AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Public Debt Management for the Third Quarter of 2012-13 (Oct-Dec 2012) Released by Ministry of Finance
X X X X Extracts X X X X
X X X X Extracts X X X X
....ublic Debt Management for the Third Quarter of 2012-13 (Oct-Dec 2012) Released by Ministry of Finance <br>Income Tax<br>Dated:- 24-1-2013<br><BR>Press Information Bureau Government of India Ministry of Finance 24-January-2013 16:54 IST The report on Public Debt Management for the third quarter of 2012-13 (Oct-Dec 2012) has been released by the Ministry of Finance and will be placed on the Ministry's website i.e. www.finmin.nic.in today. The said report is attached here with as well. The present report pertains to the third quarter of the fiscal year 2012-13, viz., October-December 2012. It 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]. The Middle Office was set-up in September 2008 in Department of Economic Affairs, Ministry of Finance, Government of India. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....With the objective of enhancing transparency of debt management operations, the Middle Office began publishing on its website a quarterly report titled "Public Debt Management - Quarterly Report" from the first quarter of the fiscal year 2010-11. The previous reports are available on the website of Ministry of Finance (http://finmin.nic.in/reports/Public_Debt_Management.asp). Click here to See Report *** DSM/RS/rs ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT OCTOBER-DECEMBER 2012 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS JANUARY 2013 www.finmin.nic.in Section Introduction CONTENTS Page No. 1 1 Macroeconomic Developments 2 2 Debt Management - Primary Market Operations 6 3 Cash Management 11 4 Trends in Outstanding Public Debt 14 5 Secondary Market 18 List of Tables and Charts List of Tables Table No. 1 23 4 56 7 Title Fiscal Outcome - April-November 2012-13 Issuance of Dated Securities Actual Borrowings versus Calendar for Q3 of FY 13 Issuance of Treasury Bills Maturity and Yield of Central Government's Market Loans Modified Dated Securities Issuance Calendar -Q4 2012-13 Repayments and Issuance of Treasury Bills in Oct-Dec. 2012 Ca....
X X X X Extracts X X X X
X X X X Extracts X X X X
....lendar for Issuance of Treasury Bills in Jan. -March 2013 Composition of Public Debt Maturity Profile of Gol Outstanding Dated Securities Ownership Pattern of Government of India Dated Securities Transactions in Government Securities 9 10 11 12 13 Top 10 Traded Securities 14 15 Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) Page No. 7 8 10 12 13 14 15 16 20 21 22 23 List of Charts Chart No. 1 Title Page No. Quarterly Growth Rate in GDP Inflation Rate Based on WPI 3 Growth Rate in IIP 4 Monthly Exports and Imports 5 Foreign Investment Flow and Exchange Rate 23345 3 5 6 Liquidity in the System 11 7 Holding Pattern of Government Securities 17 8 Movement of G-Sec Yields - 10-year 18 9 Government Bond Yield Curve 19 10 Treasury Bill Yield Curve 19 11a Secondary Market Transaction - Outright 21 11b Secondary Market Transaction - Oct.-Dec. 2012 21 12a Maturity wise Trading Activity - Oct.-Dec. 2012 12b Maturity wise Trading Activity - Jul-Sept.12 13 Trading Activity (Buy+Sell) by Category 222 22 22 23 List of Statements Statement No. Title Page No. 1 Issuance of Dated Securities During FY13 (April-Dec. 2012) Treasury Bills Issued During FY13 (Apr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....il-Dec. 2012) 3 4 List of Dated Securities Outstanding at end-December 2012 Maturity Profile of Government Securities at end-December 2012 V viii xi 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 Management - Quarterly Report" from the first quarter of the fiscal year 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 third quarter of the fiscal year 2012-13, viz., October-December 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 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....heir valuable suggestions, at [email protected]. 1 Section 1 - Macroeconomic Developments 1.1 The GDP growth rate for the second quarter (Jul-Sept.) of financial year 2012-13 decelerated to 5.3 per cent per annum from 5.5 per cent in the previous quarter, reversing the signs of recovery in output growth witnessed in the first quarter of the year (Chart 1). Deceleration in growth was seen across all the major sectors, except ‘manufacturing', ‘mining and quarrying' and 'trade, hotel, transport and communications' groups which showed some improvement in growth rate during the quarter. Notwithstanding some deceleration, 'financing, insurance, real estate and business services', 'community, social and personal services' and 'construction' sectors registered significant y-o-y growth rates of 9.4 per cent, 7.5 per cent and 6.7 per cent, respectively, during July-September 2012. Per cent Chart 1: Quarterly Growth Rate in GDP 11.0 9.8 10.0 9.0 8.0 7.4 7.0 6.0 5.0 4.0 9.2 8.6 8.5 8.2 7.6 8.0 6.7 6.1 5.3 5.5 5.3 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.2 WPI Inflation rate for December 2012 eased to 7.18 per cent per ann....
X X X X Extracts X X X X
X X X X Extracts X X X X
....um (y-o-y), continuing the declining trend set-in after September 2012 (Chart 2). While ‘primary articles' and 'fuel & power' groups showed a higher inflation rate during December 2012, 'manufactured products' continued the declining trend since September 2012 contributing to decline in overall inflation rate. Within 'manufactured products', 'machinery & machine tools', 'man made textile', 'leather & leather products', and 'rubber & plastic products' showed significantly lower inflation rate. Per cent Per cent 12.00 10.00 8.00 Chart 2: Inflation Rate Based on WPI 6.00 4.00 2.00 0.00 REFER Q R S T 2010-11 2011-12 2012-13 1.3 The rate of growth in the Index of Industrial Production (IIP) for November 2012 came negative at (-) 0.1 per cent after showing a higher growth of 8.3 per cent in previous month. The cumulative growth in IIP during the financial year 2012-13 (Apr-Nov) was lower at 1.0 per cent than 3.9 per cent during the same period of the previous year (Chart 3). 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 3 1.4 India's exports during Q3 of FY13 declined by 3....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....6 per cent over the same quarter a year ago while imports registered a growth rate of 7.1 per cent leading to widening of trade deficit to 23.3 per cent y-o-y in Q3. Trade deficit during Q3 was noted at USD 59.3 bn as compared with USD 48.1 bn in the same quarter of previous fiscal year. On a monthly basis, exports continued the trend of contraction for the eighth consecutive month in December 2012. On a cumulative basis, the period between April-December 2012-13 witnessed a decline of 5.5 per cent in exports and 0.7 per cent in imports as compared with growth rates of 29.6 per cent 35.2 per cent, respectively, in the corresponding period of the previous fiscal year. Trade deficit of USD 147.2 billion during April-December 2012 was higher than USD 137.3 billion in the same period of previous year, reflecting a sharper decline in exports than imports (Chart 4). USD mn 50,000 Chart 4: Monthly Exports and Imports 40,000 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 Jan-11 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 10 30 ៦៦ ១៩៩ 86 88 -20 -10 P....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er cent Exports Imports Trade Balance Growth Exports (right scale) Growth Imports (right scale) 1.5 Net inflows on account of foreign investment during Oct-Nov 2012 slowed down compared to the previous quarter. The decline in net inflows was mainly on account of foreign direct investment (FDI) as gross investment into India showed lower inflow while outbound investment increased. Net portfolio investment by Foreign Institutional Investors (Fils) during the period remained relatively robust (Chart 5). Slowdown in net capital inflows coupled with pressure in trade account balance strained the exchange rate leading to depreciation of Rupee from Rs.52.7 (per USD) at end-September 2012 to 54.5 at end- November 2012. Pressure on Rupee continued in December and it closed at Rs.54.8 at end- December 2012. 4 USD mn 30000 25000 20000 15000 10000 5000 0 -5000 Chart 5: Foreign Investment Flow and Exchange Rate Q1 2011-12 Q2 2011-12â– Q3 2011-12 Q4 2009-10 Q1 2010-11 Q2 2010-11 Q3 2010-11 Q4 2010-11 Q3 2009-10 ALâ€TEE Direct Invest Portfolio Investment â– Total Exchange Rate (right scale) Note:- Data on FDI have been revised since April 2011 to expand the coverage. 5 Q2 2012-13 Q3....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 2012-13 (Oct-Nov) 60.0 50.0 40.0 30.0 20.0 10.0 0.0 */USD average of Quarter/Month 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-November of FY13 indicates moderate improvement in terms of key deficit indicators as percentage of budget estimates (BE), vis-a-vis their position during the same period of the previous fiscal year. Gross tax collections during the period at 50.5 per cent of BE were marginally lower than 50.7 per cent a year ago. In the direct taxes, while collections from corporation tax at Rs.1,62,964 crore showed a growth rate of 10.6 per cent as against budgeted growth rate of 13.9 per cent, personal income tax collections at 1,05,335 crore showed a robust growth rate of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....23.6 per cent against 13.9 per cent growth rate in BE for FY13. Among the major indirect taxes, while growth in collections from customs and excise duties remained low at 4.2 per cent and 16.5 per cent, respectively, against budgeted growth rates of 22.0 per cent and 29.1 per cent, service tax collections increased by 34.3 per cent during April-November 2012-13 as against BE growth rate of 30.5 per cent. Non-tax revenue at 46.3 per cent of BE was lower than 57.7 per cent in the same period of the previous year. Total expenditure showed containment as per cent of BE at 58.2 per cent during April-November 2012-13 as compared with 60.5 per cent during the corresponding period of the previous year. Expenditure reduction in terms of percentage to BE was seen under both categories viz., revenue and capital. As a result of expenditure containment outweighing the revenue shortfall, revenue deficit and fiscal deficit during April-November 2012 at 91.2 per cent and 80.4 per cent of BE were lower than 91.3 per cent and 85.6 per cent, respectively, during the same period a year ago. Primary deficit at 118.7 per cent of BE was also lower than 129.4 per cent during the corresponding period of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e previous fiscal year (Table 1). 6 Table 1: Fiscal Outcome - April -November 2012-13 (amount in crore) Item 2012-13 BE April-Nov 2012-13 April-Nov 2012- 13 (% of BE) April-Nov 2011- 12 (% of BE) 9,35,685 4,45,819 47.6 49.7 Revenue Receipts Tax Receipts 7,71,071 3,69,598 47.9 48.2 Non-Tax Receipts 1,64,614 76,221 46.3 57.7 Non-debt Receipts 41,650 8,900 21.4 26.4 Total Expenditure 14,90,925 8,67,645 58.2 60.5 Revenue Expenditure 12,86,109 7,65,319 59.5 61.4 Capital Expenditure 2,04,816 1,02,326 50.0 54.4 Revenue Deficit 3,50,424 3,19,500 91.2 91.3 Primary Deficit 1,93,831 2,30,067 118.7 129.4 Gross Fiscal Deficit 5,13,590 4,12,926 80.4 85.6 Financing Market Loans* 4,88,000 4,20,476 86.2 95.7 External Financing 10,148 58 0.6 44.7 Securities against Small 1,198 -750 -62.7 -3.1 Savings Others 14,244 -6,857 -48.1 30.9 *:- 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 third quarter (Q3) of FY13 and position during the year so far (upto December 2012). 2.4 As mentioned above, the gross and net market borrowings of the Central Govern....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment for FY13 were projected at Rs.5,69,616 crore and Rs.4,79,000 crore, respectively, in FY13 BE. During Q3 of FY13, the Government issued dated securities worth Rs.1,55,000 crore taking the borrowings during April-December 2012 to Rs.5,10,000 crore constituting 89.5 per cent of BE FY13 against 94.5 per cent in the same period of previous fiscal year (Table 2). Taking into account repayments of Rs.90,616 crore, the net amount raised through dated securities during April-December 2012 amounted to Rs.4,19,384 crore, constituting 87.6 per cent of BE as compared with 93.4 per cent a year ago. 7 Table 2: Issuance of Dated Securities (Amount in Crore) Item 2012-13 BE Gross Amount 5,69,616 90,616 Q3 FY 13 1,55,000* Apr-Dec 12 5,10,000 Apr-Dec 12 (% of BE) Apr-Dec 11 (% of BE) 89.5 94.5 4,79,000 5,000 1,50,000 Repayments Net Issuance *:-Including auction of borrowings for 15,000 crore conducted on September 28 but issued on October 01, 2012. 90,616 100.0 99.3 4,19,384 87.6 93.4 2.5 Auctions during Q3 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 exist....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing securities imparting greater liquidity in the secondary market. Two new securities of 8 year and 30 year maturities were issued during the quarter, constituting 4.5 per cent of total issuance amount during Q3 of FY13. Table 3 - Actual Borrowings versus Calendar for Q3 FY 13 Maturity range 5-9 years H1 FY 13 (actual) 95,000 % of Total 25.7 10-14 years 1,63,000 44.1 15-19 Years (amount in crore) 20-30 Years 48,000- 96,000- 57,000 15.4 16,000- 55,000 Total 3,70,000 14.9 100 16,000- HY2 FY13 (Projected) 64,000 1,12,000 % of Total 24-32 48-56 Q3 FY13 (actual) 35,000 73,000 24,000 8-12 15,000 24,000 8-12 17,000 1,40,000* 2,00,000 100 25.0 52.1 10.7 12.1 100.0 % of Total *:-Excluding auction of borrowings for 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 Q3 of FY13 amounted to Rs.1,90,885 crore while total repayments amounted to *2,04,828 crore resulting in net issuance of (-) Rs.13,943 crore compared with net issuance of *532 crore in Q2 and Rs.61,948 crore in Q1 of FY13. Thus, total net issuance of treasury bills during April-December 2012 amounted to Rs.48,537 cro....
X X X X Extracts X X X X
X X X X Extracts X X X X
....re (Table 4). The details of issuance of bills during FY13 are given in Statement 2. 8 Table 4: Issuance of Treasury Bills* (Amount in Apr-Dec 12 Crore) Apr-Dec 11 (% of BE) Item 2012-13 BE Q3 FY 13 Apr-Dec 12 (% of BE) 364 DTB Gross Amount 1,04,371 35,060 1,00,456 96.2 126.2 Repayment 90,371 28,210 66,371 73.4 67.0 Net Issuance 14,000 6,849 34,084 243.5 374.1 182 DTB Gross Amount 99,353 30,000 95,238 95.9 119.3 Repayment 99,353 30,000 82,001 82.5 83.5 Net Issuance 13,237 530.9 91 DTB Gross Amount 5,32,547 1,25,826 4,37,829 82.2 103.9 Repayment 5,37,547 1,46,618 4,36,613 81.2 98.6 Net Issuance -5,000 -20,792 1,216 -24.3 3,544.3 All T-Bills Gross Amount 7,36,270 1,90,885 6,33,523 86.0 108.7 Repayment Net Issuance 7,27,270 9,000 2,04,828 5,84,986 80.4 93.4 -13,943 48,537 539.3 520.1 *:- Including amount through non-competitive route. 2.7 The weighted average maturity (WAM) of dated securities issued during Q3 of FY13 at 13.38 years was lower than 13.58 years in the previous quarter (Table 5). The weighted average maturity of outstanding government securities at end-December 2012 declined to 9.85 years from 9.90 years at end-September 2012. Reflecting a moderation in yields and lower ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....weighted average maturity during the quarter, the weighted average yield (cut-off) of issuance during Q3 of FY13 declined to 8.26 per cent from 8.33 per cent in Q2 and 8.60 per cent in Q1. Table 5: Maturity and Yield of Central Government's Market Loans Issues during the year Weighted Weighted Year Average 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 Q3 8.26 13.38 7.97 9.85 Apr-Dec 2012 8.40 13.50 7.97 9.85 * As at end of period. 6 2.8 The calendar for issuance of dated securities during the last quarter of the year amounting to 60,000 crore was re-scheduled on review of the cash position of the Government (Table 6). Table 6: Modified Dated Securities Issuance Calendar - Q4 2012-13 (Amount in Crore) Week Ending Total Amount Range of Amount Under Different Maturity Buckets to be issued 5-9 Year 10-14 Year 18-Jan-13 12,000 3,000-4,000 5000-6000 15-19 Year 2,000-3,000 20-30 Year 0 1-Feb-13 12,000 3,000-4,000 5000-6000 0 2,000-3,000 8-Feb-13 12,000 3,000-4,000 5000-6000 2,000-3,000 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....0 15-Feb-13 12,000 3,000-4,000 5000-6000 0 2,000-3,000 22-Feb-13 12,000 3,000-4,000 5000-6000 2,000-3,000 0 Total 60,000 15,000-20,000 25,000-30,000 6,000-9,000 4,000-6,000 10 Section 3 - Cash Management 3.1 Government's cash account is maintained with the Reserve Bank. The cash-flow mismatches of the Government are largely managed through issuance of Cash Management Bills, Treasury Bills and access to the Ways and Means Advances (WMA) facility from 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; Rs.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 tight during the quarter with the liquidity deficit, as reflected by net borrowings under LAF, increasing beyond 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 increased almost consistently during the quarter with average amount prov....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ided at 67,072 crore in October, *94,094 crore in November and Rs.1,23,053 crore in December 2012. December month witnessed a peak of Rs.1,70,140 crore net borrowings under LAF on 20 December 2012 (Chart 6). The RBI reduced CRR by 25 bps to 4.25 per cent, effective November 03, 2012 and purchased securities worth 39,057 crore through auctions during the quarter. OMO Chart 6: Liquidity in the System 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 Net LAF in Crore (-absorption+injection) 28-12-2012 20-12-2012 12-12-2012 04-12-2012 26-11-2012 18-11-2012 10-11-2012 02-11-2012 25-10-2012 17-10-2012 09-10-2012 01-10-2012 11 3.3 The cash position of the Government during Q3 was comfortable and remained in positive territory for the entire quarter. The issuances of treasury bills were reduced during the quarter in view of the cash position of the Government. The net amount mobilised through treasury bills (under competitive route) during Q3 of FY13 was negative at (-) Rs.19,000 crore. Under the non-competitive route, net amount received amounted to 5,057 crore. Details of treasury bills issued and matured in Q3 of FY13 are given in Table 7. Date of Issue Table 7: Repayments an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d Issuance of Treasury Bills in Oct-Dec 2012 Repayments Issued Amount (Amount in Crore) Variation in Issued amount over 5-Oct-12 12-Oct-12 7,000 91 DTB 7,000 182 DTB 364 DTB 0 4,000 5,000 19-Oct-12 7,000 0 4,000 25-Oct-12 7,000 5,000 2-Nov-12 7,000 0 0 4,000 9-Nov-12 7,000 5,000 0 91 DTB 5,000 5,000 5,000 5,000 0 5,000 5,000 5,000 0 5,000 5,000 182 DTB 364 DTB Repayments 5,000 -1,000 0 -2,000 5,000 -1,000 0 -2,000 5,000 -1,000 -2,000 16-Nov-12 7,000 0 4,000 5,000 0 5,000 -1,000 22-Nov-12 7,000 5,000 0 5,000 5,000 -2,000 29-Nov-12 7,000 0 4,000 5,000 0 5,000 -1,000 6-Dec-12 13-Dec-12 20-Dec-12 7,000 27-Dec-12 7,000 7,000 5,000 5,000 5,000 0 -2,000 7,000 0 4,000 5,000 0 5,000 -1,000 5,000 0 0 4,000 5,000 5,000 5,000 0 0 -2,000 5,000 -1,000 Total Under Competitive Route Q3 91,000 30,000 28,000 65,000 30,000 35,000 -19,000 Q3 55,618 0 Total Under Non-Competitive Route 210 60,826 0 60 5,057 3.4 On review of its cash position, the Government announced on 31 December 2012 to reschedule its borrowings calendar for issuance of Government securities during the last quarter (Jan-March) of the fiscal year. It shifted the auction of dated securities for 12,000 crore scheduled in the week ending....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... January 4, 2013 to the week ending February 22, 2013. The revised indicated calendar is given in Table 6 ante. 12 3.5 The calendar for issuance of treasury bills during January-March 2013 is given in Table 8. Table 8: Calendar for Issuance of Treasury Bills in January-March 2013 (crore) Auctions Date 02-01-2013 91-Days 5,000 182-Days 364-Days Total 5,000 10,000 09-01-2013 5,000 5,000 10,000 16-01-2013 5,000 5,000 10,000 23-01-2013 5,000 5,000 10,000 30-01-2013 5,000 5,000 10,000 06-02-2013 5,000 5,000 10,000 13-02-2013 5,000 5,000 10,000 20-02-2013 5,000 5,000 10,000 27-02-2013 7,000 5,000 12,000 06-03-2013 7,000 5,000 12,000 13-03-2013 7,000 5,000 12,000 20-03-2013 7,000 5,000 12,000 27-03-2013 7,000 5,000 12,000 Total 75,000 35,000 30,000 1,40,000 13 33 Section 4 - Trends in Outstanding Public Debt 4.1 The total public debt (excluding liabilities that are not classified under public debt) of the Government increased to Rs.40,48,219 crore at end-December 2012 from *39,06,828 crore at end-September 2012 (Table 9). This represented a quarter-on-quarter (QoQ) increase of 3.6 per cent (provisional) compared with an increase of 3.8 per cent in the previous quarter (Q2 of FY13). Inter....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nal debt constituted 90.7 per cent of public debt, compared with 90.5 per cent at the end of the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 82.2 per cent of total public debt, compared with 81.7 per cent at end-September 2012. The outstanding internal debt of the Government at Rs.36,69,823 crore constituted 36.1 per cent of GDP compared with 34.8 per cent at end-September 2012. Item Table 9: Composition of Public Debt At end-Sept. 2012 (**Crore) At end-Dec. 2012# At end- Dec. 2012 At end- Sept. 2012 (% of Total) 1 2 3 4 5 Public Debt (1+2) 40,48,219 39,06,828 100.00 100.00 1. Internal Debt 36,69,823 35,33,807 90.65 90.5 Marketable 33,28,243 31,92,228 82.21 81.71 (a) Treasury Bills 3,15,530 3,29,514 7.79 8.43 (i) 91-days Treasury Bills 1,25,826 1,46,663 3.11 3.75 (ii) 182-days Treasury Bills 65,238 65,238 1.61 1.67 (iii) 364-days Treasury Bills 1,24,466 1,17,613 3.07 3.01 (b) Dated Securities 30,12,713 28,62,713 74.42 73.27 Non-marketable 3,41,580* 3,41,580 8.44 8.74 (i) 14-days Treasury Bills 70,251* 70,251 1.74 1.80 (ii) Securities Issued to NSSF 2,07,638* 2,07,638 5.13 5.31 (iii) Compensation and oth....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er bonds 31,110* 31,110 0.77 0.80 (iv) Securities issued to International 32,581* 32,581 0.80 0.83 Financial Institutions (v) Ways and Means Advances 0* 2. External Debt 3,78,396 3,73,021 9.35 9.55 (i) Multilateral 2,40,223 2,31,302 5.93 5.92 (ii) Bilateral (iii) IMF (iv) Rupee debt #:- Data are provisional. 1,03,964 1,08,713 2.57 2.78 33,535 32,331 0.83 0.83 675 675 0.02 0.02 *:-These data are not available for December 31, 2012. So they are carried over from previous quarter. Note: Foreign Institutional Investors (FII) investment in government securities and treasury bills (*56,663 crore at end-September 2012) is included in internal marketable debt. 14 Maturity Pattern for Outstanding Government Debt Stock 4.2 The weighted average maturity of outstanding stock of dated securities as at end- December 2012 was lower at 9.85 years than 9.90 years at end-September 2012. Over the same period, the weighted average coupon of outstanding stock increased marginally to 7.97 per cent from 7.95 per cent a quarter ago (see Table 5). 4.3 The proportion of debt (dated securities) maturing in less than one year declined marginally to 2.5 per cent at end-December 2012 from 2.8 per cent a quarter....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ago, while debt maturing within 1-5 years declined 28.2 per cent from 29.0 per cent at end-September 2012. Thus, the proportion of debt maturing in less than 5 years at end-December 2012 was lower at 30.7 per cent from 31.8 per cent of total debt a quarter ago. The proportion of outstanding debt maturing in less than 10 years was also lower at 66.4 per cent from 68.0 per cent a quarter ago, while proportion of debt maturing in more than 10 years increased to 33.6 per cent at end-December 2012 from 32.0 per cent a quarter ago. The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q3 of FY13 as well as the maturity dynamics of outstanding securities. Overall, 30.7 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-December 2012 End-September 2012 Less than 1 Year 1-5 Year....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s 5-10 Years 10-20 Years 20 Years and above Total 74,735 (2.48) 79,735 (2.79) 8,50,553 8,30,553 (28.23) (29.01) 10,74,675 10,36,675 (35.67) (36.21) 6,76,400 5,98,400 (22.45) (20.90) 3,36,350 3,17,350 (11.16) (11.09) 30,12,713 28,62,713 Note: Figures in parentheses represent per cent to total. 15 Holding Pattern 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-September 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 with a small improvement in their share in holding of Government securities to 47.6 per cent at end-September 2012 from 47.3 per cent as at end-June 2012. Among the long-term investors, while the share of holding by insurance companies increased marginally to 21.3 per cent at end-September 2012 from 21.2 per cent a quarter ago, the share of provident funds continued the declining trend with their share at 7.2 per cent at end-September 2012 from 7.3 per cent a quarter ago. Proportion of securities held by the Reserve Bank at end-September 2012 at 16.0 per cent was lower than 17.6 per cent a qu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....arter ago. Holding of securities by FIls, corporate and mutual funds were higher at end of Q3 of FY13 compared with their position a quarter ago. Table 11: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2011 2012 June Sep. Dec. Mar Jun 1. Commercial Banks 37.59 37.22 37.06 36.28 33.88 Sep 33.91 2. Bank- PDs 9.96 10.67 10.25 9.83 10.34 10.63 3. Non-Bank PDs 0.1 0.12 0.09 0.1 0.08 0.1 4. Insurance Companies 22.47 22.57 22.42 21.08 21.19 21.3 5. Mutual Funds 0.41 0.32 0.27 0.17 0.29 0.55 6. Co-operative Banks 3.31 3.28 3.21 2.98 3.07 3.03 7. Financial Institutions 0.34 0.35 0.34 0.37 0.34 0.37 8. Corporate 1.86 1.64 1.58 1.38 1.37 1.61 9. Flls 0.89 0.97 0.85 0.88 0.89 1.1 10. Provident Funds 7.01 7.23 7.31 7.45 7.31 7.19 11. RBI 12.9 12.52 13.56 14.41 17.62 16.02 12. Others 3.15 3.13 3.07 5.07 3.63 4.2 Total 100 100 100 100 100 100 Source: RBI Bulletin, December 2012; Vol. LXVI No.12 16 Chart 7: Holding Pattern of Government Securities (Sep-12 outer ring; Jun-12: inner ring] 4.20 16.02 3.63 17.62 7.19 7.31 1.10 9.99 1.61 3.07 3.03 33.88 10.34 21.19 10.63 21.30 17 â– Commercial Banks 33.91 â– Bank-PDs Non-Bank PDs Insuran....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ce Companies Mutual Funds Co-operative Banks Financial Institutions Corporates â– Fils Provident Funds RBI Others 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. Bond yields remained in a tight range for much of the quarter before dropping towards the end. Yields drifted up from end-October due to tightening of liquidity and absence of OMO. Yields remained under pressure as RBI stayed put on rates. Yields reached a peak of 8.23 per cent on 23 November 2012, but softened thereafter after the announcement of OMOs by the RBI. Moderation in WPI inflation to 7.24 per cent for November also helped yields ease. Yields dropped to 8.05 per cent on 31 December 2012 after the Government shifted one auction from the first week of January to the last week of February. 10-year yield, which ranged between 8.05-8.23 per cent during Q3 of FY13, closed at 8.05 per cent at end-December 2012. Per cent 8.0 8.1 8.3 Chart 8: Movement of G-Sec Yields - 10-Year 8.2 5.2 The quarter witnessed downward shift in the Government bond yield curve. The shift was more pronounced in the lo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nger end of the curve. As the tight liquidity conditions impacted the short term rates up to 2 year, the yield curve flattened during the quarter. The 1yr-10yr spread declined to 7 bps at end-December 2012 from 25 bps at end-September 2012, while 10yr-30yr spread declined to 21 bps from 34 bps over the same period. Overall, the 1yr-30yr spread at end of Q3 of FY13 narrowed substantially to 28 bps from 59 bps at end of previous quarter (Chart 9). 18 8.60% 8.40% Yield Chart 9: Government Bond Yield Curve 8.20% 8.00% 7.80% www 30-Sep-12 31-Dec-12 7.60% Years T T T 0 5 10 15 20 25 30 5.3 Treasury Bills yield curve shifted upwards slightly as short term rates hardened owing to tight liquidity conditions. The upward shift in the curve was partly due to postponed rate cut expectations. The curve remained inverted. The 1m-12m spread decreased from (-)9 bps at end-September 2012 to (-)12 bps at end-December 2012. The 1m-3m spread decreased marginally to 2 bps from 3 bps during the quarter, the 3m-6m spread remained unchanged at (-) 1 bps (Chart 10). 8.3 8.2 8.1 8.0 Yield (Per cent) Chart 10: Treasury Bill Yield Curve 30-Sep-12 31-Dec-12 Maturity (days) 7.9 0 91 182 273 19 364 B. Trading Pat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q3 of FY13 stood at Rs.13.2 lakh crores, a decrease of 12.7 per cent over volume of Rs.15.1 lakh crores during the preceding quarter (Table 12). While the transactions in treasury bills decreased by 24.4 per cent during the quarter, transaction volumes in state government securities registered a growth of 23.0 per cent. The transaction volumes in Central Government securities showed a decline of 12 per cent during Q3 of FY13 over Q2 of FY13. The annualised outright turnover ratio ¹ for Central Government dated securities (G-Secs) for Q3 of FY13 declined to 3.2 from 3.8 during the previous quarter. Including repo transactions, the annualised total turnover ratio² for Q3 of FY13 was higher at 7.8 than 7.4 during the previous quarter. Table 12 : Transactions in Government Securities (volumes in Crore) Period 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 G-Sec 2009-10 2010-11 2011-12 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 34,88,2....
X X X X Extracts X X X X
X X X X Extracts X X X X
....03 21,86,877 15,54,121 22,878 37,63,877 Apr-Jun 12 11,50,531 1,20,055 21,470 12,92,057 4,74,943 6,83,722 4,409 11,63,074 Jul-Sept 12 13,23,826 1,59,586 25,758 15,09,170 6,34,378 Oct-Dec 12 11,65,239 1,20,706 31,672 13,17,617 8,51,525 6,41,880 22,655 12,98,914 4,77,580 37,282 13,66,387 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q3 of FY13, it accounted for 88.4 per cent of total outright volume, compared to 87.7 per cent in the previous quarter and 62.3 per cent of the total repo volume, compared to 48.8 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 Transactions - Outright Chart 11b: Secondary Market Transactions - Oct.-Dec. 2012 1600 1400 â– G-Sec T-Bills â– SDL 1200 1000 800 1600 â– G-Sec â– T-Bills â– SDL 1400 1200 1000 800 600 600 400 400 200 200 0 0 Jan-Mar 2012 Apr-Jun 2012 Jul-Sep 12 Oct-Dec 12 Outri....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ght repo 5.6 The volume of transactions continued to be concentrated in a few securities. The top 10 traded securities accounted for 85.1 per cent of the total outright transaction volume during the quarter as compared with 84.4 per cent during the previous quarter. The share of top three traded securities, however, declined to 60 per cent during Q3 of FY13 from 64.1 per cent in the previous quarter. List of top 10 traded securities for the current quarter and the previous quarter are given in Table 13. Table 13 - Top 10 Traded Securities (in Rs.Crore) Security Oct-Dec 2012 8.33% G.S. 2026 3,21,971 8.15% G.S. 2022 3,19,688 Security 8.15% G.S. 2022 8.33% G.S. 2026 Jul-Sept 2012 3,96,041 3,76,522 8.20% G.S. 2025 1,48,861 9.15% G.S. 2024 1,95,040 8.19% G.S. 2020 8.97% G.S. 2030 8.07% G.S. 2017 1,08,123 8.19% G.S. 2020 84,829 8.79% G.S. 2021 77,391 8.07% G.S. 2017 1,43,754 54,444 36,906 8.83% G.S. 2041 29,037 8.97% G.S. 2030 33,139 7.83% G.S.2018 12,693 8.20% G.S. 2025 16,617 9.15% G.S. 2024 11,763 8.28% G.S. 2027 11,129 8.33% G.S. 2036 6,993 8.24% G.S. 2018 9,683 21 5.7 Trend in outright trading volumes in Government securities under different maturity buckets is given in Table 14. Ta....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble 14 : Maturity Pattern of Outright Transactions Maturity/Quarter Oct-Dec 2012 Less than 3 Years 2,382 3-7 Years 1,01,069 7-10 Years 4,41,932 above 10 years Total 6,19,858 11,65,241 (in Crore) Jul-Sep 2012 2011-12 2010-11 2009-10 2,202 35,545 1,07,943 2,02,683 62,759 2,34,437 4,32,297 5,84,202 6,01,108 17,43,886 9,71,464 10,81,244 6,57,758 10,85,239 10,40,477 13,23,827 30,99,107 25,52,181 6,12,721 24,80,850 5.8 The maturity distribution of Government securities transactions in the secondary market is represented 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 Q3 of FY13 followed by ‘7-10 years' maturity range. The share of trading volumes in the 'above 10-year' segment during Q3 of FY13 increased to 53.2 per cent from 49.7 per cent in the previous quarter. The 7-10 years maturity bucket accounted for 37.9 per cent of outright trading volumes during Q3 of FY13, lower than 45.4 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 8.7 per cen....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t of total volume compared with 4.7 per cent in the previous quarter. The share of trading volume in the below 3 years maturity bracket remained negligible. Chart 12a: Maturity-wise Trading Activity - Oct-Dec 12 0.2% Chart 12b: Maturity wise Trading Activity - Jul-Sept 12 0.2% 4.7% 8.7% â– 10 yrs 22 222 â– 10 yrs 5.9 Foreign banks continued to be the dominant trading category though their share in total outright trading activity decreased to 32 per cent during Q3 of FY13 from 34 per cent in the previous quarter (Chart 13). The share of public sector banks increased to 22 per cent from 20 per cent during the previous quarter. The share of primary dealers and private sector banks showed decline over the previous quarter. During the quarter, mutual funds were the largest net buyer (Rs.29,720 crore) whereas Primary Dealers were the largest net sellers (Rs.56,139 crore) of the government securities in the secondary market. Private sector banks (Rs.14,869 crore), public sector banks (4,654 crore), insurance companies (Rs.3,699 crore) and Foreign Institutional Investors (2,959 crore) were the net buyers during the quarter. Apart from the primary dealers, foreign banks (8,730 cro....
X X X X Extracts X X X X
X X X X Extracts X X X X
....re) were the only net seller category during the quarter. Chart 13: Trading Activity (Buy + Sell) By Category (outside circle Jul-Sept'12 and inside circle Oct-Dec '12) 18% 17% 3% 4% 4% 20% 3% 6% 22% 4% 32% 34% Public Sector Banks Private Sector Banks Foreign Banks Primary Dealers Mutual Funds 16% 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 15. 23 Table 15: Category wise - Buying and Selling (% of total) Oct-Dec 2012 Jul-Sept 2012 Apr-Jun 2012 Jan-Mar 2012 Category Buy Sell Buy Sell Buy Sell Buy Sell Co-operative Banks 2.7 2.6 2.7 2.5 3.2 3.0 3.8 3.8 Fls 0.4 0.1 0.4 0.2 0.5 0.1 0.2 0.2 Foreign Banks 32.3 32.9 33.1 34.7 31.6 31.8 28.6 29.9 Ins. Cos 2.0 1.7 1.9 1.7 2.3 1.8 1.6 1.9 Mutual Funds 7.3 5.1 4.4 3.6 4.4 4.0 4.0 3.8 Primary Dealers 14.6 18.9 15.7 20.2 16.8 21.6 21.9 27.1 Private Sector Banks 16.9 15.8 17.6 16.8 17.2 17.5 17.7 16.4 Public Sector Banks 22.1 21.7 22.2 19.1 21.8 20.2 20.1 16.7 Others 1.7 1.2 2.0 1.1 2.3 0.1 1.9 0.1 Total 100 100 100 100 100 100 100 100 24 24 Statement 1: Issuance of Dated securities During FY13 (April-Decembe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r 2012)-contd. (Amount in Crore) Cut Devolve Residual Name of Stock Date of Notified Auction Cut off off Date of ment on Maturity amount price yield Maturity PDs (Years) (%) 8.19% GS 2020 $ U 3-Apr-12 4000 319 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 876 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 98.51 8.56 22-Apr-18 6.0 8.79% GS 2021 $ U 13-Apr-12 7000 0 102.09 8.47 8-Nov-21 9.6 8.28% GS 2027 $ U 13-Apr-12 2000 0 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 0 104.97 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 0 101.00 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 0 98.05 8.54 16-Jan-20 7.7....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 8.92 5-Dec-30 18.6 8.83% GS 2041 $ U 4-May-12 3000 0 98.31 8.99 12-Dec-41 29.6 8.24% GS 2018 $ U 11-May-12 4000 0 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 0 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 0 101.35 8.82 8.83% GS 2041 $ U 18-May-12 2000 0 99.01 8.92 8.24% GS 2018 $ U 26-May-12 4000 0 98.94 5-Dec-30 12-Dec-41 8.47 22-Apr-18 18.5 29.6 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 0 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 0 105.45 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 8.24% GS 2018 $ U 8-Jun-12 3000 0 100.10 8.15% GS 2022 # U 8-Jun-12 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....7000 0 100.00 8.21 8.15 12-Dec-41 22-Apr-18 11-Jun-22 29.5 5.9 10.0 Statement 1: Issuance of Dated securities During FY13 (April-December 2012)-contd. (Amount in Crore) Cut Devolve Residual Date of Notified Cut off off Date of Name of Stock ment on Maturity Auction amount price yield Maturity PDs (Years) (%) 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 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 0 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 JUL # U 29-Jun-12 4000 0 100.00 8.07 3-Jul-17 5.0 8.15% GS 2022 $ U 29-Jun-12 7000 0 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 0 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 JUL $ U 13-Jul-12 4000 0 100....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....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 2030 $ U 13-Jul-12 3000 0 104.35 8.50 5-Dec-30 18.4 8.33% GS 2036 $ U 13-Jul-12 3000 0 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 0 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 JUL $ 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 0 104.70 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 0 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 JUL $ 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 97.47 8.58 7-Jun-36 23.8 8.19% GS 2020 $ U 17-Aug-1....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2 4000 0 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 17-Aug-12 2000 97.05 8.59 15-Feb-32 19.5 ii Statement 1: Issuance of Dated securities During FY13 (April-December 2012)-contd. (Amount in Crore) Cut Devolve Residual Name of Stock Date of Auction Notified amount Cut off off Date of ment on Maturity price yield Maturity PDs (Years) (%) 8.83% GS 2041 $ U 17-Aug-12 2000 0 101.89 8.65 12-Dec-41 29.3 8.07% GS 2017 JUL $ U 24-Aug-12 4000 0 99.51 8.19 3-Jul-17 4.9 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 0 99.17 8.34 16-Jan-20 7.4 8.33% GS 2026 $ U 31-Aug-12 7000 0 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 0 102.22 8.62 12-Dec-41 29.3 8.07% GS 2017 JUL $ 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 633 103.50 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 20....
X X X X Extracts X X X X
X X X X Extracts X X X X
....20 $ 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% GS 2032 $ U 21-Sep-12 2000 0 97.17 8.58 15-Feb-32 19.4 8.83% GS 2041 $ U 21-Sep-12 2000 103.00 8.55 12-Dec-41 29.2 8.07% GS 2017 JUL $ U 28-Sep-12 4000 0 99.55 8.18 3-Jul-17 4.8 8.33% GS 2026 $ U 28-Sep-12 6000 0 100.81 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 8.19% GS 2020 $ U 5-Oct-12 3000 0 99.93 8.20 16-Jan-20 7.3 8.20% GS 2025 $ U 5-Oct-12 7000 0 99.91 8.21 24-Sep-25 13.0 8.83% GS 2041 $ U 5-Oct-12 3000 0 104.37 8.42 12-Dec-41 29.2 8.07% GS 2017 JUL $ U 12-Oct-12 3000 0 99.71 8.14 3-Jul-17 4.7 8.15% GS 2022 $ U 12-Oct-12 7000 0 99.79 8.18 11-Jun-22 9.7 8.97% GS 2030 $ U 12-Oct-12 3000 0 105.33 8.39 5-Dec-30 18.1 8.19% GS 2020 $ U 19-Oct-12 3000 0 100.16 8.16 16-Jan-20 7.2 8.20% GS 2025 $ U 19-Oct-12 7000 0 100.07 8.19 24-Sep-25 12.9 8.83% GS 2041 $ U 19-Oct-12 3000 0 105.20 8.35 12-Dec-41 29.1 8.07% GS 2017 JUL $ U 2-Nov-12 3000 0 99.61 8.17 3-Jul-17 4.7 8.33% GS 2026 $ U 2-Nov-12 7000 0 100.15 8.31 9-Jul-26 13.7 8.97% GS 2030 $ U 2-Nov-12 3000 0 105.27 8.19% GS 20....
X X X X Extracts X X X X
X X X X Extracts X X X X
....20 $ U 9-Nov-12 3000 99.80 8.20% GS 2025 $ U 9-Nov-12 7000 0 99.29 8.83% GS 2041 $ U 9-Nov-12 3000 0 104.33 8.40 8.22 16-Jan-20 8.29 24-Sep-25 8.43 12-Dec-41 5-Dec-30 18.1 7.2 12.9 29.1 8.07% GS 2017 JUL $ U 16-Nov-12 4000 99.60 8.17 3-Jul-17 4.6 iii Statement 1: Issuance of Dated securities During FY13 (April-December 2012)-concld. (Amount in Crore) Cut Devolve Residual Name of Stock Date of Auction Notified Cut off off Date of ment on Maturity amount price yield Maturity PDs (Years) (%) 8.15% GS 2022 $ U 16-Nov-12 6000 0 99.67 8.20 11-Jun-22 9.6 8.97% GS 2030 $ U 16-Nov-12 3000 0 105.44 8.38 5-Dec-30 18.0 8.19% GS 2020 $ U 23-Nov-12 3000 0 99.71 8.24 16-Jan-20 7.1 8.20% GS 2025 $ U 23-Nov-12 7000 0 98.90 8.34 24-Sep-25 12.8 8.83% GS 2041 $ U 23-Nov-12 3000 0 103.51 8.50 12-Dec-41 29.0 8.07% GS 2017 JUL $ U 30-Nov-12 3000 0 99.63 8.17 3-Jul-17 4.6 8.33% GS 2026 $ U 30-Nov-12 7000 0 100.39 8.28 9-Jul-26 13.6 8.97% GS 2030 $ U 30-Nov-12 3000 0 105.38 8.39 5-Dec-30 18.0 8.12% GS 2020 # U 7-Dec-12 4000 0 100.00 8.12 10-Dec-20 8.0 8.20% GS 2025 $ U 7-Dec-12 6000 0 99.71 8.23 24-Sep-25 12.8 8.83% GS 2041 $ U 7-Dec-12 2000 0 104.65 8.40 12-Dec-41 29.0 8.07% GS 2017 JUL $ U 21-Dec-12 300....
X X X X Extracts X X X X
X X X X Extracts X X X X
....0 0 99.84 8.11 3-Jul-17 4.5 8.15% GS 2022 $ U 21-Dec-12 6000 0 99.98 8.15 11-Jun-22 9.5 8.97% GS 2030 $ U 21-Dec-12 3000 0 105.80 8.34 5-Dec-30 17.9 8.12% GS 2020 $ U 28-Dec-12 3000 0 100.24 8.08 10-Dec-20 7.9 8.20% GS 2025 $ U 28-Dec-12 6000 0 100.12 8.18 24-Sep-25 12.7 8.30% GS 2042 # U 28-Dec-12 3000 0 100.00 8.30 31-Dec-42 30.0 Gross Nominal Amount Raised 510000 1828 Weighted Average Yield 8.40 Weighted Average Maturity 13.50 #:- New security, yield based auction; $:- Re-issues, price based auctions U:- Uniform Price iv Statement 2:Treasury Bills Issued During FY13 (April-Dec 2012)-Contd. (Amount in Crore) Non- Gross Competitive Competitive Nominal Cut off Name of Security Date of Issue amount raised amount amount Yield (%) raised raised 364 DTB 9-Apr-12 5000 0 5000 8.34 364 DTB 20-Apr-12 5000 0 5000 8.17 364 DTB 4-May-12 5000 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 DTB 21-Sep-12 5000 0 5000 8.....
X X X X Extracts X X X X
X X X X Extracts X X X X
....06 364 DTB 5-Oct-12 5000 0 5000 8.00 364 DTB 19-Oct-12 5000 0 5000 7.97 364 DTB 2-Nov-12 5000 0 5000 8.11 364 DTB 16-Nov-12 5000 0 5000 8.11 364 DTB 29-Nov-12 5000 53 5053 8.11 364 DTB 13-Dec-12 5000 7 5007 8.05 364 DTB 27-Dec-12 5000 0 5000 8.01 182 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 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 8.14 182 DTB 12-Oct-12 5000 0 5000 8.10 182 DTB 25-Oct-12 5000 0 5000 8.07 182 DTB 9-Nov-12 5000 0 5000 8.16 V Statement 2:Treasury Bills Issued During FY13 (April-Dec 2012)-Contd. (Amount in Crore) Non- Gross Competitive Competitive Nominal Cut off Name of Security Date of Issue amount raised amount amount Yield (%) raised raised 182 DTB 22-Nov-12 5000 0 5000 8.16 182 DTB 6-Dec-12 5000 0 5000 8.14 182 DTB 20-Dec-12 5000 0 5000 8.14 91 DTB 9-Apr-12 6000 2520 8520 8.81 91 DTB 13-Apr-12 9000 2013 11013 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 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 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 91 DTB 5-Oct-12 5000 3000 8000 8.06 91 DTB 12-Oct-12 5000 3550 8550 8.10 91 DTB 19-Oct-12 5000 3021 8021 8.10 91 DTB 25-Oct-12 5000 1004 6004 8.10 91 DTB 2-Nov-12 5000 8000 13000 8.14 91 DTB 9-Nov-12 5000 5000 10000 8.14 91 DTB 16-Nov-12 5000 6223 11223 8.19 vi Name of Security Date of Issue St....
X X X X Extracts X X X X
X X X X Extracts X X X X
....atement 2:Treasury Bills Issued During FY13 (April-Dec 2012)-Concld. (Amount in Crore) Non- Competitive Nominal Gross Competitive Cut off amount amount amount Yield (%) raised raised raised 91 DTB 22-Nov-12 5000 3500 8500 8.19 91 DTB 29-Nov-12 5000 5165 10165 8.19 91 DTB 6-Dec-12 5000 6021 11021 8.19 91 DTB 13-Dec-12 5000 7093 12093 8.19 91 DTB 20-Dec-12 5000 4272 9272 8.14 91 DTB 27-Dec-12 5000 4976 9976 8.19 Total 470000 163523 633523 vii Statement 3: List of Dated Securities Outstanding at end-Dec 2012-contd. Nomenclature Date of maturity Outstanding Stock (Crore) 9.00% GS 2013 24-May-13 1751.3 9.81% GS 2013 30-May-13 11000.0 12.40 % GS 2013 20-Aug-13 11983.9 7.27% GS 2013 (conv) 3-Sep-13 46000.0 FRB, 2013 10-Sep-13 4000.0 5.32% GS 2014 16-Feb-14 5000.0 6.72% GS 2014 24-Feb-14 15273.6 7.37% GS 2014 16-Apr-14 42000.0 6.07% GS 2014 15-May-14 40000.0 FRB, 2014 20-May-14 5000.0 10.00% GS 2014 30-May-14 2333.3 7.32% GS 2014 20-Oct-14 18000.0 10.50% 2014 29-Oct-14 1755.1 7.56% 2014 3-Nov-14 41000.0 11.83% GS 2014 12-Nov-14 11500.0 10.47% GS 2015 12-Feb-15 6430.0 10.79% GS 2015 19-May-15 2683.5 11.50% GS 2015 21-May-15 3560.5 6.49% GS 2015 8-Jun-15 40000.0 7.17% GS 2015 14-Jun-15 56000....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....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 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 JUL 3-Jul-17 44000.0 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 8.24% GS 2018 22-Apr-18 75000.0 viii of which: MSS Statement 3: List of Dated Securities Outstanding at end-Dec 2012-contd. Nomenclature Date of maturity Outstanding Stock (Crore) 10.45% GS 2018 5.69% GS 2018(Conv)] 12.60% GS 2018 30-Apr-18 3716.0 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 16-Jan-20 74000.0 10.70 % GS 2020 22-Apr-20 6000.0 7.80% GS 2020 3-May-20 60000.0 8.12% GS 2020 10-Dec-20 7....
X X X X Extracts X X X X
X X X X Extracts X X X X
....000.0 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 64000.0 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 47000.0 5.97% GS 2025 (Conv) 25-Sep-25 16687.9 8.33% GS 2026 9-Jul-26 54000.0 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 67000.0 8.28% GS 2032 15-Feb-32 78687.1 ix of which: MSS Date of maturity 2-Aug-32 28-Aug-32 Statement 3: List of Dated Securities Outstanding at end-Dec 2012-contd. Nomenclature 8.32% GS 2032 7.95% GS 2032 Outstanding Stock (* Crore) of which: MSS 15434.1 59000.0 8.33% GS GS 2032 21-Sep-32 1522.5 7.50% GS 2034 10-Aug-34 60000.0 FRB, 2035 25....
X X X X Extracts X X X X
X X X X Extracts X X X X
....-Jan-35 350.0 7.40% GS 2035 9-Sep-35 42000.0 8.33% GS 2036 7-Jun-36 86000.0 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 60000.0 8.30% GS 2042 Total 31-Dec-42 3000.0 3012712.5 X Statement 4: Maturity Profile of Government Securities as on End-December 2012 Year of maturity Outstanding Stock (* Crore) 2013-14 95009 2014-15 168018 2015-16 197244 2016-17 231130 2017-18 250774 2018-19 234478 2019-20 197000 2020-21 91000 2021-22 283846 2022-23 251465 2023-24 27000 2024-25 102000 2025-26 63688 2026-27 126389 2027-28 124680 2028-29 11000 2029-30 2030-31 67000 2031-32 78687 2032-33 75957 2033-34 2034-35 60350 2035-36 42000 2036-37 86000 2037-38 2038-39 13000 2039-40 2040-41 2041-42 2042-43 Total ✗. 72000 60000 3000 3,012,713<BR> News - Press release - PIB....