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Quarterly Report on DEBT Management for the First Quarter (April-June 2015) of Current Financial Year 2015-16 (Q 1 FY 16) Released; Government Issues Dated Securities Worth Rs. 180,000 Crore in Q1 Of FY 16 Lower than Rs. 198,000 Crore in Q1 Of FY 15;
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....uarterly Report on DEBT Management for the First Quarter (April-June 2015) of Current Financial Year 2015-16 (Q 1 FY 16) Released; Government Issues Dated Securities Worth Rs. 180,000 Crore in Q1 Of FY 16 Lower than Rs. 198,000 Crore in Q1 Of FY 15; <br>Income Tax<br>Dated:- 17-9-2015<br><BR>Press Information Bureau Government of India Ministry of Finance 17-September-2015 16:43 IST Net Market Borrowings During the First Quarter Stood at 23.6 Per Cent of Budget Estimates (BE), Also Lower than 26.6 Per Cent of be in the Previous Year; Trading Volumes During the Qurter, on an Outright Basis, were Marginally Higher by 0.91 Per Cent over the Previous Quarter, with Treasury Bills Contributed to Most of the Increase in Trading Activity;the Annualised Outright Turnover Ratio for Central Government Dated Securities for Q1 of FY16 was at 4.6. Since April -June (Q1) 2010-11, Middle Office (MO), Budget Division, Department of Economic Affairs, Ministry of Finance, is bringing-out a Quarterly Report on Debt Management on regular basis. The Current Report pertains to the Quarter April-June 2015 i.e. First Quarter of Financial Year 2015-16 (Q1 FY 16). During Q1 of FY16, the Go....
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....vernment issued dated securities worth Rs. 180,000 crore (30.0 per cent of BE), lower than Rs. 198,000 crore (33.0 per cent of BE) in Q1 of FY 15. Net market borrowings during the quarter at 23.6 per cent of BE were, also lower than 26.6 per cent of BE in the previous year. Auctions during Q1 of FY16 were held broadly in accordance with the pre-announced calendar. Four new securities were issued during the quarter, including a new 10-year benchmark paper. The weighted average maturity (WAM) of dated securities issued during Q1 of FY16 was at 15.19 years. The weighted average yield (cut-off) of issuance during Q1 of FY16, was at 7.92 per cent as against 7.79 per cent in Q4 of FY15, reflecting marginal hardening in yields during the quarter. Liquidity conditions in the economy remained tight during mid part of the quarter and eased towards the quarter end. The cash position of the Government during Q1 of FY16 was comfortable and remained in surplus mode during the quarter. The issuance amount under Treasury bills were also broadly as per calendar. The Public Debt (excluding liabilities under the 'Public Account') of the Central Government provisionally increased by 3.5 p....
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....er cent in Q1 of FY 16 on Q-o-Q basis. Internal debt constituted 92.3 per cent of public debt as at end-June 2015, while marketable securities accounted for 84.2 per cent of public debt. About 29.5 per cent of outstanding stock has a residual maturity of up to 5 years, which implies that over the next five years, on an average, around 5.9 per cent of outstanding stock needs to be rolled over every year. Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming years is expected to reduce roll over risk further. G-Sec market opened the quarter on positive note on account of weak US job data. The yields, however, saw some hardening during the quarter. The yield of 10-year benchmark paper breached 8% in May 2015, first time since mid- December 2014. Ten year benchmark yield closed at 7.87% on June 30, 2015 as against 7.80% on March 31, 2015. In the first quarter, trading volumes, on an outright basis, were marginally higher by 0.91 per cent over the previous quarter, with Treasury bills contributed to most of the increase in trading activity. The annualised outright turnover ratio for Central Government ....
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....dated securities for Q1 of FY16 was at 4.6 Click here to see the Report: ***** DSM/MAM/KA ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT APRIL-JUNE 2015 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS AUGUST 2015 www.finmin.nic.in Section 1 2 3 4 Ñл 5 CONTENTS Page No. Introduction Macroeconomic Developments Debt Management - Primary Market Operations Cash Management Trends in Outstanding Public Debt Secondary Market 1 2 5 00 8 10 14 List of Tables Table No. 1 List of Tables and Charts Title Fiscal Outcome during April-June 2015-16 23 Issuance of Dated Securities Primary Issuance by Maturity Buckets, Q1 of 2015-16 4 56 7 88 9 10 11 12 13 Issuance of Treasury Bills Repayments and Issuance of Treasury Bills in April-June 2015 Composition of Public Debt Maturity and Yield of Central Government's Market Loans Maturity Profile of Gol Outstanding Dated Securities Ownership Pattern of Government of India Dated Securities Transactions in Government Securities Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling List of Charts Chart No. Title 1 23456789 10 11a 11b 12a 12b....
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.... 13 Growth Rate in GDP at constant (2011-12) prices Inflation Rate Based on WPI and CPI Growth Rate in IIP Monthly Exports and Imports Foreign Investment Flow and Exchange Rate Liquidity in the System Holding Pattern of Government Securities Movement of G-Sec Yields - 10-year Government Bond Yield Curve Treasury Bill Yield Curve Secondary Market Transaction - Outright Secondary Market Transaction - April-June 2015 Maturity wise Trading Activity - April-June 15 Maturity wise Trading Activity - Jan-Mar. 15 Trading Activity (Buy+Sell) by Category List of Statements Statement No. 1 2 3 4 5 Title Issuance of Dated Securities During Q1 of FY16 Treasury Bills Issued During Q1 of FY16 List of Dated Securities Outstanding at end-June 2015 Maturity Profile of Government Securities at end-June 2015 Calendar for Auction of Treasury Bills during July-Sep 2015 Page No. 5 6 6 9 10 11 12 13 16 17 17 19 Page No. 2 3 23 344∞ 8 13 14 15 15 16 16 18 18 18 Page No. i iii iv vii viii 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, Midd....
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....le 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 first quarter of the fiscal year 2015-16, viz., April-June 2015. 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 On May 29, 2015, CSO revised real GDP for 2014-15 downward at #106.44 lakh crore (as against 106.57 lakh crore estimated on February 9, 2015), showing an annual growth rate of 7.3 percent (as against 7.4 percent estimated earlier) over the new series of GDP (at constant price 2011-1....
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....2). GDP growth in Q4 of 2014-15 is estimated 7.5 per cent (Chart 1). Domestic economic activity remains moderate in Q1 of 2015-16. Chart 1: Growth Rate in GDP at constant (2011-12) prices Per cent 9.0 8.4 8.5 8.0 7.5 7.0 6.9 6.7 7.5 7.3 6.6 6.5 6.0 5.5 5.1 5.0 4.5 4.0 2013-13 2013-14 2014-15 Q1 2014-15 Q22014-15 Q3 2014-15 2014-15 Q4 (Prov) 1.2 The decline trend in WPI inflation continued for the 8th consecutive month with WPI inflation rate (y-o-y) in June 2015 placed provisionally at -2.40 per cent, as compared with (-) 2.36 per cent in May 2015. Headline CPI inflation rose for the second successive month in June 2015 to a nine-month high of 5.4 per cent on the back of a broad based increase in major components. Seasonal spike in prices of key vegetables coupled with impact of rise in service tax led to an increase in overall price level. Core CPI inflation - indicative of demand side price pressure also rose to nine- month high of 4.85 per cent (4.62 per cent in May 2015) given the impact of service tax hike on overall Miscellaneous category. Near-term inflation expectations of households returned to double digits after two quarters. However, average CPI inflation rate during Q ....
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....1 of FY 16 (new base 2012=100) was 5.1 per cent as compared with average inflation rate of 5.3 per cent during Q 4 of FY 15 (Chart 2). 2 Per cent 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 Apr May unf Chart 2: Inflation Rate Based on WPI and CPI Jul 2014-15 WPI 2015-16 WPI Aug Sep 2014-15 CPI Jan Feb 2015-16 CPI Mar 1.3 IIP for May-15 grew at 2.7 per cent vis-a-vis previous month's downwardly revised growth of 3.4 per cent (from initial estimate 4.1 per cent). IIP growth excluding capital goods stood at 2.8%- suggesting that impact of 'capital goods' on overall IIP was negligible. While Mining and Electricity sectors gathered momentum, it was Manufacturing segment which witnessed a slowdown Manufacturing segment posted its lowest growth in seven months. The cumulative growth in IIP during the period April-May 2015-6 was lower at 3.0 per cent vis-a-vis 4.6 per cent during the same period of the previous year (Chart 3). Chart 3: Growth Rate in IIP 7.0 6.0 5.0 4.0 3.0 2.0 1.0 يرا 0.0 -1.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar -2.0 -3.0 2013-14 2014-15 2015-16 -4.0 1.4 India's exports during Q1 FY 16 (Apr-June 2015) declined (y-o-y) by 16.8 per cent while imports contracted ....
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....by 12.7 per cent during the quarter. The contraction in exports in Q1 of 2015-16, was the steepest since Q2 of 2009-10. However, the sharp fall in international commodity prices, especially crude oil, compressed import payments which continued to keep the trade deficit in check. Net surpluses on account of trade in services were sustained in Q1 and have, along with the lower trade deficit, helped reduce the current account deficit (CAD). On a y-o-y basis, trade deficit narrowed to by 2.7 per cent during Q1 FY1 6 (Apr-June) as compared with a decline of 9.6 per cent in Q4 of 2014-15. The average monthly trade 3 deficit during Apr-June 2015 remained at USD 10.7 bn as against USD 8.7 bn in Q4 of 2014- 15 (Chart 4). USD mn 50000 40000 30000 20000 10000 -10000 -20000 Chart 4: Monthly Exports and Imports 30 20 CONTIT 10 0 -10 -20 -30 Per cent Exports Jul-13 Aug-13 Sep-13 Oct-13 Jun-13 Imports Jul-14 Jun-14 Apr-14 May-14 Mar-14 Feb-14 Jan-14 Nov-13 Dec-13 Trade Balance Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Growth Exports (right scale) Jun-15 May-15 Apr-15 Mar-15 Growth Imports (right scale) 1.5 Despite slowing portfolio flows, other forms of foreign capital flows such as foreig....
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....n direct investment and non-resident deposits were sustained. With net capital flows being significantly larger than the shrinking external financing requirement, foreign exchange reserves rose to an all time high of US$ 355.2218 billion on June 26, 2015 providing a buffer against adverse global shocks. As compared with previous quarter closing of INR at Rs.62.49 per USD on March 31, 2014, rupee exhibited a largely depreciating trend during the quarter to touch maximum of Rs.64.29 per USD on June 16, 2015 and closed at 63.66 per USD on June 30, 2015. Increased financial markets turbulence on account of the Greek crisis, the Chinese stock market slump and shifts between risk-on and risk-off sentiments based on beliefs about FOMC raising rates weighed on market sentiments during the period. Currency markets were largely dominated by the rising US dollar and sizable capital outflows from EMES. INR traded in range of Rs.62.03-64.29 per USD during the quarter (Chart 5). USD mn 25000 20000 15000 10000 5000 0 -5000 -10000 Chart 5: Foreign Investment Flow and Exchange Rate Q1 2015-16 Direct Invest Portfolio Investment Total Exchange Rate (right scale) Note: Data on FDI have been revised si....
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....nce April 2011 to expand the coverage. 4 70.0 60.0 50.0 40.0 30.0 20.0 */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 in budget estimates (BE) 2015-16 (FY16) was placed at 5,55,649 crore (3.9 per cent of GDP) as against Rs.5,12,628 crore (4.1 per cent of GDP) in the revised estimates (RE) for 2014-15. 2.2 The fiscal outcome for first quarter (Q1) of the FY16 (April-June 2015) of Central government indicates improvement with gross fiscal deficit during April-June touching *2.87 trillion or 51.6 per cent of 2015-16 BE as against 56.1 per cent of 2014-15 BE. Total receipts (from revenue and non-debt capital) during the three months was over Rs.1.44 trillion or 11.8 per cent of the BE vis-a-vis 9.2 per cent of BE last year. Total expenditure of the government during April-June 2015 was nearly Rs. 4.3 trillion or 24.2 per cent of BE (Table 1). Table 1: Fiscal Outcome during the April-June 2015-16 (Amount in crore) Item 2015-16 BE April-June 2015-16 April-June 2015-16 (% April-June 2014-15 (% of BE) of BE) Revenue Receipts 1,141,575 141,204 12.4 9.6 Tax Receipts 919,842 10....
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....1,685 11.1 10.1 Non-Tax Receipts 221,733 39,519 17.8 7.2 Other Non-debt Receipts 80,253 3,094 3.9 1.8 Total Expenditure 1,777,477 430,993 24.2 23.0 Revenue Expenditure 1,536,047 372,384 24.2 23.2 Capital Expenditure 241,430 58,609 24.3 22.0 Revenue Deficit 394,472 231,180 58.6 65.9 Primary Deficit 99,504 191,202 192.2 198.9 Gross Fiscal Deficit 555,649 286,695 51.6 56.1 Financing Market Loans* 486,468 171,348 35.2 34.4 External Assistance 11,173 2,130 19.1 10.2 Securities against Small Savings 22,408 -458 -2.0 -3.8 Others 35,600 113,675 319.3 591.6 *Includes borrowings through treasury bills. Source: Controller General of Accounts (CGA) website; cga.nic.in B. Issuance Details 2.3 This section discusses the issuance details of market loans during the first quarter (Q1) of FY16. 2.4 Gross and net market borrowing requirements of the Government for FY16 were budgeted at Rs.6,00,000 crore and Rs.4,56,405 crore which were higher by 1.4 per cent and 2.1 per cent, respectively, than Rs.5,92,000 crore and Rs.4,46,922 crore in the revised estimates for FY15. During Q1 5 of FY16, the Government issued dated securities worth 180,000 crore (30.0 per cent of BE), lower than 1,98,000 crore (33.0....
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.... per cent of BE) in Q1 of FY 15 (Table 2). Net market borrowings during the quarter at 23.6 per cent of BE were, also lower than 26.6 per cent of BE in the previous year. Considering the comfortable closing cash position of the Government, the borrowings calendar for the first half of current financial year envisages a more even distribution of borrowings across first and second quarter of the year. Table 2: Issuance of Dated Securities (in crore) Item 2015-16 Q1 FY 16 Q1 FY 15 Q1 FY 16 % of BE Q1 FY 15% of Gross Amount BE 600,000 BE 180,000 198,000 30.0 33.0 Repayments Net Issuance 143,595 456,405 107,925 72,075 75,113 50.2 54.1 122,887 23.6 26.6 2.5 Auctions during Q1 of FY16 were held broadly in accordance with the pre-announced calendar (Table 3). During Q1 FY 16, twelve tranches of auctions were held for issuances of Gol dated securities worth 189000 crore. RBI rejected bids for three out of four papers in auction on Jun 26, 2015 out of total notified amount of Rs.15,000 cr. Four new securities (including a 10-year benchmark security 7.72% GS 2025, two non-standard security of maturity of 8.63 years and 14.86 years, namely 7.68%GS 2023 and 7.88% GS 2030 and a 30 year security ....
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....8.13% GS 2045) were issued during the quarter. The amount issued under new securities constituted 59,000 crore or 32.8 per cent of total issuances, remaining being re-issues. There was devolvement worth 2,155 cr on PDs during June 2015 and worth Rs.2,709 crore devolvement on PDs during May 2015. Table 3: Primary Issuance by Maturity Buckets, Q1 of 2015-16 (Amount in crore) 20-30 Years 2013-14 % of Total 5-9 years 140000 24.8 2014-15 149,000 % of Total 25.2 10-14 years 235500 41.8 237,000 40.0 15-19 Years 93000 16.5 96,000 16.2 95000 16.9 110,000 18.6 Total 563500 100.0 592,000 Q1 FY16 36000- 81000-93000 36000-48000 36000-48000 100.0 189,000 (Projected) 48000 % of Total 19.0-25.4 Q1 FY16 (Actual) 33,000.0 42.9-49.2 83,000.0 19.0-25.4 32,000.0 19.0-25.4 32,000.0 100.0 180,000 % of Total 18.3 46.1 17.8 17.8 100.0 6 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q1 of FY 16 amounted to Rs.2,61,266 crore while total repayments amounted to 1,97,840 crore resulting in net issuance of Rs.63,425 crore compared with net issuance of *47,861 crore in Q1 of last year (Table 4). The higher net issuance of treasury bills during Q1 of FY16 was shaped....
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.... by cash management purposes. RBI's rejected bids in a 364 Day T-bill auction worth Rs. 6000 crore on May 13, 2015 due to weak market sentiments on account of global volatility. The details of issuance of bills during Q1 of FY16 are given in Statement 2. Table 4: Issuance of Treasury Bills* Item 2015-16 BE Q1 FY 16 Q1 FY 15 Q1 FY 16% of BE (in crore) Q1 FY 15 % of BE 364 DTB Gross Amount Repayment Net Issuance 163,425 37,982 39,129 23.2 24.9 155,300 33,081 35,705 21.3 26.1 8,125 4,901 3,425 60.3 17.0 182 DTB Gross Amount 160,874 36,245 36,000 22.5 24.1 Repayment Net Issuance 156,874 35,798 36,003 22.8 24.1 4,000 447 -3 11.2 91 DTB Gross Amount Repayment Net Issuance 735,411 187,039 170,200 25.4 26.9 717,473 128,961 125,761 18.0 20.3 17,937 58,078 44,439 323.8 307.5 Total DTB Gross Amount 1,059,710 261,266 245,329 24.7 26.1 Repayment 1,029,647 197,840 197,468 19.2 21.8 Net Issuance 30,063 63,425 47,861 211.0 138.5 * Including amount through non-competitive route. 2.7 Taking cognisance of market demand and yield curve movements, the weighted average maturity of primary issuance was kept long during the first quarter of FY16. The weighted average maturity (WAM) of dated securities iss....
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....ued during Q1 of FY16 was at 15.19 years as against 15.57 years for dated securities issued in Q4 of FY15. The weighted average yield (cut-off) of issuance during Q1 of FY16, was at 7.92 per cent as against 7.79 per cent in Q4 of FY15, reflecting hardening in yields during the quarter. 7 Section 3 - Cash Management 3.1 Government's cash account is maintained with RBI. 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 of securities from market, auctions of its cash balance in market (through RBI) and investment in Government securities held by the RBI when in surplus. The limits for Ways and Means Advances (WMA) for the first half of the financial year 2015-16 (April 2015-Sep 2015) has been fixed at 45,000 crore. 3.2 Liquidity conditions in the economy remained tight during mid part of the quarter, however, eased towards the quarter end (Chart 6). The liquidity deficit, as reflected by net borrowings from RBI under Liquidity Adjustment Facility (LAF) including MSF during the quarter, was higher in A....
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....pril and May 2015 with an average amount provided at 93,553 crore and 1,06,524 crore respectively, which moderated significantly to 51,619 crore in June 2015. The average net borrowings under LAF during Q1 of FY 15-16 at Rs. 83,558 crore was lower than Rs. 92,897 crore in the previous quarter (Q4 of FY 14-15). On policy front, RBI in its second bi-monthly monetary policy review on June 2, 2015 reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect, while keeping other policy rates unchanged. Chart 6: Liquidity in the System 225000 175000 125000 75000 Net LAF in crore (-absorption+injection) 25000 -25000 30-06-2015 24-06-2015 18-06-2015 12-06-2015 08-06-2015 02-06-2015 27-05-2015 21-05-2015 15-05-2015 11-05-2015 3.3 The cash position of the Government during Q1 of FY16 was comfortable and remained 05-05-2015 29-04-2015 in surplus mode during the quarter. Net amount of Treasury Bills issued received through competitive route increased to 29,347.75 crore. A net amount of 34,077.70 crore was received through non-competitive route during the quarter. Overall, the net amount 23-04-2015 17-04-2....
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....015 13-04-2015 07-04-2015 01-04-2015 8 mobilised through treasury bills (under competitive and non-competitive routes) during Q1 of FY16 amounted to Rs. 63,425.45 crore. Details of treasury bills issued and matured in Q1 of FY16 are given in Table 5. Date of Issue Table 5: Repayments and Issuance of Treasury Bills in April-June 2015 Repayments Issued Amount (Amount in Crore) Net Issue 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB 7-Apr-15 0 0 0 8,000 0 9-Apr-15 8,000 6,000 0 8,000 6,000 6,000 0 14,000 16-Apr-15 8,000 0 6,000 8,000 0 6,000 0 23-Apr-15 3,062.85 6,000 0 8,000 6,000 4,937.15 30-Apr-15 8,000 0 6,000 8,000 0 6,000 0 7-May-15 8,000 6,000 0 8,000 6,000 0 14-May-15 4,417 0 6,000 6,096.2 0 -4,320.80 21-May-15 8,000 6,000 0 9,000 6,000 1,000 28-May-15 4,394 0 6,000 9,000 0 6,000 4,606 4-Jun-15 8,000 6,000 0 11-Jun-15 8,000 0 6,000 18-Jun-15 8,000 5,000 0 25-Jun-15 8,000 0 Q1 83,873.85 Q1 45,087.63 9,000 6,000 9,000 0 9,000 6,000 1,874.60 9,000 0 Total Under Competitive Route 35,000 31,874.60 1,08,096.2 Total Under Non-Competitive Route 798.40 1,206.00 0 1,000 6,000 1,000 0 1,000 6,000 5,125.40 36,000 36,000 29,347.75 78,943 244.97 1,981.75 34,077.70 3.4 The calendar for issua....
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....nce of treasury bills during July-September 2015 was announced on June 29, 2015, with gross borrowings at Rs. 1,96,000 crore (Statement 5). 6 Section 4 - Trends in Outstanding Public Debt 4.1 The total public debt (excluding liabilities under the 'Public Account') of the Government provisionally increased to Rs.5,318,795 crore at end-June 2015 from Rs.5,139,047 crore at end- March 2015 (Table 6). This represented a quarter-on-quarter (QoQ) increase of 3.5 per cent (provisional) compared with an increase of 1.7 per cent in the previous quarter (Q 4 of FY 15). Internal debt constituted 92.3 per cent of public debt, as compared with 92.2 per cent in the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 84.2 per cent of total public debt, higher than the level as on end- March 2015. The outstanding internal debt of the Government at Rs.4,909,582 crore constituted 38.0 per cent of GDP at end-June 2015 as compared with 37.8 per cent at end-March 2015. Item Table 6: Composition of Public Debt At end-June At end-Mar 2015 2015# At end-June 2015# At end-Mar 2015 (crore) (% of Total) 1 Public Debt (1+2) 1. Internal Debt....
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.... 2 3 4 5 5,318,794.5 5,139,047.0 100.0 100.0 4,909,582.3 4,738,313.4 92.3 92.2 Marketable 4,480,246.7 4,308,977.8 84.2 83.8 (a) Treasury Bills 412,876.5 349,451.0 7.8 6.8 (i) Cash Management Bills (ii) 91-days Treasury Bills 187,039.2 128,961.5 3.5 2.5 (iii) 182-days Treasury Bills 77,783.9 77,337.4 1.5 1.5 (iv) 364-days Treasury Bills 148,053.3 143,152.2 2.8 2.8 (b) Dated Securities 4,067,370.2 3,959,526.8 76.5 77.0 Non-marketable 429,335.6 429,335.6 8.1 8.4 (i) 14-days Treasury Bills 85678.4* 85,678.4 1.6 1.7 (ii) Securities Issued to NSSF 261391.2* 261,391.2 4.9 5.1 (iii) Compensation and other bonds 35871.0* 35,871.0 0.7 0.7 (iv) Securities issued to 46395.1* 46,395.1 0.9 0.9 International Financial Institutions (v) Ways and Means Advances 2. External Debt (i) Multilateral (ii) Bilateral (iii) IMF (iv) Rupee debt #: Data are provisional. 409,212.2 400,733.6 7.7 7.8 278,609.3 269,621.4 5.2 5.2 95,660.1 96,143.5 1.8 1.9 34349.5* 34,349.5 0.6 0.7 593.4 619.3 0.0 0.0 *:-These data are not available for June 30, 2015. So they are carried over from previous quarter. 10 Note:- Foreign Institutional Investors (FII)'s investment in government securities and treasury bills (71,666.67 cro....
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....re at end-March 2015) is included in the internal marketable debt. Maturity Pattern for Outstanding Government Debt Stock 4.2 The weighted average maturity of outstanding stock of dated securities as at end-June 2015 increased to 10.38 years from 10.25 years at end-March 2015. Over the same period, the weighted average coupon of outstanding stock increased marginally to 8.10 per cent from 8.09 per cent (Table 7). Table 7: Maturity and Yield of Central Government's Market Loans Issues during the year Outstanding Stock* Weighted Weighted Year Average Average Weighted Average Weighted Average Yield (%) Maturity Coupon (%) Maturity (yrs) (yrs) 1 2 3 4 5 2010-11 7.92 11.62 7.81 9.64 2011-12 8.52 12.66 7.88 9.60 2012-13 8.36 13.50 7.97 9.66 2013-14 8.48 14.28 7.98 10.00 2014-15 8.51 14.66 8.09 10.25 2014-15 Q4 7.79 15.57 8.09 10.25 2015-16 Q1 7.92 15.19 8.10 10.38 *As at end of period. 4.3 The proportion of debt (dated securities) maturing in less than one year increased to 4.0 per cent at end-June 2015 from 3.5 per cent a quarter ago. Proportion of debt maturing within 1-5 years stands at 25.5 per cent as against 21.4 per cent at end-March 2015. The proportion of outstanding debt maturi....
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....ng in less than 10 years was marginally higher at 57.0 per cent than 56.3 per cent a quarter ago, while proportion of debt maturing in more than 10 years decreased marginally to 43.0 per cent at end-June 2015 from 43.7 per cent a quarter ago. The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q1 of FY16 as well as the maturity dynamics of outstanding securities. Overall, 29.5 per cent of outstanding stock has a residual maturity of up to 5 years, which implies that over the next five years, on an average, 5.9 per cent of outstanding stock needs to be rolled over every year (Table 8). Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/switches in coming years is expected to reduce roll over risk further. 11 Maturity Buckets End-June 2015 Less than 1 Year 161,290.8 Table 8: Maturity Profile of Gol Outstanding Dated Securities (Amount in crore) End-Mar 2015 136,928.5 (4.0) (3.5) 1-5 Years 5-10 Years 1,038,581.3 (25.5) 1,116,902.3 846,019.1 (21.4) 1,244,902.3 (27.5) (31.4) 10-20 Years 1,200,123.5 1,212,773.5 (29.5) (30.6) 20 Years and above 550,472.3 5....
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....18,822.3 Total (13.5) 4,067,370.2 (13.1) 3,959,445.7 Note: 1. Figures in parentheses represent per cent to total. 2. Totals differ from those given in Table 6 due to different accounting treatment of recapitalisation bonds. Holding Pattern 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-March 2015 (Table 9 and Chart 7). Banks (including banks that are primary dealers and co-operative banks) continue to dominate as the major investor category with their share in holding of Government securities at 45.9 per cent at end-March 2015 as against 45.3 per cent as at end-Dec 2014. Among the long-term investors, while the share of holding by insurance companies marginally decreased during the quarter to 20.9 per cent from 21.0 per cent at end-Dec 2014, the share of provident funds increased marginally to 7.6 per cent from 7.5 per cent at end-Dec 2014. Proportion of securities held by the Reserve Bank at end-Mar 2015 decreased to 9.5 per cent from 13.2 per cent a quarter ago. The holding of securities by FIls, Financial Institutions, corporate, mutual funds and 'others' category were higher at end of Q 4 of FY 15 as ....
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....compared with their position a quarter ago. 12 Table 9: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2013 2014 2015 Dec Mar. Jun. Sep. Dec. Mar. 1. Commercial Banks 44.73 44.46 43.43 42.95 42.77 43.30 2. Non-Bank PDs 0.15 0.11 0.28 0.20 0.34 0.31 3. Insurance Companies 19.27 19.54 20.21 20.6 21.02 20.87 4. Mutual Funds 1.56 0.78 1.29 1.26 1.68 1.89 5. Co-operative Banks 2.69 2.76 2.76 2.71 2.57 2.62 6. Financial Institutions 0.67 0.72 1.51 1.44 0.73 2.07 7. Corporates 1.27 0.79 0.89 1.06 1.12 1.25 8. Fils 1.38 1.68 2.45 3.37 3.62 3.67 9. Provident Funds 7.37 7.18 7.21 7.13 7.47 7.58 10. RBI 16.01 16.05 15.03 14.33 13.23 9.54 11. Others 4.89 5.92 4.94 4.99 5.45 6.90 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: RBI Bulletin, Volume LXIX No. 6, June 2015. Chart 7: Holding Pattern of Government Securities (Mar-15 outer ring; Dec-14: inner ring] 6.9 9.5 5.5 13.2 7.6 7.5 3.7 3.6 2.1 0.7 1.7 1.9 13 33 Commercial Banks â– Non-Bank PDs Insurance Companies Mutual Funds 43.3 42.8 0.3 Co-operative Banks â– Financial Institutions Corporates â– Fils Provident Funds â– RBI Section 5 - Secondary Market A. Government s....
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....ecurity yields 5.1 Chart 8 depicts the movement in Government bond yields (10-year yield as benchmark) during the quarter. While G-Sec market opened the quarter on positive note on account of weak US job data, the yields saw a hardening bias till early-May 2015 on account of hardening of crude prices from its multi-year low level in mid-March 2015, global rise in government bonds yields including advanced countries such as Germany, turbulence witnessed by global financial markets, depreciating rupee, etc. Market ignored some positives like upgrade in rating outlook of India by Moody's, lower inflation numbers, etc. The yield of 10-year benchmark paper witnessed larger intraday volatility in early-May and breached 8% first time since mid- December 2014. Marketed saw some stability after announcement of new 10 year paper on May 19, 2015 and on expectations ahead of RBI Monetary Policy on June 2, 2015. However, market saw renewed downward pressure post RBI Policy announcement. While RBI reduced the benchmark interest rate by 25 bps, it described its action as 'front-loading'. Market judged policy tone as hawkish and taken it as prolonged pause over monetary easing in near horizon. The....
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.... market also traded cautiously during rest of the month on account of uncertainties over Greek Debt Crisis. Two auctions saw partial devolvement whereas one auction saw rejection of bids. Intermittently, marginal improvement was noted on positive comments on progress of monsoon and expectations of setting FII gilt investment limit in rupee terms, creating more space for FIls. Ten year benchmark yield closed at 7.87% on June 30, 2015 as against 7.80% on March 31, 2015. Per cent 8.3 8.1 7.9 7.7 7.5 Chart 8: Movement of G-Sec Yields - 10-Year 를 홑튥 불 불 불 를 를 들 짚불 불 불 불 홑븥븥 멓 블 14 5.2 Compared to previous quarter, yields increase across the curve due to the factors mentioned in para 5.1, excepting very short-end of the curve. The yields at short-end of the curve moderated significantly primarily due to comfortable liquidity in the market at June end vis-a-vis tight liquidity at March end due to year-end. The yield curve also inverted significantly. The 1yr-10yr spread increased to 20 bps at end-June 2015 from (-) 6 bps at end-March 2015, while 10yr-30yr spread increased to 26 bps from 0....
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.... bps over the same period. Overall, the 1yr-30yr spread at end of Q1 of FY16 increased to 46 bps from (-) 6 bps at the end of the previous quarter (Chart 9). The kink in yield curve is on account of new 10 year paper. Yield---> 8.40% 8.10% 7.80% 7.50% Chart 9: Government Bond Yield Curve 31-Mar-15 30-Jun-15 10 15 20 Tenor in Years--> 5.3 The policy rate cut as well as easy liquidity conditions in June-end resulted in downward shift of yield at the quarter end. However, on expectation of no more rate cuts in the near future the treasury bill yield curve turned upward sloping during the quarter. The 1m-12m spread became 18 bps at end June 2015 as compared with (-) 18 bps at end March 2015. The 1m-3m spread was also up at 11 bps from 4 bps, while 3m-6m spread was at 3 bps from (-) 14 bps (Chart 10). Chart 10 : Treasury Bill Yield Curve Yield (Per cent) 8.4 8.2 8.0 7.8 7.6 7.4 7.2 91 31-Mar-15 30-Jun-15 182 Maturity (days) 15 273 364 '000 Crore B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q1 of FY15-16 stood at 25.63 lakh crores, a marginal increase of 0.91 per cent over volume of 25.39 lakh crores durin....
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....g the preceding quarter (Table 10). Treasury bills, showing an increase of 18.86 per cent, contributed to most of the increase in trading activity during the quarter. The annualised outright turnover ratio ¹ for Central Government dated securities (G- Secs) for Q1 of FY15-16 decreased to 4.6 from 4.7 during Q4 of FY14-15. Including repo transactions, the annualised total turnover ratio² for Q1 of FY15-16 decreased to 9.6 from 10.1 during Q4 of FY14-15. Table 10: Transactions in Government Securities (volumes in Crore) Period Outright Repo G-Sec SDL 2011-12 2012-13 2013-14 Apr-Jun 14 July-Sept 14 T-Bills Total 30,99,107 3,45,237 43,859 34,88,203 59,20,929 5,52,943 1,18,159 65,92,032 79,68,661 8,33,191 1,54,847 89,56,699 23,67,773 2,28,296 49,700 26,45,769 18,06,274 2,01,536 24,824 20,32,634 26,90,532 2,04,131 43,601 29,38,264 11,83,003 22,85,029 1,89,507 64,959 25,39,494 13,26,350 22,80,746 2,25,239 56,618 25,62,604 12,67,888 G-Sec T-Bills SDL Total 21,86,877 29,18,337 15,54,121 22,878 37,63,877 24,13,144 71,282 54,02,764 33,64,069 38,32,478 31,580 72,28,127 9,50,413 10,13,226 6,726 19,70,365 10,12,130 9,24,362 26,401 19,62,893 5,80,690 60,785 18,24,478 Oct-Dec 14 Jan.-Mar.15 ....
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....Apr-Jun 15 5.5 7,40,729 50,431 21,17,510 7,73,487 10,096 20,51,471 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q1 of FY15-16, their share stood at 89 per cent of total outright volumes as compared to 90 per cent in Q4 of FY14-15. Central government securities accounted for 62.6 per cent of the total repo volumes during Q1 of FY15-16 as compared to 61.8 per cent in Q4 of FY14-15. 3500 Chart 11a: Secondary Market Transactions - Outright Chart 11b: Secondary Market Transactions - April-June'15 3000 3000 2500 2500 2000 1500 '000 crore 2000 1500 1000 1000 500 500 0 0 July-Sept 14 Oct-Dec 14 Jan-Mar 15 Apr-Jun 15 Outright repo G-Sec T-Bills SDL â– G-Sec T-Bills â– SDL 1 2 Annualised Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)] Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume (Average of outstanding stock)] * 4) / 16 5.6 The top 10 traded securities accounted for 78.34 per cent of the total outright transaction volume during the quarter as compared with 81.94 per cent during Q4 of FY14- 15. The share of top....
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.... three traded securities decreased to 57.04 per cent from 66.62 per cent during Q4 of FY14-15. (Table 11). Table 11 - Top 10 Traded Securities (in Rs.Crore) Security Jan-March 15 8.40% G.S. 2024 8.60% G.S. 2028 8,60,850 Security 8.40% G.S. 2024 Jan-March 15 8,97,104 6,28,941 8.60% G.S. 2028 3,09,859 8.27% G.S. 2020 2,02,121 8.27% G.S. 2020 2,54,700 8.15% G.S. 2026 1,55,251 8.15% G.S. 2026 2,26,967 8.83% G.S. 2023 86,466 7.72% G.S. 2025 1,21,582 8.28% G.S. 2027 43,121 8.83% G.S. 2023 56,871 9.20% G.S. 2030 31,321 7.88% G.S. 2030 44,247 8.12% G.S. 2020 26,113 7.68% G.S. 2023 42,262 7.16% G.S. 2023 25,753 7.28% G.S. 2019 28,515 9.23% G.S. 2043 20,824 8.12% G.S. 2020 25,451 5.7 The trend in outright trading volumes in Government securities under different maturity buckets is given in Table 12. Table 12 : Maturity-wise outright trading volumes in G-sec. (in Crore) Maturity/Quarter Apr-Jun 15 Jan-Mar 15 Apr-Jun 14 2014-15 2013-14 2012-13 2011-12 Less than 3 Years 59,905 3-7 Years 7-10 Years above 10 Years Total 33,204 39,256 106,086 95,703 11,865 361,792 302,885 328,483 1,182,377 1,316,068 500,159 1,139,598 980,226 1,564,103 4,821,218 3,207,229 2,331,557 1,743,886 719,452 968,713 435,931....
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.... 3,039,926 3,349,661 3,077,349 1,085,239 2,280,747 2,285,028 2,367,773 9,149,607 7,968,661 5,920,929 3,099,107 35,545 234,437 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 10- year benchmark securities, '7-10 years' maturity range accounted for the highest share of trading volumes during Q1 of FY15-16 (50 per cent, higher than 42.9 per cent in Q4 of FY14- 15) followed by ‘10 years and above' maturity range The below 3 years maturity bracket continue to had lowest share of trading volume at 2.6 per cent. 17 Chart 12a: Maturity-wise Trading Activity- 31.5% April-June, 15 2.6% Chart 12b: Maturity wise Trading Activity - Jan-March 15 1.5% 15.9% 42.4% 50.0% 13.3% 42.9% ■10 yrs ■10 yrs 5.9 Foreign banks continued to be the dominant trading category during the quarter with their share in total outright trading activity increased further to 31.5 per cent (of total trading volumes) from 29.1 per cent during Q4 of FY14-15 (Chart 13). Public sector banks share during the quarter decreased to 21.2 per cent from 28.7 per cent. Mutual Funds were the ....
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....largest net buyer (*50,500 crore) in the secondary market during the quarter, followed by Public Sector Banks (46,155 crore). The Foreign Banks (excluding primary dealers) were the largest net sellers category of government securities (*49,538 crore) followed by Private Sector Banks (15,239 crore) during the quarter. Chart 13: Trading Activity (Buy + Sell) By Category (outside circle April-June'15 and intside circle Jan-Marh15) 3.1% 4.4% 9.3% 21.2% 3.4% 8.7% 4.0% 28.7% 15.1% 17.9% â– â– â– Public Sector Banks Private Sector Banks Foreign Banks Primary Dealers 12.6% â– Mutual Funds 11.0% 29.1% Co-operative Banks Others 31.5% 18 5.10 Quarterly share of various categories/participants in the secondary market trading activity (buy sell) for government securities is shown in Table 13. Apr-Jun 15 Table 13: Category wise - Buying and Selling (% of total) Jan Mar 15 Oct-Dec 14 July-Sept 14 Apr-Jun 14 Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Co-operative Banks 3.32% 2.90% 3.50% 3.40% 4.00% 4.00% 2.90% 2.70% 3.00% 2.70% Fls 0.28% 0.16% 0.10% 0.10% 0.30% 0.00% 0.20% 0.10% Foreign Banks 30.49% 32.42% 28.70% 29.50% 24.50% 25.00% 33.70% 33.00% 0.40% 29.20% 30.00% 0.01% Ins. C....
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....os 1.69% 1.51% 1.50% 1.60% 1.20% 1.10% 1.30% 1.30% 1.40% 1.10% Mutual Funds 10.28% 8.31% 8.90% 8.50% 9.80% 7.90% 10.30% 9.80% 9.80% 8.60% Primary Dealers 16.30% 19.47% 13.90% 16.30% 18.40% 20.70% 16.10% 20.20% 20.10% 23.00% Pvt. Sector Banks 12.35% 12.94% 11.20% 10.80% 12.40% 12.40% 12.60% 12.20% 14.30% 13.90% Pub. Sector Banks 22.12% 20.32% 29.20% 28.20% 26.90% 26.40% 19.80% 18.10% 19.60% 19.00% Others 3.17% 1.97% 2.90% 1.60% 2.40% 2.50% 3.00% 2.50% 2.20% 1.50% Total 100 100 100 100 100 100 100 100 100 100 19 Name of Stock Statement 1: Issuance of Dated securities During Q1 of FY16 Date of Amount Devolvement Auction Raised on PDs Cut off Cut price Date of (Amount in Crore) Residual off Maturity Maturity yield (Years) (%) 8.27% GS 2020 $ M 10-Apr-15 3000 0 102.18 7.75 9-Jun-20 5.2 8.15% GS 2026 $ M 10-Apr-15 7000 0 102.63 7.80 24-Nov-26 11.6 8.24% GS 2033 $ M 10-Apr-15 3000 0 103.96 7.83 10-Nov-33 18.6 8.17% GS 2044 $ M 10-Apr-15 3000 103.63 8.27% GS 2020 $ M 17-Apr-15 3000 0 7.85 102.02 7.78 1-Dec-44 29.6 9-Jun-20 5.1 8.40% GS 2024 $ M 17-Apr-15 7000 0 7.95% GS 2032 $ M 17-Apr-15 3000 9.23% GS 2043 $ M 17-Apr-15 3000 0 103.80 7.81 28-Jul-24 100.67 7.88 114.54 7.94 9.3 28-Aug-32 17....
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.....4 23-Dec-43 28.7 7.68% GS 2023 # M 24-Apr-15 3000 0 100.00 7.68 15-Dec-23 8.6 8.15% GS 2026 $ M 24-Apr-15 7000 0 102.72 7.79 24-Nov-26 11.6 8.24% GS 2033 $ M 24-Apr-15 3000 0 103.89 7.84 10-Nov-33 18.5 8.17% GS 2044 $ M 24-Apr-15 3000 103.58 7.86 1-Dec-44 29.6 8.27% GS 2020 $ M 30-Apr-15 3000 0 101.71 7.85 9-Jun-20 5.1 8.40% GS 2024 $ M 30-Apr-15 7000 0 103.65 7.83 28-Jul-24 9.2 7.95% GS 2032 $ M 30-Apr-15 3000 0 100.45 7.90 28-Aug-32 17.3 8.17% GS 2044 $ M 30-Apr-15 3000 0 102.95 7.91 1-Dec-44 29.6 7.68% GS 2023 $ M 8-May-15 3000 0 98.71 7.89 15-Dec-23 8.6 7.88% GS 2030 # M 8-May-15 7000 0 100.00 7.88 19-Mar-30 14.9 8.24% GS 2033 $ M 8-May-15 3000 0 101.75 8.06 10-Nov-33 18.5 8.17% GS 2044 $ M 8-May-15 3000 0 101.30 8.05 1-Dec-44 29.6 8.27% GS 2020 $ M 15-May-15 3000 101.25 8.15% GS 2026 $ M 15-May-15 7000 0 7.96 101.10 8.00 24-Nov-26 9-Jun-20 5.1 11.5 7.95% GS 2032 $ M 15-May-15 3000 1147.78 8.17% GS 2044 $ M 15-May-15 3000 1560.81 98.87 8.07 101.03 8.08 28-Aug-32 17.3 1-Dec-44 29.5 7.68% GS 2023 $ M 22-May-15 3000 0 99.05 7.83 15-Dec-23 8.6 7.72% New GS 2025 # 22-May-15 9000 0 100.00 7.72 25-May-25 10.0 M 8.24% GS 2033 $ M 22-May-15 2000 0 102.35 7.99 10-Nov-33 18.5 8.17% GS 20....
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....44 $ M 22-May-15 2000 0 101.96 8.00 1-Dec-44 29.5 7.68% GS 2023 $ M 29-May-15 3000 0 99.25 7.80 15-Dec-23 8.5 7.88% GS 2030 $ M 29-May-15 7000 100.50 7.82 19-Mar-30 14.8 7.95% GS 2032 $ M 29-May-15 3000 0 99.62 7.99 28-Aug-32 17.2 8.17% GS 2044 $ M 29-May-15 3000 0 102.06 7.99 1-Dec-44 29.5 7.68% GS 2023 $ M 5-Jun-15 3000 0 98.01 8.01 15-Dec-23 8.5 7.72% GS 2025 $ M 5-Jun-15 7000 0 8.24% GS 2033 $ M 5-Jun-15 3000 889.25 8.17% GS 2044 $ M 5-Jun-15 3000 7.68% GS 2023 $ M 12-Jun-15 3000 0 1265.5 7.88% GS 2030 $ M 12-Jun-15 6000 7.95% GS 2032 $ M 12-Jun-15 3000 99.31 7.82 25-May-25 100.85 8.15 10-Nov-33 100.21 8.15 1-Dec-44 97.45 8.10 15-Dec-23 97.93 8.12 19-Mar-30 97.35 10.0 18.4 29.5 8.5 14.8 8.24 28-Aug-32 17.2 =: 8.17% GS 2044 $ M 12-Jun-15 3000 0 99.23 8.24 1-Dec-44 29.5 7.68% GS 2023 $ M 19-Jun-15 3000 0 98.34 7.95 15-Dec-23 8.5 7.72% GS 2025 $ M 19-Jun-15 6000 0 99.63 7.77 25-May-25 9.9 8.24% GS 2033 $ M 19-Jun-15 3000 0 101.13 8.12 10-Nov-33 18.4 8.13% GS 2045 # M 19-Jun-15 3000 0 100.00 8.13 22-Jun-45 30.0 7.35% GS 2024 $ M 26-Jun-15 0 0 0.00 0.00 22-Jun-24 9.0 7.88% GS 2030 $ M 26-Jun-15 6000 97.87 8.13 19-Mar-30 14.7 7.95% GS 2032 $ M 26-Jun-15 0 0 0.00 0.00 28-Aug-32 17.2 8....
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.....17% GS 2044 $ M 26-Jun-15 0 0.00 0.00 1-Dec-44 29.4 Gross Nominal Amount Raised 180000 Weighted Average Yield Weighted Average Maturity 7.92 15.19 $ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction Statement 2:Treasury Bills Issued During Q1 of FY16 (Amount in crore) Name of Security Date of Issue Competitive Non- amount Competitive Gross Nominal Cut off Yield (%) raised amount amount raised raised 364 DTB 7-Apr-15 6000 6000.00 7.85 364 DTB 16-Apr-15 6000 10 6010.00 7.88 364 DTB 30-Apr-15 6000 13 6013.00 7.91 364 DTB 14-May-15 0 0.00 0.00 364 DTB 28-May-15 6000 6000.00 7.83 364 DTB 11-Jun-15 6000 0.25 6000.25 7.77 364 DTB 25-Jun-15 6000 1958.5 7958.50 7.72 182 DTB 9-Apr-15 6000 181.11 6181.11 7.88 182 DTB 23-Apr-15 6000 41.11 6041.11 7.90 182 DTB 7-May-15 6000 3.5 6003.50 7.97 182 DTB 21-May-15 6000 2 6002.00 7.90 182 DTB 4-Jun-15 6000 13.75 6013.75 7.75 182 DTB 18-Jun-15 6000 3.5 6003.50 7.75 6-Apr-15 7-Apr-15 8000 801.5 8801.50 7.85 8-Apr-15 9-Apr-15 8000 4600 12600.00 7.85 15-Apr-15 16-Apr-15 8000 3027 11027.00 7.85 22-Apr-15 23-Apr-15 8000 8954.4 16954.40 7.89 29-Apr-15 30-Apr-15 8000 2900 10900.00 7.94 6-May-15 7-May-15 8000 4015 ....
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....12015.00 7.98 13-May-15 14-May-15 6096.2 9520 15616.20 7.98 20-May-15 21-May-15 9000 9209.75 18209.75 7.89 27-May-15 28-May-15 9000 5090.35 14090.35 7.85 3-Jun-15 4-Jun-15 9000 9500 18500.00 7.69 10-Jun-15 11-Jun-15 9000 8500 17500.00 7.69 17-Jun-15 18-Jun-15 9000 6500 15500.00 7.69 24-Jun-15 25-Jun-15 9000 6325 15325.00 7.69 Total 180,096.2 81,169.7 261,265.9 iii Statement 3: List of Dated Securities Outstanding at end-June 2015 Nomenclature Date of maturity Outstanding Stock (` Crore) of which: MSS FRB, 2015 2-Jul-15 6,000.00 11.43% GS 2015 7-Aug-15 7,204.30 FRB, 2015(II) 10-Aug-15 6,000.00 7.38% GS 2015 (conv) 3-Sep-15 45,648.74 9.85% GS 2015 16-Oct-15 7,437.78 7.59% GS 2016 12-Apr-16 68,000.00 10.71% GS 2016 19-Apr-16 9,000.00 FRB, 2016 7-May-16 6,000.00 5.59% GS 2016 4-Jun-16 6,000.00 12.30% GS 2016 2-Jul-16 13,129.85 7.02% GS 2016 17-Aug-16 52,200.00 8.07% 2017 15-Jan-17 69,000.00 7.49% 2017 (con) 16-Apr-17 58,000.00 FRB-2017 2-Jul-17 3,000.00 8.07% GS 2017 JUL 3-Jul-17 50,000.00 7.99% 2017 9-Jul-17 71,000.00 7.46% 2017 28-Aug-17 57,886.80 6.25% 2018 (conv) 2-Jan-18 16,886.80 7.83% GS 2018 11-Apr-18 73,000.00 8.24% GS 2018 22-Apr-18 75,000.00 10.45% GS 2018 30-Apr-18 3,716.00....
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.... 5.69 % GS 2018(Conv)] 25-Sep-18 16,130.00 12.60% GS 2018 23-Nov-18 12,631.88 5.64% GS 2019 2-Jan-19 10,000.00 6.05% GS 2019 2-Feb-19 53,000.00 7.28% GS 2019 3-Jun-19 53,000.00 6.05% GS 2019 (con) 12-Jun-19 11,000.00 6.90% GS 2019 13-Jul-19 45,000.00 10.03% GS 2019 9-Aug-19 6,000.00 6.35% GS 2020 (con) 2-Jan-20 61,000.00 8.19% GS 2020 16-Jan-20 74,000.00 10.70% GS 2020 22-Apr-20 6,000.00 7.80% GS 2020 3-May-20 75,000.00 8.27% GS 2020 9-Jun-20 73,000.00 8.12% GS 2020 10-Dec-20 76,000.00 FRB - 2020 21-Dec-20 13,000.00 11.60% GS 2020 27-Dec-20 5,000.00 7.80% GS 2021 11-Apr-21 68,000.00 7.94% GS 2021 24-May-21 49,000.00 10.25% GS 2021 30-May-21 26,213.32 iv 8.79% GS 2021 8.20% GS 2022 8.35% GS 2022 8-Nov-21 83,000.00 15-Feb-22 57,632.33 14-May-22 77,000.00 8.15% GS 2022 11-Jun-22 83,000.00 8.08% GS 2022 2-Aug-22 68,969.41 5.87% GS 2022 (conv) 28-Aug-22 11,000.00 8.13% GS 2022 21-Sep-22 70,495.28 6.30% GS 2023 9-Apr-23 13,000.00 7.16% GS 2023 20-May-23 77,000.00 1.44% II GS 2023 5-Jun-23 6,500.00 6.17% GS 2023 (conv) 12-Jun-23 14,000.00 8.83% GS 2023 25-Nov-23 83,000.00 7.68% GS 2023 15-Dec-23 21,000.00 IINSS -Cumulative 1.5% GS 25-Dec-23 92.00 2023 7.35% GS 2024 22-Jun-24 10,000.00 8.4....
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....0% GS 2024 28-Jul-24 90,000.00 9.15% GS 2024 14-Nov-24 92,000.00 7.72% GS 2025 25-May-25 22,000.00 8.20% GS 2025 24-Sep-25 90,000.00 5.97% GS 2025 (Conv) 25-Sep-25 16,687.95 8.33% GS 2026 9-Jul-26 90,000.00 10.18% GS 2026 11-Sep-26 15,000.00 8.15% GS 2026 24-Nov-26 86,489.21 8.24% GS 2027 15-Feb-27 93,388.55 8.26% GS 2027 2-Aug-27 73,427.33 8.28% GS 2027 21-Sep-27 89,252.24 6.01% GS GS 2028 (C Align) 25-Mar-28 15,000.00 8.60% GS 2028 2-Jun-28 84,000.00 6.13% GS 2028 4-Jun-28 11,000.00 7.88% GS 2030 19-Mar-30 26,000.00 9.20% GS 2030 30-Sep-30 61,884.55 8.97% GS 2030 5-Dec-30 90,000.00 8.28% GS 2032 15-Feb-32 90,687.11 8.32% GS 2032 2-Aug-32 89,434.05 7.95% GS 2032 28-Aug-32 74,000.00 8.33% GS 2032 21-Sep-32 1,522.48 8.24% GS 2033 10-Nov-33 42,000.00 7.50% GS 2034 10-Aug-34 60,000.00 FRB, 2035 25-Jan-35 350.00 7.40% GS 2035 9-Sep-35 52,000.00 8.33% GS 2036 7-Jun-36 86,000.00 6.83% GS 2039 19-Jan-39 13,000.00 8.30% GS 2040 2-Jul-40 90,000.00 8.83% GS 2041 12-Dec-41 90,000.00 V 8.30% GS 2042 31-Dec-42 90,000.00 9.23% GS 2043 23-Dec-43 79,472.28 8.17% GS 2044 1-Dec-44 47,000.00 8.13% GS 2045 22-Jun-45 3,000.00 Total 4,067,370.24 vi Year of maturity Statement 4: Maturity Profile of Gover....
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....nment Securities as on End-June 2015 Outstanding Stock (Crore) 2015-16 2016-17 72290.825 223329.85 2017-18 2018-19 2019-20 2020-21 2021-22 256773.6 243477.88 250000 248000 283845.65 2022-23 310464.691 2023-24 2024-25 2025-26 214592.003 192000 128687.948 2026-27 284877.756 2027-28 177679.569 2028-29 95000 2029-30 26000 2030-31 151884.55 2031-32 90687.11 2032-33 164956.53 2033-34 42000 2034-35 60350 2035-36 52000 2036-37 86000 2037-38 2038-39 13000 2039-40 2040-41 90000 2041-42 2042-43 2043-44 2044-45 2045-46 90000 90000 79472.28 Total 47000 3000 4,067,370.24 vii Statement 5: Calendar for Auction of Treasury Bills during July-Sep 2015 (Amount in crore) Date of Auction 91 Days 182 Days 364 Days Total July 2, 2015 8,000 6000 14,000 July 8, 2015 8,000 6,000 14,000 July 15, 2015 8,000 6000 14,000 July 22, 2015 8,000 6,000 14,000 July 29, 2015 8,000 6000 14,000 August 5, 2015 8,000 6,000 14,000 August 12, 2015 8,000 6000 14,000 August 19, 2015 9,000 5,000 14,000 August 26, 2015 9,000 5000 14,000 September 2, 2015 9,000 5,000 14,000 September 9, 2015 9,000 5000 14,000 September 16, 2015 9,000 5,000 14,000 September 23, 2015 9,000 5000 14,000 September 30, 2015 9,000 5,000 14,000 Total 119,....
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....000 39,000 38,000 196,000 viii<BR> News - Press release - PIB....