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Quarterly Report on Public Debt Management for the Quarter – January-March 2013 Released; Gross and Net Market Borrowings are Higher than Previous Year By 9.4 Per Cent and 7.1 Per Cent Respectively
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....uarterly Report on Public Debt Management for the Quarter – January-March 2013 Released; Gross and Net Market Borrowings are Higher than Previous Year By 9.4 Per Cent and 7.1 Per Cent Respectively <br>Income Tax<br>Dated:- 28-5-2013<br><BR>Since April-June (Q1) 2010-11, Middle Office (MO) is bringing out a Quarterly Report on Debt Management. The current report pertains to the quarter January-March 2013 (Q4 of 2012-13). For Fiscal Year 2012-13 (FY13), Gross and Net Market Borrowings were higher than previous year by 9.4 per cent and 7.1 per cent respectively. Auctions during Q4 of FY13 were held in accordance with the pre-announced calendar apart from the cancellation of one auction Rs.12,000 crore scheduled in February 2013. The weighted average maturity of dated securities issued during Q4 of FY13 at 13.50 years was higher than 13.38 years in the previous quarter while weighted average yield (cut-off) of issuance during the quarter declined to 7.95 per cent from 8.26 per cent in Q3. Weighted average yield of issuance during FY13 at 8.36 per cent was lower than 8.52 per cent in the previous fiscal year, while weighted average maturity at 13.50 years was higher than 12.7 years i....
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....n FY12. The cash position of the Government during Q4 was comfortable and remained in surplus mode during the quarter. The total public debt (excluding liabilities under the 'Public Account') of the Government at end-March 2013 increased on a quarter-on-quarter (QoQ) basis by 0.4 per cent (provisional) compared with an increase of 4.0 per cent in the previous quarter (Q3 of FY13). Internal debt constituted 91.1 per cent of public debt and marketable dated securities accounted for 75.0 per cent of total public debt. About 31 per cent of outstanding dated securities have a residual maturity of up to 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. In the secondary market, bond yields eased during the quarter due to policy easing by a total of 50 bps as well as OMO purchases by RBI, decline in inflation rate, slowdown in GDP growth rate and reduced supply of securities. Trading volumes increased significantly during the quarter driven by falling yields. Outright transactions during FY13 increased by 89.0 per cent over FY12.The annualised outright turnover ratio for Central Go....
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....vernment dated securities for Q4 of FY13 went-up to 6.0 from 3.2 during the previous quarter. The aforesaid Quarterly Report on Debt Management for the period January-March 2013 would also be available on the Ministry of Finance website i.e. www.finmin.nic.in Click here to see Quarterly Report on Public Debt Management DSM/RS/ka (Release ID :96263) ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT JANUARY-MARCH 2013 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS MAY 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-February 2012-13 Issuance of Dated Securities Actual Borrowings versus Calendar for H2 of FY 13 Issuance of Treasury Bills - Maturity and Yield of Central Government's Market Loans Proposed Dated Securities Issuance Calendar – HY1 2013-14 Repayments and Issuance of Treasury Bills in Jan-Mar 2013 Calendar for Issuance of Treasury Bills in April-June 201....
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....3 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 21 22 22 24 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 20 11a 11b Secondary Market Transaction - Outright Secondary Market Transaction - Jan-Mar 2013 21 21 12a 12b Maturity wise Trading Activity - Jan-Mar. 13 23 13 Maturity wise Trading Activity - Oct.-Dec. 12 Trading Activity (Buy+Sell) by Category List of Statements 23 24 Statement No. Title 1 Issuance of Dated Securities During FY13 Treasury Bills Issued During FY13 3 4 List of Dated Securities Outstanding at end-March 2013 Maturity Profile of Government Secur....
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....ities at end-March 2013 Page No. 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 fourth quarter of the fiscal year 2012-13, viz., January-March 2013. 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 Section 1 - Macroeconomic Developments 1.1 The GDP growth rat....
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....e for the third quarter (Jul-Sept.) of financial year 2012-13 decelerated further to 4.5 per cent per annum from 5.3 per cent in the previous quarter. Growth rate has been decelerating since third quarter of 2010-11 (Oct-Dec 2010), barring the first quarter of 2012-13 when a marginal improvement in GDP growth was seen (Chart 1). Deceleration in growth was seen across all the major sectors, barring ‘manufacturing' and 'electricity, gas and water supply'. Growth rate of major economic activities in Q3 of 2012-13 over Q3 of 2011-12 was lower at 7.9 per cent, 5.8 per cent and 5.4 per cent for ‘financing, insurance, real estate and business services', 'construction', and 'community, social & personal services', respectively, as compared with 9.4 per cent, 6.7 per cent and 7.5 per cent a quarter ago. Per cent Chart 1: Quarterly Growth Rate in GDP 11.0 10.0 9.0 8.0 7.4 7.0 6.0 5.0 4.0 8.6 9.7 8.9 9.3 9.2 ill 7.5 6.5 6.0 5.3 5.5 5.3 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.2 Continuing the recent trend, particularly after September 2012, WPI Inflation rate for March 2013 eased further to 5.96 per cent per annum (y....
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....-o-y) from 6.84 per cent in previous month and 7.31 per cent at end of previous quarter (Chart 2). Inflation rate of 'primary articles' in March 2013 declined to 7.60 per cent from 10.56 per cent in December 2012 mainly due to vegetables, minerals, fruits and milk. While y-o-y growth in prices of ‘fuel & power' groups remained elevated at above 10 per cent, ‘manufactured products' showed a lower inflation rate of 4.07 per cent during March 2013 as compared with 5.04 per cent during December 2012. Within ‘manufactured products', ‘edible oils', '‘leather & leather 2 products', and 'basic metals alloys and metal products' showed significant decline in inflation rate. Prices of 'iron and semis' continued the declining trend at a negative inflation of rate of (-) 6.18 per cent. Per cent 12.0 11.0 10.0 Chart 2: Inflation Rate Based on WPI 9.0 8.0 7.0 6.0 5.0 2010-11 2011-12 2012-13 1.3 The Index of Industrial Production (IIP) showed some improvement in January with growth rate improving to 2.4 per cent from negative growth in November and December months. IIP growth, however, again decelerated to 0.6 per cent in February 2013. The cumulative growth in IIP du....
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....ring the financial year 2012-13 (Apr-Feb) was lower at 0.9 per cent than 3.5 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 2.0 0.0 -2.0 -4.0 -6.0 Chart 3: Growth Rate in IIP Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2010-11 3 2011-12 2012-13 1.4 India's exports during Jan-Feb 2013 increased by 1.4 per cent over the same period of previous year as compared with y-o-y decline of 1.8 per cent during Q3 of 2012-13. Imports decelerated y-o-y to 4.5 per cent during Jan-Feb 2013 compared with a growth of 7.4 per cent in Q3. Average monthly trade deficit during Jan-Feb 2013 declined to USD 17.9 bn from USD 19.4 bn in Q3 of the year. On a monthly basis, while exports posted a growth of 4.2 per cent in February 2013 reversing the trend of contraction in previous three months, imports growth decelerated to 2.7 per cent from 6.2 per cent and 8.1 per cent growth in previous two months. The period April-February 2012-13 witnessed a decline of 4.6 per cent in exports and increase of 0.9 per cent in imports as compared with growth rates of 25.5 per cent 33.2 per cent, respectively, in the corresponding period of the previous fiscal year. ....
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....Trade deficit of USD 186.7 billion during April-February 2012-13 was higher than USD 170.0 billion in the same period of previous year (Chart 4). Chart 4: Monthly Exports and Imports 50,000 40,000 30,000 20,000 10,000 0 -10,000 USD mn NO NU 8 -20 -10 Per cent 50 וועגיגערןיוווןדי -20,000 -30,000 Feb-13 Dec-12 Jan-13 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 May-12 Jun-12 Apr-12 Mar-12 Dec-11 Jan-12 Feb-12 Exports Imports Trade Balance Growth Exports (right scale) Growth Imports (right scale) Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 Mar-11 Apr-11 May-11 1.5 Net inflows on account of foreign investment picked up during Jan-Feb 2013 on account of increased inflow under both the categories i.e., foreign direct investment (FDI) and investment by foreign institutional investors (FIls) (Chart 5). Increased foreign investment inflow enabled easing of some pressure on Rupee which remained under strain due to 4 widening of trade deficit. Rupee closed at Rs.54.4 (per USD) at end-March 2013 as compared with 54.8 at end-December 2012. USD mn 30000 25000 20000 15000 10000 5000 0 -5000 Chart 5: Foreign Investment Flow and Exchange Rate Q4 2009-1....
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....0 Q1 2010-11 Q2 2010-11 Q3 2010-11 Q4 2010-11 Q1 2011-12 Q2 2011-12 Q3 2011-12 Q4 2011-12 Q1 2012-13 Q2 2012-13 Q3 2012-13 Q3 2012-13 (Jan- Feb) Direct Invest Portfolio Investment Total Exchange Rate (right scale) Note: Data on FDI have been revised since April 2011 to expand the coverage. 5 60.00 50.00 /USD average of Quarter/Month 40.00 30.00 20.00 10.00 0.00 Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The gross fiscal deficit of the Central Government in revised estimates (RE) 2012-13 (FY13) was placed at 5,20,925 crore (5.2 per cent of GDP) as against budgeted level of 5,13,590 crore (5.1 per cent of GDP). The gross and net market borrowing requirements of the Government were, however, reduced in RE for FY13 to Rs.5,58,000 crore and 4,67,384 crore from budgeted levels of Rs.5,69,616 crore and 4,79,000 crore, respectively. Gross fiscal deficit for FY14 is budgeted at Rs.5,42,499 crore (4.8 per cent of GDP) with corresponding increase in gross and net market borrowings to Rs.5,79,009 crore and 4,84,000 crore. 2.2 The fiscal outcome during April-February of FY13 indicates some deterioration in terms of key deficit indicators as percentage of r....
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....evised estimates (RE), vis-a-vis their position during the same period of the previous fiscal year, mainly due to increased expenditure. Gross tax collections during the period at 78.3 per cent of RE were marginally higher than 78.0 per cent a year ago. In the direct taxes, while collections from corporation tax at $2,57,984 crore showed a growth rate of 7.7 per cent as against 11.2 per cent growth projected in RE, personal income tax collections at Rs.1,53,134 crore showed a robust growth rate of 22.3 per cent against 21.0 per cent growth rate in RE for FY13. Among the major indirect taxes, while collections from customs duties showed growth of 9.3 per cent during April-February 2012-13 marginally lower than RE growth of 10.4 per cent, growth in excise duties at 19.6 per cent exceeded the RE growth of 18.1 per cent. Service tax collections increased by 34.9 per cent during the period under discussion showing a deceleration from 36.1 per cent growth projected in the RE. Total expenditure during April-February 2012-13 at 85.2 per cent of RE was higher than 83.9 per cent during the same period of previous year. As a result of higher expenditure, revenue deficit and fiscal deficit dur....
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....ing April- February 2012-13 at 101.2 per cent and 97.4 per cent of RE were higher than 96.6 per cent and 94.6 per cent, respectively, during the same period a year ago. Primary deficit at 119.2 per cent of RE was also higher than 104.5 per cent during the corresponding period of the previous fiscal year (Table 1). Table 1: Fiscal Outcome - April-February 2012-13 (amount in crore) April-Feb Item 2012-13 RE 2012-13 April-Feb 2012- 13 (% of RE) April-Feb 2011- 12 (% of RE) Revenue Receipts 8,71,828 6,78,828 77.9 77.3 Tax Receipts 7,42,115 5,71,932 77.1 76.9 Non-Tax Receipts 1,29,713 1,06,896 82.4 79.6 Non-debt Receipts 38,073 33,352 87.6 68.8 Total Expenditure 14,30,825 12,19,539 85.2 83.9 Revenue Expenditure 12,63,072 10,74,940 85.1 83.9 Capital Expenditure 1,67,753 1,44,599 86.2 84.6 Revenue Deficit 3,91,244 3,96,112 101.2 96.6 Primary Deficit 2,04,250 2,43,507 119.2 104.5 Gross Fiscal Deficit 5,20,924 5,07,359 97.4 94.6 Financing Market Loans* 5,13,130 5,08,227 99.0 99.6 External Financing 2,214 792 35.8 69.9 Securities against Small 8,626 -1,157 -13.4 11.2 Savings Others -3,046 -504 16.5 206.0 *:- Includes borrowings through treasury bills. Source: Controller General of Accounts (....
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....CGA) website; cga.nic.in B. Issuance Details 2.3 This section discusses the issuance details of market loans during the fourth quarter (Q4) of FY13 and position during full fiscal year 2012-13. 2.4 As mentioned above, gross and net market borrowing requirements of the Government were reduced in the RE for FY13 to Rs.5,58,000 crore and Rs.4,67,384 crore from budgeted levels of 5,69,616 crore and Rs.4,79,000 crore, respectively. During Q4 of FY13, the Government issued dated securities worth 48,000 crore to complete the borrowings of 5,58,000 crore projected in RE (Table 2). Taking into account the cash balance position, the Government reduced its borrowings programme by Rs.12,000 crore and cancelled the last auction scheduled in February. For entire FY13, gross and net market borrowings were higher than previous year by 9.4 per cent and 7.1 per cent, respectively. 7 Table 2: Issuance of Dated Securities (Amount in Crore) 2012-13 RE Q4 FY 13 FY 13 FY 13 as FY 12 as Item % of RE % of RE Gross Amount 558,000 48,000 558,000 100.0 100.0 Repayments Net Issuance 90,616 90,616 100.0 100.0 467,384 48,000 467,384 100.0 100.0 2.5 Auctions during Q4 of FY13 were held in accordance with the pre-....
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....announced calendar apart from the cancellation in the last auction mentioned earlier (Table 3). During the quarter, emphasis on re-issues was continued with a view to build up adequate volumes under existing securities imparting greater liquidity in the secondary market. 5-9 years 95000 Maturity range HY1 FY 13 (actual) Table 3 - Actual Borrowings versus Calendar for H2 of FY 13 % of HY1 Total 25.7 10-14 years 163000 44.1 15-19 Years 57000 (amount in crore) 20-30 Years Total 55000 370000 HY2 FY13 (Projected) 48000- 91000- 15.4 16000- 14.9 100.0 16000- 64000 107000 % of Total 24.0-32.0 45.5-53.5 24000 8.0-12.0 24000 8.0-12.0 200000 100.0 HY2 FY13 (actual) % of HY2 Total 47000 25.0 97000 51.6 21000 23000 188000 11.2 12.2 100.0 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q4 of FY13 amounted to Rs.1,69,308 crore while total repayments amounted to *1,85,074 crore resulting in net issuance of (-) Rs.15,767 crore compared with net issuance of (-) 13,943 crore in Q3, 532 crore in Q2 and 61,948 crore in Q1 of FY13. Thus, total net issuance of treasury bills during FY13 amounted to Rs.32,770 crore, which was less than the RE level of 45,746 ....
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....crore (Table 4). Treasury bills issuance pattern during 2012-13 was shaped by cash management purposes. Therefore, while gross issuance during FY13 at 8,02,830 crore was higher than previous year by 27.3 per cent, net issuance during the year declined by 75.2 per cent. The details of issuance of bills during FY13 are given in Statement 2. 80 Table 4: Issuance of Treasury Bills* (Amount in Crore) Item 2012-13 RE Q4 FY 13 FY13 FY 12 FY13 as % of RE 364 DTB Gross Amount 130,474 30015 130471 90,382 100.0 Repayment 90,382 24010 90382 42,482 100.0 Net Issuance 40,092 6005 40,089 47,900 100.0 182 DTB Gross Amount 130241 34196 129434 93,601 99.4 Repayment 117239 35238 117239 63,601 100.0 Net Issuance 13002 -1042 12,195 30,001 93.8 91 DTB Gross Amount 555091 105096 542926 446,803 97.8 Repayment 562439 125826 562439 392,538 100.0 Net Issuance -7349 -20730 -19,514 54,265 265.5 All T-Bills Gross Amount 815,806 169,308 802,830 630,786 98.4 Repayment 770,060 185,074 770,060 498,620 100.0 Net Issuance 45,746 -15,767 32,770 132,166 71.6 * Including amount through non-competitive route. 2.7 The weighted average maturity (WAM) of dated securities issued during Q4 of FY13 at 13.50 years was higher th....
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....an 13.38 years in the previous quarter (Table 5). The weighted average maturity of outstanding government securities at end-March 2013 declined to 9.66 years from 9.85 years at end-December 2012. Reflecting a moderation in yields during the quarter, the weighted average yield (cut-off) of issuance during Q4 of FY13 declined to 7.95 per cent from 8.26 per cent in Q3. Weighted average yield of issuance during FY13 at 8.36 per cent was lower than 8.52 per cent in the previous fiscal year, while weighted average maturity at 13.50 years was higher than 12.7 years in FY12. 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 2012-13 Q4 7.95 13.50 7.97 9.66 FY13 8.36 13.50 7.97 9.66 * As at end of period. 9 2.8 The government announced calendar for issuance of dated securities for the first of half of 2013-14 (Table 6). Week Total Amount Table 6: Propos....
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....ed Dated Securities Issuance Calendar - HY1 2013-14 Range of Amount Under Different Maturity Buckets (Amount in Crore) Ending 7-Apr-13 to be Issued 5-9 Year 10-14 Year 15-19 Year 20-30 Year 15000 3000-4000 6000-7000 2000-3000 2000-3000 14-Apr-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 21-Apr-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 5-May-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 12-May-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 19-May-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 26-May-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 2-Jun-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 9-Jun-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 23-Jun-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 30-Jun-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 7-Jul-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 14-Jul-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 21-Jul-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 28-Jul-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 4-Aug-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 11-Aug-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 18-Aug-13 16000 4000-5000 6000-7000 2000-3000 2000-3000 25-Aug-13 15000 3....
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....000-4000 6000-7000 2000-3000 2000-3000 1-Sep-13 18000 4000-5000 7000-8000 2000-3000 2000-3000 8-Sep-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 22-Sep-13 15000 3000-4000 6000-7000 2000-3000 2000-3000 29-Sep-13 15000 Total 349000 Range in Per cent 3000-4000 71000-94000 20.3-26.9 6000-7000 2000-3000 2000-3000 139000-162000 46000-69000 46000-69000 39.8-46.4 13.2-19.8 13.2-19.8 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 was 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, which generally remained beyond the Reserve Bank's stated comfort zone of about one per cent....
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.... of Net Demand and Time Liabilities (NDTL) of scheduled commercial banks. The net amount provided under Liquidity Adjustment Facility (LAF) operations remained consistently high during the quarter with average amount provided at 92,933 crore in January, Rs.1,13,627 crore in February and *1,17,277 crore in March 2013, with a peak of Rs.1,80,845 crore on 28 March 2013 (Chart 6). The RBI reduced CRR by 25 bps to 4.0 per cent, effective January 29, 2013 and purchased securities worth Rs.33,549 crore through OMO auctions during the quarter. RBI also reduced repo rate to 7.50 per cent during the quarter in two steps of 25 bps each. Chart 6: Liquidity in the System 180000 160000 140000 120000 100000 80000 60000 40000 20000 Net LAF in Crore (-absorption+injection) 30-03-2013 20-03-2013 08-03-2013 26-02-2013 14-02-2013 04-02-2013 23-01-2013 11-01-2013 01-01-2013 11 3.3 The cash position of the Government during Q4 was comfortable and remained in surplus mode during the quarter. The issuances of treasury bills were, however, scheduled in view of need for building up adequate surplus cash balance toward the end of the year to meet beginning of the year expenditure. Nevertheless, the amount ra....
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....ised though competitive route was reduced from the scheduled amount by Rs.4,150 crore during the quarter in view of comfortable cash position. Overall, the net amount mobilised through treasury bills (under competitive route) during Q4 of FY13 was Rs.11,850 crore. Under the non-competitive route, net amount received was negative at (-) Rs.27,616 crore. Details of treasury bills issued and matured in Q4 of FY13 are given in Table 7. Table 7: Repayments and Issuance of Treasury Bills in Jan-Mar 2013 (Amount in Crore) Date of Issue Repayments Issued Amount Net Issue 91 DTB 3-Jan-13 5,000 182 DTB 364 DTB 5,000 91 DTB 0 10-Jan-13 5,000 0 4,000 5,000 5,000 182 DTB 5,000 0 364 DTB 0 0 5,000 1,000 17-Jan-13 5,000 5,000 0 5,000 5,000 0 24-Jan-13 5,000 0 4,000 31-Jan-13 5,000 5,000 0 7-Feb-13 5,000 0 4,000 14-Feb-13 5,000 5,000 21-Feb-13 5,000 0 4,000 28-Feb-13 5,000 5,000 0 7-Mar-13 14-Mar-13 5,000 5,000 0 5,000 21-Mar-13 5,000 0 4,000 0 4,000 28-Mar-13 5,000 5,000 0 5,000 0 5,000 5,000 5,000 0 5,000 5,000 5,000 0 5,711 4,192 6,235 0 5,711 5,000 7,000 0 7,000 5,000 5,000 1,000 5,000 1,000 0 5,000 1,000 0 5,000 -97 2,235 0 711 5,000 3,000 0 2,000 Total Under Competitive Route Q4 65,000 35,00....
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....0 24,000 71,657 34,192 30,000 11,850 Q4 60,826 Total Under Non-Competitive Route 238 10 33,439 4 15 -27,616 3.4 On a review of its cash position, the Government reduced its market borrowings for FY13 and cancelled the bonds auction of Rs.12,000 crore scheduled in the week ending February 22, 2013. 12 3.5 The calendar for issuance of treasury bills during April-June 2013 is given in Table 8. Table 8: Calendar for Issuance of Treasury Bills in April-June 2013 (crore) Auctions Date 03-04-2013 91-Days 5000 182-Days 364-Days Total 5000 10000 10-04-2013 5000 5000 10000 17-04-2013 5000 5000 10000 24-04-2013 5000 5000 10000 01-05-2013 5000 5000 10000 08-05-2013 5000 5000 10000 15-05-2013 5000 5000 10000 22-05-2013 5000 5000 10000 29-05-2013 7000 5000 12000 05-06-2013 7000 5000 12000 12-06-2013 7000 5000 12000 19-06-2013 7000 5000 12000 26-06-2013 7000 5000 12000 Total 75000 30000 35000 140000 13 33 Section 4 - Trends in Outstanding Public Debt 4.1 The total public debt (excluding liabilities under the 'Public Account') of the Government increased to 40,83,040 crore at end-March 2013 from 40,64,755 crore at end-December 2012 (Table 9). This represented a quarter-on-quarter (QoQ) increase o....
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....f 0.4 per cent (provisional) compared with an increase of 4.0 per cent in the previous quarter (Q3 of FY13). Internal debt constituted 91.1 per cent of public debt, compared with 90.7 per cent at the end of the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 82.3 per cent of total public debt, compared with 81.9 per cent at end-December 2012. The outstanding internal debt of the Government at *37,18,633 crore constituted 37.1 per cent of GDP compared with 36.8 per cent at end- December 2012. Item Table 9: Composition of Public Debt At end-Mar 2013# At end-Dec. 2012 At end- Mar 2013# (Crore) At end- Dec. 2012 (% of Total) 1 2 3 4 5 Public Debt (1+2) 40,83,040 40,64,755 100.00 100.00 1. Internal Debt 37,18,633 36,86,441 91.08 90.7 Marketable 33,60,477 33,28,285 82.30 81.88 (a) Treasury Bills 2,99,763 3,15,572 7.34 7.76 (i) 91-days Treasury Bills 1,05,096 1,25,872 2.57 3.10 (ii) 182-days Treasury Bills 64,196 65,238 1.57 1.60 (iii) 364-days Treasury Bills 1,30,471 1,24,462 3.20 3.06 (b) Dated Securities 30,60,713 30,12,713 74.96 74.12 Non-marketable 3,58,156* 3,58,156 8.77 8.81 (i) 14-days Treasury Bills 88,31....
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....6* 88,316 2.16 2.17 (ii) Securities Issued to NSSF 2,07,294* 2,07,294 5.08 5.10 (iii) Compensation and other bonds 30,157* 30,157 0.74 0.74 (iv) Securities issued to International 32,389* 32,389 0.79 0.80 Financial Institutions (v) Ways and Means Advances 0* 2. External Debt 3,64,407 3,78,315 8.92 9.31 (i) Multilateral 2,35,662 2,40,183 5.77 5.91 (ii) Bilateral (iii) IMF (iv) Rupee debt #:- Data are provisional. 95,658 1,03,965 2.34 2.56 32,413 33,492 0.79 0.82 675 675 0.02 0.02 *:-These data are not available for March 31, 2013. So they are carried over from previous quarter. Note: Foreign Institutional Investors (FII) investment in government securities and treasury bills (**64,275 crore at end-December 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-March 2013 declined to 9.66 years from 9.85 years at end- December 2012. Over the same period, the weighted average coupon of outstanding stock remained unchanged at 7.97 per cent (see Table 5). 4.3 The proportion of debt (dated securities) maturing in less than one year increased to 3.1 per ce....
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....nt at end-March 2013 from 2.5 per cent a quarter ago, while debt maturing within 1-5 years declined to 27.8 per cent from 28.2 per cent at end-December 2012. Thus, the proportion of debt maturing in less than 5 years at end-March 2013 was marginally higher at 31.0 per cent from 30.7 per cent of total debt a quarter ago. The proportion of outstanding debt maturing in less than 10 years was, however, lower at 65.9 per cent than 66.4 per cent a quarter ago, while proportion of debt maturing in more than 10 years increased to 34.1 per cent at end-March 2013 from 33.6 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 Q4 of FY13 as well as the maturity dynamics of outstanding securities. Overall, 31.0 per cent of outstanding stock has a residual maturity of upto 5 years, which implies that over the next five years, on an average, 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 (Amount in Crore) Maturity Buckets L....
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....ess than 1 Year 1-5 Years 5-10 Years 10-20 Years 20 Years and above Total End-Mar 2013 95,009 (3.10) End-December 2012 74,735 (2.48) 8,53,166 8,50,553 (27.87) (28.23) 10,69,788 10,74,675 (34.95) (35.67) 7,00,400 6,76,400 (22.88) (22.45) 3,42,350 3,36,350 (11.19) (11.16) 30,60,713 30,12,713 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-December 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 marginal decline in their share in holding of Government securities to 46.9 per cent at end-December 2012 from 47.6 per cent as at end-September 2012. Among the long-term investors, the share of holding by insurance companies declined during the quarter to 19.5 per cent from 21.3 per cent at end-September 2012, while the share of provident funds declined to 7.1 per cent from 7.2 per cent at end-September 2012. Proportion of securities held by the Reserve Bank at end-December 2012 at 16.0 per cent was almost unchanged from its positi....
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....on a quarter ago. Holding of securities by FIls, mutual funds, and financial institutions and ‘others category' 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 1. Commercial Banks Sep. 37.22 Dec. Mar Jun Sep Dec 37.06 36.28 33.88 33.91 33.98 2. Bank- PDs 10.67 10.25 9.83 10.34 10.63 9.98 3. Non-Bank PDs 0.12 0.09 0.1 0.08 0.1 0.15 4. Insurance Companies 22.57 22.42 21.08 21.19 21.3 19.54 5. Mutual Funds 0.32 0.27 0.17 0.29 0.55 1.2 6. Co-operative Banks 3.28 3.21 2.98 3.07 3.03 2.89 7. Financial Institutions 0.35 0.34 0.37 0.34 0.37 0.64 8. Corporate 1.64 1.58 1.38 1.37 1.61 1.62 9. Flls 0.97 0.85 0.88 0.89 1.1 1.24 10. Provident Funds 7.23 7.31 7.45 7.31 7.19 7.12 11. RBI 12.52 13.56 14.41 17.62 16.02 15.95 12. Others 3.13 3.07 5.07 3.63 4.2 5.68 Total 100 100 100 100 100 100 Source: RBI Bulletin, March 2013; Vol. LXVII No.3 16 Chart 7 : Holding Pattern of Government Securities (Dec-12 outer ring; Sep-12: inner ring] 5.68 15.95 4.20 16.02 7.19 7.12 1.69 1.24 3.03 1.62 2.89 ■Commercial Banks Bank-PDs Non-Bank PDs 33.98 ....
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....â– Insurance Companies 33.91 10.63 21.30 9.98 19.54 17 Mutual Funds Co-operative Banks â– Financial Institutions Corporates Fils Provident Funds â– 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 eased during the quarter due to policy easing by a total of 50 bps as well as OMO purchases by RBI, decline in inflation rate, slowdown in GDP growth rate and reduced supply of securities. Downward movement in the beginning of January month was led by lower IIP growth rate and decline in inflation rate. 10-year yield went down to 7.79 per cent on January 14, 2013 from around 8 per cent in the beginning of the month. Yields traded in a tight range through end-February in the wake of reduction in repo rate and CRR (25 bps each) by RBI in its monetary policy announcement on January 29, 2013, deregulation of diesel prices and purchases of securities through OMOs. Beginning of March 2013, however, saw an increase in yields by almost 10 bps the after the Union Budget announced higher market borrowings. Though the clarifications from Gover....
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....nment regarding buy back provision enabled some softening of yields, tight liquidity conditions during the latter part of March kept upward pressure on yields. 10-year yield, which ranged between 7.79-8.02 per cent during Q4 of FY13, closed at 7.99 per cent at end-March 2013 as compared with previous quarter close of 8.05 per cent, and the previous close of 8.63 per cent. Per cent 8.1 Chart 8 Movement of G-Sec Yields - 10-Year 8.0 7.9 7.8 7.7 7.6 7.5 ! ⠀ ⠀ ⠀ ⠀ ⠀ ⠀⠀⠀⠀ 18 5.2 Bonds yields during the quarter witnessed a greater decline in shorter maturities and a to a lesser extent in longer maturities, while yields of maturity around 15 years bracket remained more or less unchanged. As a result, yield curve steepened in the lower maturities and flattened at the longer end. The 1yr-10yr spread widened to 17 bps at end-March 2013 from 7 bps at end-December 2012, while 10yr-30yr spread declined marginally to 20 bps from 21 bps over the same period. Overall, the 1yr-30yr spread at end of Q4 of FY13 widened to 37 bps from 28 bps at end of previous quarter (Chart 9). The curve, however, flattened compared to end-March 2012 when the 1 yr....
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....-30 yr spread was 52 bps. Yield 8.50% 8.30% 8.10% 7.90% 7.70% Chart 9: Government Bond Yield Curve 31-Dec 31-Mar Years 7.50% 1 5 9 13 17 21 25 29 5.3 While Treasury Bills yields declined across maturity during the quarter due to reduction in repo rate by RBI, decline in short-end yields was moderated by tight year- end liquidity conditions. As a result, degree of inversion in the treasury bills yield curve increased during the quarter. The 1m-12m spread decreased from (-)12 bps at end- December 2012 to (-)21 bps at end-March 2013 (-60 bps at end-March 2012). The 1m- 3m spread remained unchanged at 2 bps over the quarter, while 3m-6m spread declined from (-) 1 bps at December 2012 to (-)10 bps at end-March 2013 (Chart 10). 19 Yield (Per cent) 8.3 8.2 8.1 8.0 7.9 7.8 Chart 10: Treasury Bill Yield Curve 31-Dec-12 31-Mar-13 7.7 91 182 273 364 Maturity (days) B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q4 of FY13 stood at Rs.24.7 lakh crores, an increase of 87.7 per cent over volume of 13.2 lakh crores during the preceding quarter (Table 12). Most of the incremental trading activity took place in Central....
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.... Government dated securities (growth of 95.8 per cent over Q3). Transactions volumes in treasury bills and state government securities during Q4 increased by 26.4 per cent and 24.0 per cent, respectively, over previous quarter. Increase in volumes was mainly because of positive sentiments driven by falling yields. On a yearly basis, outright transactions during FY13 increased by 89.0 per cent over FY12, while repo volumes increased by 43.5 per cent. The annualised outright turnover ratio¹ for Central Government dated securities (G-Secs) for Q4 of FY13 went up to 6.0 from 3.2 during the previous quarter. Including repo transactions, the annualised total turnover ratio² for Q4 of FY13 was higher at 11.1 than 7.8 during the previous quarter. Turnover ratio during FY13 increased significantly to 4.2 for outright 2 1 Annualised Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)] Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume (Average of outstanding stock)] * 4) / 20 20 transactions and 8.3 for turnover including repo transactions from 2.6 and 6.3, respectively, in the previous year. Table 12: Transa....
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....ctions in Government Securities (volumes in Crore) Outright Repo Period G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total 2010-11 2011-12 2012-13 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 59,20,929 5,52,943 1,18,159 65,92,032 29,18,337 24,13,144 71,282 54,02,764 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 6,41,880 22,655 12,98,914 Oct-Dec 12 11,65,239 1,20,706 31,672 13,17,617 8,51,525 4,77,580 37,282 13,66,387 Jan-Mar 13 22,81,333 1,52,597 39,259 24,73,189 9,57,491 6,09,962 6,936 15,74,389 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q4 of FY13, their share increased to 92.2 per cent of total outright volume from 88.4 per cent in the previous quarter. Central government securities accounted for 60.8 per cent of the total repo volumes during Q4 as compared to 62.3 per cent in the previous quarter. During FY 13, trading volumes in central government dated securities represented 89.8 per cent total out....
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....right transactions as compared with 88.8 per cent in previous year. '000 Crore 3000 Chart 11a: Secondary Market Transactions - Outright â– G-Sec T-Bills SDL 2500 2000 1500 1000 500 Chart 11b: Secondary Market Transactions - Jan-Mar 2013 3000 â– G-Sec T-Bills â– SDL 2500 2000 1500 1000 500 0 0 Apr-Jun 2012 Jul-Sep 12 Oct-Dec 12 Jan-Mar 13 Outright repo 5.6 The top 10 traded securities accounted for 88.2 per cent of the total outright transaction volume during the quarter as compared with 85.1 per cent during the previous quarter. The share of top three traded securities increased sharply to 70.9 per 21 cent during Q4 of FY13 from 60.0 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 Jan-Mar 2013 Security Oct-Dec 2012 8.15% G.S. 2022 7,18,375 8.33% G.S. 2026 3,21,971 8.33% G.S. 2026 5,57,353 8.15% G.S. 2022 3,19,688 8.20% G.S. 2025 4,77,835 8.20% G.S. 2025 1,48,861 8.07% G.S. 2017 1,40,578 8.19% G.S. 2020 1,08,123 8.97% G.S. 2030 89,024 8.97% G.S. 2030 84,829 8.19% G.S. 2020 61,625 8.07% G.S. 2017 77,391 9.15% G.S. 2024 47,04....
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....8 8.83% G.S. 2041 29,037 8.12% G.S. 2020 44,394 7.83% G.S.2018 12,693 8.83% G.S. 2041 27,665 9.15% G.S. 2024 11,763 7.83% G.S. 2018 18,536 8.33% G.S. 2036 6,993 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 (in Crore) Maturity/Quarter Less than 3 Years 2,446 3-7 Years 2,94,367 Jan-Mar 13 Oct-Dec 2012 2012-13 2011-12 2,382 11,865 1,01,069 5,00,159 2010-11 7-10 Years above 10 years Total 7,47,119 12,37,401 22,81,333 35,545 2,34,437 4,41,932 23,31,557 17,43,886 9,71,464 6,19,858 30,77,349 10,85,239 10,40,477 1,07,943 4,32,297 11,65,241 59,20,929 30,99,107 25,52,181 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 Q4 of FY13 followed by '7-10 years' maturity range. The share of trading volumes in the ‘above 10-year' segment during Q4 of FY13 increased to 54.2 per cent from 53.2 per cent in the previous quarter....
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..... The 7-10 years maturity bucket accounted for 32.7 per cent of outright trading volumes during Q4 of FY13, lower than 37.9 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 22 12.9 per cent of total volume compared with 8.7 per cent in the previous quarter. The share of trading volume in the below 3 years maturity bracket remained negligible. During FY 13 as a whole, share of trading volumes in the 'above 10-year' segment at 52.0 per cent of total outright volumes was significantly higher than 35.0 per cent in the previous fiscal year, while the share of 7-10 years maturity bucket declined to 39.4 per cent from 56.3 per cent in the previous year. Chart 12a: Maturity-wise Trading Activity -Jan-Mar 13 0.1% Chart 12b: Maturity wise Trading Activity -Oct-Dec 12 0.2% 12.9% 8.7% â– 10 yrs â– > 10 yrs 5.9 Foreign banks continued to be the dominant trading category though their share in total outright trading activity decreased to 30.8 per cent during Q4 of FY13 from 32.6 per cent in the previous quarter (Chart 13). The share of public sector banks was broadly unchanged at 21.8 per cent durin....
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....g the quarter, while the share of private sector banks increased to 19.6 per cent from 16.4 per cent during the previous quarter. The share of primary dealers showed a decline to 13.9 per cent from 16.7 per cent in the previous quarter. Taking FY13 as whole, foreign banks remained the top trading category with further increase in their share during the year to 32.1 per cent from 29.3 per cent in the previous year. Primary dealers showed a lower share in trading activity during FY13 at 16.4 per cent than 26.3 per cent in FY12. Ignoring the primary dealers, foreign banks were the largest net sellers of government securities (Rs.13,157 crore) during the quarter followed by mutual funds (Rs.10,988 crore). Public sector banks were the largest net buyer (Rs.59,055 crore) in the secondary market followed by 'others' category (17,820 crore). Private sector banks (Rs.5,173 crore), co-operative banks (1,593 crore) and foreign Institutional Investors (Rs.692 crore) were the other net buyers during the quarter. During the entire FY 13, apart from the primary dealers, foreign 23 banks (49,268 crore) were the only net seller category, while public sector banks were the largest net buying categor....
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....y (Rs.1,31,461 crore). Chart 13: Trading Activity (Buy + Sell) By Category (inside circle Jan-Mar'12 and Outside Circle circle Oct-Dec'12) 3% 4% 6% 22% 3% 8% 22% 3% 17% 14% 31% 32% Public Sector Banks Private Sector Banks ■Foreign Banks Primary Dealers Mutual Funds Co-operative Banks 19% 16% 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. Table 15: Category wise - Buying and Selling (% of total) Jan-Mar 2013 Oct-Dec 2012 Jul-Sept 2012 Apr-Jun 2012 Category Buy Sell Buy Sell Sell Buy Sell Sell Co-operative Banks 3.0 3.0 2.7 2.6 2.7 2.5 3.2 3.0 Fls 0.1 0.1 0.4 0.1 0.4 0.2 0.5 0.1 Foreign Banks 30.6 31.1 32.3 32.9 33.1 34.7 31.6 31.8 Ins. Cos 1.7 1.9 2.0 1.7 1.9 1.7 2.3 1.8 Mutual Funds 7.3 7.8 7.3 5.1 4.4 3.6 4.4 4.0 Primary Dealers 1.8 1.1 14.6 18.9 15.7 20.2 16.8 21.6 Private Sector Banks 12.8 15.0 16.9 15.8 17.6 16.8 17.2 17.5 Public Sector Banks 19.7 19.5 22.1 21.7 22.2 19.1 21.8 20.2 Others 23.0 20.6 1.7 1.2 2.0 1.1 2.3 0.1 Total 100 100 100 100 100 100 100 100 24 24 - Statement 1: Issuance of Dated securities During FY13 – contd. (Amount in Crore) Cut....
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.... Devolvem Residual Name of Stock Date of Notified Auction Cut off off Date of ent on Maturit amount price yield Maturity PDs (%) y (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 8.97% GS 2030 $ U 3-Apr-12 3000 876 99.70 8.83% GS 2041 $ U 3-Apr-12 3000 0 97.65 8.84 9.00 5-Dec-30 9.06 12-Dec-41 14-Nov-24 12.6 18.7 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 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 8.33% GS 2036 $ U 27-Apr-12 3000 0 93.82 8.82 21-Sep-27 8.96 7-Jun-36 15.4 24.1 8.19% GS 2020 $ U 4-May-12 4000 0 98.05 8.54 16-Jan-20 7.7 9.15% GS 2024 $ U 4-May-12 8000 ....
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....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 8.79% GS 2021 $ U 11-May-12 7000 0 101.43 22-Apr-18 8.57 8-Nov-21 5.9 9.5 8.28% GS 2027 $ U 11-May-12 2000 0 95.09 8.33% GS 2036 $ U 11-May-12 2000 0 93.94 8.19% GS 2020 $ U 18-May-12 4000 0 98.60 8.87 21-Sep-27 8.95 7-Jun-36 8.44 16-Jan-20 15.4 24.1 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 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 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 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-....
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....12 7000 0 100.00 8.15 11-Jun-22 10.0 - Statement 1: Issuance of Dated securities During FY13 – contd. (Amount in Crore) Cut Devolvem Residual Date of Name of Stock Auction Notified amount Cut off off Date of ent on Maturit price yield Maturity PDs y (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 0 100.00 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 0 100.25 8.01 3-Jul-17 5.0 8.15% GS 2022 $ U....
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.... 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 0 99.86 8.97% GS 2030 $ U 10-Aug-12 3000 0 104.12 8.33% GS 2036 $ U 10-Aug-12 2000 0 97.47 8.19% GS 2020 $ U 17-Aug-12 4000 0 8.17 11-Jun-22 8.52 5-Dec-30 8.58 7-Jun-36 99.30 8.32 16-Jan-20 9.8 18.3 23.8 7.4 8....
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.....33% GS 2026 $ U 17-Aug-12 7000 0 99.27 8.28% GS 2032 $ U 17-Aug-12 2000 0 97.05 8.42 8.59 9-Jul-26 15-Feb-32 13.9 19.5 ii - Statement 1: Issuance of Dated securities During FY13 – contd. (Amount in Crore) Cut Devolvem Residual Name of Stock Date of Notified Auction Cut off off Date of ent on Maturit amount price yield Maturity PDs y (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 2020 $ U 21-Sep-12 4000 0 99.66 8.25 16-Jan-2....
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....0 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 0 103.00 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 8.40 5-Dec-30 18.1 8.19% GS 2020 $ U 9-Nov-12 3000 0....
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.... 99.80 8.22 16-Jan-20 7.2 8.20% GS 2025 $ U 9-Nov-12 7000 0 99.29 8.83% GS 2041 $ U 9-Nov-12 3000 0 104.33 8.29 24-Sep-25 8.43 12-Dec-41 12.9 29.1 8.07% GS 2017 JUL $ U 16-Nov-12 4000 0 99.60 8.17 3-Jul-17 4.6 iii - Statement 1: Issuance of Dated securities During FY13 – concld. (Amount in Crore) Cut Devolvem Residual Name of Stock Date of Auction Notified amount Cut off off Date of ent on Maturit price yield Maturity PDs y (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 3000 0 99.84 8.11 3-Jul-17 4.5 8.15% GS 2022 $ U 2....
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....1-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 8.30% GS 2042 # U 28-Dec-12 3000 0 100.00 24-Sep-25 8.30 31-Dec-42 12.7 30.0 8.07% GS 2017 JUL $ M 18-Jan-13 3000 0 100.90 7.82 3-Jul-17 4.5 8.33% GS 2026 $ M 18-Jan-13 6000 0 103.44 7.91 9-Jul-26 13.5 8.97% GS 2030 $ M 18-Jan-13 3000 0 109.15 8.00 5-Dec-30 17.9 8.12% GS 2020 $ M 1-Feb-13 3000 0 101.12 7.92 10-Dec-20 7.9 8.20% GS 2025 $ M 1-Feb-13 6000 0 101.32 8.03 24-Sep-25 12.6 8.30% GS 2042 $ M 1-Feb-13 3000 0 101.83 8.13 31-Dec-42 29.9 8.07% GS 2017 JUL $ M 8-Feb-13 3000 0 100.71 7.87 3-Jul-17 4.4 8.15% GS 2022 $ M 8-Feb-13 6000 0 101.78 7.87 11-Jun-22 9.3 8.97% GS 2030 $ M 8-Feb-13 3000 0 108.56 8.05 5-Dec-30 17.8 8.12% GS 2020 $ M 15-Feb-13 3000 0 101.50 7.86 10-Dec-20 7.8 8.20% GS 2025 $ M 15-Feb-13 6000 0 102.29 7.91 24-Sep-25 12.6 8.30% GS 2042 $ M 15-Feb-13 3000 0 103.12 8.02 31-Dec-42 29.9 Gross Nominal Amount Raised 558000 1828 Weighted Average Yield 8.36 Weighted Average Maturity 13.50 iv Statement 2:Treasury Bills Issued During FY13 - contd. (Amount in Crore) N....
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....on- 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 8.06 364 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 8.01 364 DTB 10-Jan-13 5000 8 5008 7.85 364 DTB 24-Jan-13 5000 0 5000 7.84 364 DTB 7-Feb-13 5000 0 5000 7.88 364 DTB 21-Feb-13 5000 1 5001 7.90 364 DTB 7-Mar-13 5000 4 5004 7.88 364 DTB 21-Mar-13 5000 2 5002 7.79 182 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 ....
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....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 V Statement 2:Treasury Bills Issued During FY13 – 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 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 8.16 182 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 8.14 182 DTB 3-Jan-13 5000 0 5000 8.05 182 DTB 17-Jan-13 5000 1 5001 7.99 182 DTB 31-Jan-13 5000 0 5000 7.94 182 DTB 14-Feb-13 5000 1 5001 7.94 182 DTB 28-Feb-13 4192.45 0 4192 8.03 182 DTB 14-Mar-13 5000 3 5003 8.05 182 DTB 28-Mar-13 5000 0 5000 8.01 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-1....
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....2 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 vi Competitive Name of Security Statement 2:Treasury Bills Issued During FY13 - concld. (Amount in Crore) Non- Competitive Nominal Gross Cut off Date of Issue amount raised amount amount Yield (%) raised raised 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 ....
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....8.19 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 91 DTB 3-Jan-13 5000 1036 6036 8.10 91 DTB 10-Jan-13 5000 4572 9572 8.06 91 DTB 17-Jan-13 5000 12 5012 7.98 91 DTB 24-Jan-13 5000 4045 9045 7.98 91 DTB 31-Jan-13 5000 5001 10001 7.94 91 DTB 7-Feb-13 5000 6063 11063 7.98 91 DTB 14-Feb-13 5000 504 5504 7.98 91 DTB 21-Feb-13 5000 1228 6228 8.02 91 DTB 28-Feb-13 5710.75 2722 8433 8.10 91 DTB 7-Mar-13 6234.97 2528 8763 8.10 91 DTB 14-Mar-13 5711.48 100 5811 8.10 91 DTB 21-Mar-13 7000 1706 8706 8.02 91 DTB 28-Mar-13 7000 3922 10922 8.19 Total 605850 196981 802830 vii Nomenclature Date of maturity Statement 3: List of Dated Securities Outstanding at end-March 2013 – Contd. Outstanding Stock (Crore) of which: MSS 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 2....
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....0-May-14 5000.0 10.00% GS 2014 30-May-14 2333.3 7.32% GS 2014 20-Oct-14 18000.0 10.50% 2014 29-Oct-14 1755.1 7.56% 2014 3-Nov-14 41000.0 11.83% GS 2014 12-Nov-14 11500.0 10.47% GS 2015 12-Feb-15 6430.0 10.79% GS 2015 19-May-15 2683.5 11.50% GS 2015 21-May-15 3560.5 6.49% GS 2015 8-Jun-15 40000.0 7.17% GS 2015 14-Jun-15 56000.0 FRB, 2015 2-Jul-15 6000.0 11.43% GS 2015 7-Aug-15 12000.0 FRB, 2015(II) 10-Aug-15 6000.0 7.38% GS 2015 (conv) 3-Sep-15 61000.0 9.85% GS 2015 16-Oct-15 10000.0 7.59% GS 2016 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 50000.0 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 Date of maturity Statement 3: List of Dated Securities Outstanding at end-March 2013 – Contd. Nomenclature Outstanding Stock (Crore) of which: MSS 10.45% GS 2018 5.69 % GS 2018(Conv)] 12.60% GS 2018 30-Apr-18 3716.0 25-Sep-18 16130.0 23....
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....-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 13000.0 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 70000.0 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 59000.0 5.97 % GS 2025 (Conv) 25-Sep-25 16687.9 8.33% GS 2026 9-Jul-26 60000.0 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 73000....
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.....0 8.28% GS 2032 15-Feb-32 78687.1 ix Statement 3: List of Dated Securities Outstanding at end-March 2013 – Concld. Nomenclature 8.32% GS 2032 7.95% GS 2032 Date of maturity 2-Aug-32 Outstanding Stock (Crore) 15434.1 28-Aug-32 59000.0 8.33% GS GS 2032 21-Sep-32 1522.5 7.50% GS 2034 10-Aug-34 60000.0 FRB, 2035 25-Jan-35 350.0 7.40% GS 2035 9-Sep-35 42000.0 8.33% GS 2036 7-Jun-36 86000.0 6.83% GS 2039 19-Jan-39 13000.0 8.30% GS 2040 2-Jul-40 72000.0 8.83% GS 2041 8.30% GS 2042 Total 12-Dec-41 31-Dec-42 60000.0 9000.0 3060712.5 X of which: MSS Statement 4: Maturity Profile of Government Securities as on End-March 2013 Year of maturity Outstanding Stock (Crore) 2013-14 95009 2014-15 168018 2015-16 197244 2016-17 231130 2017-18 256774 2018-19 234478 2019-20 197000 2020-21 97000 2021-22 283846 2022-23 257465 2023-24 27000 2024-25 102000 2025-26 75688 2026-27 132389 2027-28 124680 2028-29 11000 2029-30 2030-31 73000 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 9000 3,060,713<BR> News - Press release - PIB....