13 16-Jan-20 7.5 8.33% GS 2026 $ U 20-Jul-12 7000 0 101.06 8.20 9-Jul-26 14.0 8.28% GS 2032 $ U 20-Jul-12 2000 98.29 8.46 15-Feb-32 19.6 8.83% GS 2041 $ U 20-Jul-12 2000 0 102.77 8.57 12-Dec-41 29.4 8.07% GS 2017 $ U 27-Jul-12 4000 0 100.03 8.06 3-Jul-17 4.9 8.15% GS 2022 $ U 27-Jul-12 6000 0 100.22 8.11 11-Jun-22 9.9 8.97% GS 2030 $ U 27-Jul-12 3000 104.70 8.46 5-Dec-30 18.3 8.33% GS 2036 $ U 27-Jul-12 2000 0 97.80 8.55 7-Jun-36 23.9 8.19% GS 2020 $ U 3-Aug-12 4000 0 99.43 8.29 16-Jan-20 7.4 8.33% GS 2026 $ U 3-Aug-12 7000 99.52 8.39 9-Jul-26 13.9 8.28% GS 2032 $ U 3-Aug-12 2000 0 97.19 8.58 15-Feb-32 19.5 8.83% GS 2041 $ U 3-Aug-12 2000 0 101.90 8.65 12-Dec-41 29.4 8.07% GS 2017 $ U 10-Aug-12 4000 0 99.75 8.13 3-Jul-17 4.9 8.15% GS 2022 $ U 10-Aug-12 6000 99.86 8.17 11-Jun-22 9.8 8.97% GS 2030 $ U 10-Aug-12 3000 0 104.12 8.52 5-Dec-30 18.3 8.33% GS 2036 $ U 10-Aug-12 2000 0 97.47 8.58 7-Jun-36 23.8 8.19% GS 2020 $ U 17-Aug-12 4000 99.30 8.32 16-Jan-20 7.4 8.33% GS 2026 $ U 17-Aug-12 7000 0 99.27 8.42 9-Jul-26 13.9 8.28% GS 2032 $ U....
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.... 17-Aug-12 2000 0 97.05 8.59 15-Feb-32 19.5 8.83% GS 2041 $ U 17-Aug-12 2000 101.89 8.65 12-Dec-41 29.3 8.07% GS 2017 $ U 24-Aug-12 4000 0 99.51 8.19 3-Jul-17 4.9 ii Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-concld. (Amount in Crore) Devolve Cut off Residual Name of Stock Date of Notified Auction Cut off Date of ment on yield Maturit amount price Maturity PDs (%) y (Years) 8.15% GS 2022 $ U 24-Aug-12 6000 0 99.62 8.20 11-Jun-22 9.8 8.97% GS 2030 $ U 24-Aug-12 3000 0 103.74 8.56 5-Dec-30 18.3 8.33% GS 2036 $ U 24-Aug-12 2000 0 97.51 8.57 7-Jun-36 23.8 8.19% GS 2020 $ U 31-Aug-12 4000 99.17 8.34 16-Jan-20 7.4 8.33% GS 2026 $ U 31-Aug-12 7000 99.45 8.40 9-Jul-26 13.9 8.28% GS 2032 $ U 31-Aug-12 2000 0 97.19 8.58 15-Feb-32 19.5 8.83% GS 2041 $ U 31-Aug-12 2000 102.22 8.62 12-Dec-41 29.3 8.07% GS 2017 $ U 7-Sep-12 4000 0 99.42 8.21 3-Jul-17 4.8 8.15% GS 2022 $ U 7-Sep-12 7000 0 99.71 8.19 11-Jun-22 9.8 8.97% GS 2030 $ U 7-Sep-12 3000 633.034 103.50 8.58 5-Dec-30 18.2 8.33% GS 2036 $ U 7-Sep-12 2000 0 97.87 8.54 7-Jun-36 23.7 8.19% GS 2020 $ U 21-Sep-12 4000 0 99.66 8.25 16-Jan-20 7.3 8.20% GS 2025 # U 21-Sep-12 7000 0 100.00 8.20 24-Sep-25 13.0 8.28% G....
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....S 2032 $ U 21-Sep-12 2000 97.17 8.58 15-Feb-32 19.4 8.83% GS 2041 $ U 21-Sep-12 2000 0 103.00 8.55 12-Dec-41 29.2 8.07% GS 2017 $ U 28-Sep-12 4000 99.55 8.18 3-Jul-17 4.8 8.33% GS 2026 $ U 28-Sep-12 6000 100.81 8.23 9-Jul-26 13.8 8.97% GS 2030 $ U 28-Sep-12 3000 0 105.05 8.42 5-Dec-30 18.2 8.33% GS 2036 $ U 28-Sep-12 2000 0 98.66 8.46 7-Jun-36 23.7 Gross Nominal Amount Raised 370000 1828.194 Weighted Average Yield 8.45 Weighted Average Maturity 13.56 #:- New security, yield based auction; $:- Re-issues, price based auctions U:- Uniform Price iii Name of Security Statement 2:Treasury Bills Issued During FY13 (April-Sept 2012)-Contd. (Amount in Crore) Non- Competitive Nominal Gross Competitive Cut off 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 8.12 364 DTB 13-Jul-12 5000 7 5007 8.06 364 DTB 27-Jul-12 5000 0 5000 7.98 364 DTB 10-Aug-12 5000 7 5007 8.06 364 DTB 24-Aug-12 5000 0 5000 8.12 364 DTB 7-Sep-12 5000 7 5007 8.08 364 DT....
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....B 21-Sep-12 5000 5000 8.06 182 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 8.31 182 DTB 6-Jul-12 5000 0 5000 8.27 182 DTB 20-Jul-12 5000 0 5000 8.12 182 DTB 3-Aug-12 5000 0 5000 8.25 182 DTB 16-Aug-12 5000 0 5000 8.27 182 DTB 31-Aug-12 5000 0 5000 8.25 182 DTB 14-Sep-12 5000 0 5000 8.14 182 DTB 28-Sep-12 5000 238 5238 8.14 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 iv Name of Security Statement 2:Treasury Bills Issued During FY13 (April-Sept 2012)-Concld. (Amount in Crore) Non- Competitive Nominal Gross Competitive Cut off Date of Issue amount raised amount amount Yield (%) raised raised 91 DTB 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 91 ....
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....DTB 6-Jul-12 7000 1000 8000 8.27 91 DTB 13-Jul-12 7000 4241 11241 8.23 91 DTB 20-Jul-12 7000 1011 8011 8.19 91 DTB 27-Jul-12 7000 7721 14721 8.14 91 DTB 3-Aug-12 7000 1500 8500 8.23 91 DTB 10-Aug-12 7000 13000 20000 8.23 91 DTB 16-Aug-12 7000 5000 12000 8.27 91 DTB 24-Aug-12 7000 4122 11122 8.23 91 DTB 31-Aug-12 7000 2511 9511 8.23 91 DTB 7-Sep-12 7000 7886 14886 8.14 91 DTB 14-Sep-12 7000 2537 9537 8.14 91 DTB 21-Sep-12 7000 4329 11329 8.10 91 DTB 28-Sep-12 7000 760 7760 8.14 Total 340000 102637 442637 V Statement 3: List of Dated Securities Outstanding at end-Sept 2012-contd. Nomenclature Date of maturity Outstanding Stock (* Crore) of which: MSS 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 201....
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....5 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(11) 10-Aug-15 6000.0 7.38% GS 2015 (conv) 3-Sep-15 61000.0 9.85% GS 2015 16-Oct-15 10000.0 7.59% GS 2016 12-Apr-16 68000.0 10.71% GS 2016 19-Apr-16 9000.0 FRB, 2016 7-May-16 6000.0 5.59% GS 2016 4-Jun-16 6000.0 12.30% GS 2016 2-Jul-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 8.07% GS 2017 3-Jul-17 24000.0 7.99% 2017 9-Jul-17 71000.0 7.46% 2017 28-Aug-17 57886.8 6.25% 2018 (conv) 2-Jan-18 16886.8 7.83% GS 2018 11-Apr-18 64000.0 vi Statement 3: List of Dated Securities Outstanding at end-Sept 2012-contd. Nomenclature Date of maturity Outstanding Stock (* Crore) of which: MSS 8.24% GS 2018 10.45% GS 2018 22-Apr-18 75000.0 30-Apr-18 3716.0 5.69 % GS 2018(Conv)] 12.60% GS 2018 25-Sep-18 16130.0 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....
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.... 16-Jan-20 62000.0 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 2022 14-May-22 44000.0 8.15% GS 2022 11-Jun-22 45000.0 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 8.20% GS 2025 24-Sep-25 7000.0 5.97% GS 2025 (Conv) 25-Sep-25 16687.9 8.33% GS 2026 9-Jul-26 34000.0 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 49000.0 8.28% GS 2032 15-Feb-32 78687.1 vii Statement 3: List of Dated Securities Outstanding at end-Sept 2012-concld. Nomenclature 8.32% GS 2032 7.95% GS 2032 Date of maturity 2-Aug-32 Outstanding Stock ( Crore) of which: MSS 15434.1 28-Aug-32 59000.0 8.33% GS GS 20....
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....32 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 84000.0 6.83% GS 2039 19-Jan-39 13000.0 8.30% GS 2040 2-Jul-40 72000.0 8.83% GS 2041 Total 12-Dec-41 46000.0 2862712.5 viii Statement 4: Maturity Profile of Government Securities as on End-Sept 2012 Year of maturity Outstanding Stock (* Crore) 2012-13 5000 2013-14 95009 2014-15 168018 2015-16 197244 2016-17 231130 2017-18 230774 2018-19 234478 2019-20 185000 2020-21 84000 2021-22 283846 2022-23 232465 2023-24 27000 2024-25 102000 2025-26 23688 2026-27 106389 2027-28 124680 2028-29 11000 2029-30 2030-31 49000 2031-32 78687 2032-33 75957 2033-34 2034-35 60350 2035-36 42000 2036-37 84000 2037-38 2038-39 13000 2039-40 2040-41 2041-42 Total 72000 46000 2862713 ix<BR> News - Press release - PIB....