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Quarterly Report on Debt Management for the Quarter July-September 2015 (Q2 FY 16) Released; During Q2 of FY16, dated Securities worth Rs. 1, 71,000 crore issued taking the Gross Borrowings during H1 FY16 to Rs. 3, 51,000 crore (58.5 per cent of BE)
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....uarterly Report on Debt Management for the Quarter July-September 2015 (Q2 FY 16) Released; During Q2 of FY16, dated Securities worth Rs. 1, 71,000 crore issued taking the Gross Borrowings during H1 FY16 to Rs. 3, 51,000 crore (58.5 per cent of BE) <br>Income Tax<br>Dated:- 8-12-2015<br><BR>Since April-June (Q1) 2010-11, 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 July-September 2015 (Q2 FY 16). During Q2 of FY16, the Government issued dated securities worth Rs. 1,71,000 crore taking the gross borrowings during H1 FY16 to Rs. 3,51,000 crore or 58.5 per cent of BE, vis-a-vis 58.7 per cent of BE in H1 FY 15. With repayment of Rs. 136,928 crore in H1 FY16, net market borrowings during H1 FY16 were at Rs. 214071 crore (46.9 per cent of BE), also lower than 56.0 per cent of BE in the previous year. The market borrowings calendar for second half of FY16 have been adjusted down by Rs. 15,000 crore to take into account expected government borrowings through Sovereign Gold Bond and Gold Monetisation Scheme. Auctions during Q2 of FY16 were held in twe....
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....lve tranches, broadly in accordance with the pre-announced calendar. Efforts to elongate maturity were continued during the quarter. The weighted average maturity (WAM) of dated securities issued during Q2 of FY16 was at 16.46 years. The weighted average yield (cut-off) of issuances during Q2 of FY16, was at 7.96 per cent as against 7.92 per cent in Q1 of FY16. Liquidity conditions in the economy remained comfortable and mostly in surplus mode during the quarter. The cash position of the Government during Q2 of FY15 was comfortable and remained mostly in surplus mode barring a few occasions. 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 2.1 per cent in Q2 of FY 16 on Q-o-Q basis. Internal debt constituted 92.1 per cent of public debt as at end-September 2015, while marketable securities accounted for 84.5 per cent of public debt. About 27.2 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 5.4 per cent of outstanding stock needs to be roll....
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....ed over every year. Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming months is expected to reduce roll over risk further. G-sec yields decreased across the curve during the quarter as compared to previous quarter. G-Sec market opened Q2 FY 16 on steady but cautious note and broadly showed positive sentiment in expectations of rate cut from RBI to support growth fundamentals as inflation numbers moderated. The market saw sharp correction in mid-Aug 2015 on account of devaluation of Chinese Yuan and concerns over slowdown in Chinese economy, which led to massive sell off across asset classes globally. The announcement of Medium Term Framework for staggered increase of FPI limits in debt securities along with announcement of setting FPI limit in rupee term and separate FPI limits for SDLs enthused the market towards end of quarter. The 10Yr benchmark paper touched two year low of 7.48% on this enthususm. The 10 year benchmark yield closed at 7.61% on September 30, 2015 as against 7.87% on June 30, 2015. In Q2 FY16, trading volumes, on an outright basis, decreased by 4.11 per cent over the previous quarter, ....
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....with G-securities solely contributing to this decrease in trading activity. The annualised outright turnover ratio for Central government dated securities during Q2 of FY16 also decreased at 4.2 as compared with 4.6 in previous quarter. The Quarterly Report on Debt Management for the Quarter July-September 2015 (Q2 FY 16) is attached here with and is also available on the Finance Ministry's website: finmin.nic.in ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT JULY-SEPTEMBER 2015 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS DECEMBER 2015 www.finmin.nic.in Section 1 2 3 4 Ñл 5 CONTENTS Page No. 1 Introduction Macroeconomic Developments Debt Management - Primary Market Operations Cash Management Trends in Outstanding Public Debt Secondary Market 2 9 100 12 16 List of Tables Table No. 1 23 4 56 7 68 9 10 11 12 13 List of Tables and Charts Title Fiscal Outcome during April-Sep 2015-16 Issuance of Dated Securities Primary Issuance by Maturity Buckets, Q2 of 2015-16 Issuance of Treasury Bills Repayments and Issuance of Treasury Bills in July-Sep 2015 Composition of Public Debt Maturity and Yield of Central Go....
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....vernment'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 Page No. 6 7 8 8 11 12 13 14 15 18 19 20 21 List of Charts Chart No. 1 234567 68 9 Title Growth Rate in GDP at constant (2011-12) prices Inflation Rate Based on WPI and CPI Growth Rate in IIP Monthly Exports and Imports Liquidity in the System Holding Pattern of Government Securities Movement of G-Sec Yields - 10-year Government Bond Yield Curve Page No. 2344 Foreign Investment Flow and Exchange Rate 10 15 17 17 18 19 19 20 20 21 10 Treasury Bill Yield Curve 11a 11b 12a 12b 13 Secondary Market Transaction - Outright Secondary Market Transaction - July-Sep 2015 Maturity wise Trading Activity - July-Sep 15 Maturity wise Trading Activity - Apr-Jun 15 Trading Activity (Buy+Sell) by Category List of Statements Statement No. 1 2 3456 Title Page No. Issuance of Dated Securities During Q2 of FY16 Treasury Bills Issued During Q2 of FY16 List of Dated Securities Outstanding at end-September 2015 Maturity Profile of Govern....
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....ment Securities at end-September 2015 Calendar for Auction of Treasury Bills during Oct-Dec 2015 i iii iv vi vii Calendar for Auction of Gol dated securities during Oct 2015 - Mar 2016 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, 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 second quarter of the fiscal year 2015-16, viz., July-September 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 m....
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....ay inform us of such errors and their valuable suggestions at [email protected]. 1 Per cent 1.0 0.0 9.0 8.0 6.9 6.7 7.0 6.0 5.1 5.0 4.0 3.0 2.0 2013-13 Section 1 - Macroeconomic Developments 1.1 India's real GDP in Q1 (April-June) FY 16 (at constant price 2011-12) grew by 7 per cent as against 6.7 per cent growth in Q1 FY15. However, it was lower than FY15 average growth of 7.3 per cent. GVA (value addition) in Q1 FY16 seems to grow at a bit faster pace than GDP growth at 7.1 per cent vis-à -vis 7.4 per cent in Q1 FY15. The economic activities which registered growth of over 7 percent in Q1 FY 16 (y-o-y) are manufacturing, ‘trade, hotels and transport & communication' and 'financial and insurance' services. ‘Agriculture, forestry and fishing' grew by 1.9 per cent in Q1 FY 16. Chart 1: Growth Rate in GDP at constant (2011-12) prices 8.4 2013-14 2014-15:Q1 2014-15:Q2 2014-15:Q3 2014-15 (Prov) 2014-15: Q4 1.2 WPI inflation continued to remain in the negative zone for the 11th consecutive month with WPI inflation in Sep 2015 placed provisionally at (-) 4.5 per cent (y-o-y), as compared with (-) 4.9 per cent in Aug 2015. After the introduction of new consumer price index (CPI)....
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.... at base 2012=100, as available from Jan 2013, CPI inflation had reached its lowest since November 2014 at 3.69 per cent in July, 2015. The lowering of inflation was due to a combination of low month-on-month increases in prices and favourable base effects. However, CPI for Sep-15 stood at 4.41 per cent a with a surge of 67 bps over the revised Aug 2015 reading, partly attributed to receding base effects. Price pressures in respect of pulses, onions remained elevated. Food inflation noted modest price pressures of 0.69 per cent in Sep 2015 vis-Ã -vis 1.64 per cent in previous month. Services inflation also edged up at 3.34 per cent in Sep 2015 after showing signs of easing in last two months. Despite downward revision in petrol prices aiding in weakening price pressures in the transport and communication component, its impact was more than offset by intermittent upturn of 2 7.3 7.5 6.6 2015-16: Q1 7.0 commodity cycle. Consequently, core inflation stood higher at 4.34 per cent, upward from a revised 4.15 per cent in Aug-15. Inflation expectations of households remained elevated in double digits likely in response to recent month-on-month increases in the prices of vegetables and p....
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....ulses. Average CPI inflation rate during Q 2 of FY 16 was lower at 3.9 per cent as compared with 5.1 per cent during Q 1 of FY 16 (Chart 2). per cent 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 Chart 2: Inflation Rate Based on WPI and CPI 2014-15 WPI 2015-16 WPI 2014-15 CPI 2015-16 CPI 1.3 Industrial growth, as measured by IIP, rose by 3.6 per cent in Sep 2015 (lower than average expectation of 5 per cent) vis-a-vis 6.3 per cent in Aug 2015. Growth rates in Mining, Manufacturing and Electricity sectors were noted at 3.0 per cent, 2.6 per cent and 11.4 per cent in Sep 2015 over Sep 2014. On cumulative basis, IIP growth averaged higher at 4 per cent during April-Sep 2015 vis-Ã -vis 2.9 per cent in comparable period last year(Chart 3). Capital goods witnessed double digit growth (10.5 per cent), attributable largely to increase in government capex spending. However, the consumer non durables segment growth was in negative (-4.6 per cent), reflective of limited pick up in corporate sector activity. Going forward, as the base effect turns favorable vis-Ã -vis last year coupled with festive demand, IIP is expected to pick up in the coming months. 3 Chart 3: Growth Rate in IIP 7.0 6.0 5.0....
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.... 4.0 3.0 2.0 1.0 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 Per cent 1.4 India's exports during Q2 FY 16 (Jul-Sep 2015) declined (y-o-y) by 18.5 per cent while imports contracted by 15.5 per cent during the quarter. The contraction in exports in Q2 of 2015-16, was the steepest since Q2 of 2009-10. However, the sharp fall in international crude oil and gold prices were offset by rising import volumes. Overall, trade deficit on a y- o-y basis, decreased by 9.5 per cent during Q2 FY16 (Jul -Sep) as compared with a decline of 3.3 per cent in Q1. However, with services exports moderating and rise in the merchandise trade deficit in Q2 over Q1, there could be a modest increase in the current account deficit (CAD) during Q2. The average monthly trade deficit during Q2 (Jul-Sep 2015) remained at USD 11.9 bn as against USD 10.7 bn in Q1 of 2015-16 (Chart 4). 50000 40000 30000 20000 10000 0 USD mn -10000 -20000 Chart 4: Monthly Exports and Imports Sep-13 Oct-13 Apr-14 Mar-14 Feb-14 Jan-14 Jan-1 Dec-13 Nov-13 Jun-14 Jul-14 May-14 May-15 Apr-15 Mar-15 Feb-15 Jan-15 Dec-14 Nov-14 Oct-14 པས་ Sep-14 པ Aug-....
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....14 Jun-15 Per cent -10 -20 -30 NOW 30 20 10 Sep-15 Aug-15 Jul-15 Exports Growth Exports (right scale) Imports Trade Balance - Growth Imports (right scale) 1.5 Net capital inflows were buoyed by sustained foreign direct investment and accretion to non-resident deposits, and reduced by portfolio outflows, mainly from equity markets. With net capital flows being significantly larger than the shrinking external financing requirement, foreign exchange reserves rose by US $ 10.4 billion during the first half of 2015-16 to reach 4 USD mn US $ 352.04 billion at end-September 2015. On the contrary, rupee exhibited a largely depreciating trend during the quarter. As compared with previous quarter closing of INR at *63.75 per USD on June 30, 2015, INR touched a low of Rs.66.74 per USD on Sep 7, 2015 and closed at 65.74 per USD on Sep 30, 2015, the levels last seen in August 2013, on poor sentiment due to sustained capital outflows amid mounting global economic slowdown worries. Rupee also weakened, tracking losses in Asian currencies, after a slump in Chinese equities reinforced growth revival concerns. INR gained intermittently in Q2 due to positive macroeconomic data, fall in international ....
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....crude oil prices and Greece bailout package by ECB, etc. INR traded in range of Rs.63.37-66.74 per USD during the quarter. (Chart 5). 25000 20000 15000 10000 5000 0 Chart 5: Foreign Investment Flow and Exchange Rate -5000 -10000 Direct Invest Note: Data on FDI have been revised since April 2011 to expand the coverage. 5 Portfolio Investment 00 70.0 60.0 50.0 40.0 30.0% 20.0 10. */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 555,649 crore (3.9 per cent of GDP) as against Rs.512,628 crore (4.1 per cent of GDP) in the revised estimates (RE) for 2014-15. 2.2 The fiscal outcome for first half (H 1) of the FY16 (April-Sep 2015) of Central government indicates improvement with gross fiscal deficit during April-Sep 2015 touching *3.79 trillion or 68.1 per cent of 2015-16 BE as against 82.6 per cent in the corresponding period of 2014-15 BE. Total receipts (from revenue and non-debt capital) during the first half was over 5.32 trillion or 43.5 per cent of the BE vis-a-vis 33.5 per cent of BE last year. Total expenditure of....
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.... the government during April-Sep 2015 was nearly Rs. 9.10 trillion or 51.2 per cent of BE (Table 1). Table 1: Fiscal Outcome during the April -September 2015-16 (Amount in crore) Item 2015-16 BE April- September April-September 2015-16 (% of BE) April-September 2014-15 (% of 2015-16 BE) Revenue Receipts 1,141,575 513,369 45.0 35.1 Tax Receipts 919,842 369,736 40.2 33.1 Non-Tax Receipts 221,733 143,633 64.8 44.6 Other Non-debt Receipts 80,253 18,613 23.2 7.2 Total Expenditure 1,777,477 910,545 51.2 48.0 Revenue Expenditure 1,536,047 782,377 50.9 48.7 Capital Expenditure 241,430 128,168 53.1 43.7 Revenue Deficit 394,472 269,008 68.2 91.2 Primary Deficit 99,504 180,910 181.8 243.0 Gross Fiscal Deficit 555,649 378,563 68.1 82.6 Financing Market Loans* 486,468 266,562 54.8 63.6 External Assistance 11,173 1,634 14.6 54.7 Securities against Small Savings 22,408 649 2.9 -7.6 Others 35,600 109,718 308.2 564.4 :- Includes borrowings through treasury bills. Source: Controller General of Accounts (CGA) website; cga.nic.in 6 B. Issuance Details 2.3 This section discusses the issuance details of market borrowings during the first half (H1) of FY16. 2.4 Gross and net market borrowing requirements....
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.... of the Government for FY16 were budgeted at 600,000 crore and Rs.456,405 crore which were higher by 1.4 per cent and 2.1 per cent, respectively, than 592,000 crore and Rs.446,922 crore in the revised estimates for FY15. During Q2 of FY16, the Government issued dated securities worth 171,000 crore taking the gross borrowings during H1 FY16 to Rs.351,000 crore or 58.5 per cent of BE, vis-a- vis 58.7 per cent of BE in H1 FY 15 (Table 2). Net market borrowings during H1 FY 16 at 46.9 per cent of BE were, also lower than 56.0 per cent of BE in the previous year. Considering the comfortable closing cash position of the Government, the borrowings calendar for H2 FY16 envisage a more even distribution of borrowings across second half of the year. The gross market borrowings have been adjusted down by Rs.15,000 crore to take into account expected government borrowings through sovereign Gold Bonds and Gold Monetisation Scheme. Efforts to elongate maturity were continued during the quarter. Table 2: Issuance of Dated Securities 2015-16 BE Q2 FY 16 H 1 FY 16 Item (Amount in crore) H1 FY 16 % of BE H1 FY 15 % of BE Gross Amount 600000.0 Repayments 143594.5 Repurchases/Buyback 50000.0 171000.0 ....
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....64853.0 0.0 351000.0 136928.5 58.5 58.7 95.4 54.1 0.0 0.0 37.6 Net Issuance 456405.5 106147.0 214071.5 46.9 56.0 2.5 Auctions during Q2 of FY16 were held broadly in accordance with the pre-announced calendar (Table 3). During Q2 FY 16, twelve tranches of auctions were held for issuances of Gol dated securities worth 171000 crore. 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 8.13% GS 2045) were issued during Q1 FY 16. There was no new G-sec issuances in Q2 FY 16. The amount issued under new securities in H1 FY16 constitutedRs. 109,000 crore or 31.1 per cent of total issuances, remaining being re-issues of earlier securities. There was no devolvement on PDs during Q2 FY 16. 7 2013-14 % of Total 2014-15 % of Total Table 3 - Primary Issuance by Maturity Buckets, Q 2 of 2015-16 (Amount in crore) 5-9 years 140000 10-14 years 15-19 Years 20-30 Years 235500 93000 95000 Total 563500 24.8 41.8 16.5 149,000 237,000 96,000 16.9 110,000 100 592,000 25.2 40.0 16.2 18.6 100.0 63000- 87000 153000-177000 72000-96000 72000-96000 42.5-49.2 20....
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.....0-26.7 20.0-26.7 360,000.0 100.0 H 1 FY16 (Projected) % of Total 17.5-24.2 27000- Q2 FY16 (Projected) 39000 72000-84000 36000-48000 36000-48000 171,000 % of Total 15.8-22.8 42.1-43.3 21.1-28.1 21.1-28.1 Q2 FY16 (Actual) 27,000.0 72,000.0 36,000.0 36,000.0 100.0 171,000 % of Total 15.8 42.1 21.1 21.1 100.0 H 1 FY16-Actual % of Total 60,000.0 17.1 155,000.0 44.2 68,000.0 19.4 68,000.0 19.4 351,000 100.0 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q2 FY 16 amounted to Rs.250,671 crore while total repayments amounted to Rs.261,601 crore resulting in net outgo of Rs.10,930 crore compared with net issuance of Rs.4,267 crore in Q2 of last year (Table 4). The lower net issuance of treasury bills during Q2 of FY16 was shaped by cash management purposes. The details of issuance of bills during Q3 of FY16 are given in Statement 2. 8 Table 4: Issuance of Treasury Bills* (Amount in crore) Item 2015-16 BE Q2 FY 16 H 1 FY 16 H1 FY 16 % H1 FY 15 % of BE of BE 364 DTB Gross Amount Repayment 163,425 33,013 70,995 43.4 46.0 155,300 33,023 66,104 42.6 48.2 Net Issuance 8,125 -10 4,891 60.2 30.9 182 DTB Gross Amount 160,874 48,137 84,382 52.5 47.1 Rep....
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....ayment 156,874 41,539 77,337 49.3 51.2 Net Issuance 4,000 6,598 7,044 176.1 91 DTB Gross Amount 735,411 169,522 356,561 48.5 55.0 Repayment 717,473 187,039 316,001 44.0 47.9 Net Issuance 17,937 -17,517 40,561 226.1 360.2 All T-Bills Gross Amount 1,059,710 250,671 511,937 48.3 52.2 Repayment 1,029,647 261,601 459,442 44.6 48.5 Net Issuance 30,063 -10,930 52,496 174.6 150.9 *:- 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 second quarter of FY16. The weighted average maturity (WAM) of dated securities issued during Q2 of FY16 was at 16.46 years as against 15.19 years for dated securities issued in Q1 of FY16. The weighted average yield (cut-off) of issuance during Q2 of FY16, was at 7.96 per cent as against 7.92 per cent in Q1 of FY16, reflecting marginal hardening in yields during the quarter. 6 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 Treasury Bills, access to the Ways and Means Advances (WMA) facility from RBI and issu....
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....ance of Cash Management Bills when in deficit and through auctions of its cash balance in market (through RBI) and buybacks of securities from market when in surplus. The limits for Ways and Means Advances (WMA) for the second half of the financial year 2015-16 (October 2015-March 2016) has been fixed at 20,000 crore. 3.2 Liquidity conditions in the economy remained comfortable and mostly in surplus mode during the quarter (Chart 6). The liquidity deficit, as reflected by net borrowings from RBI under Liquidity Adjustment Facility (LAF) including MSF during the quarter, was at an average of 4,486 crore in July while in surplus in August (average Rs. 4,989 crore) and September 2015 (average Rs.2,658 crore). The average net borrowings under LAF during Q2 of FY 16 was in surplus at Rs.2,173 crore as against deficit of 83,558 crore in the previous quarter (Q1 of FY 15-16). On policy front, RBI in its fourth bi-monthly monetary policy review on September 29, 2015 reduced the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 7.25 % to 6.75 % with immediate effect, The reverse repo rate under the LAF as such was adjusted to 5.75 %, as also the marginal....
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.... standing facility (MSF) rate and the Bank Rate adjusted to 7.75 %, while keeping other policy rates unchanged. Net LAF in crore (-absorption+injection) 100000 80000 60000 40000 20000 0 -20000 -40000 Chart 6: Liquidity infusion in the System -60000 -80000 -100000 -120000 ⠀⠀⠀ III 10 10 3.3 The cash position of the Government during Q2 of FY16 was comfortable and remained mostly in surplus mode barring a few occasions. The Net amount of Treasury Bills issued received through competitive route during the quarter decreased marginally with repayment of Rs.96.20 crore. The net amount of Treasury Bills received through non- competitive route during the quarter also decreased leading to repayment of Rs.10,833.55 crore. Overall, the net amount mobilised through treasury bills (under competitive and non- competitive routes) during Q2 of FY16 decreased leading to repayment of 10,929.75 crore. Details of treasury bills issued and matured in Q2 of FY16 are given in Table 5. Table 5: Repayments and Issuance Treasury Bills in July-Sept 2015 Date of Issue Repayments Issued Amount (Amount in crore) Variation in Issued amount over 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB Repay....
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....ments 3-Jul-15 0 5,000 0 8,000 6,000 0 9,000 9-Jul-15 16,000 0 6,000 8,000 0 6,000 -8,000 16-Jul-15 8,000 6,000 0 8,000 6,000 0 23-Jul-15 8,000 0 6,000 8,000 6,000 30-Jul-15 8,000 6,000 0 8,000 6,000 0 6-Aug-15 8,000 0 6,000 8,000 0 6,000 13-Aug-15 6,096.20 6,000 0 8,000 6,000 1,904 20-Aug-15 9,000 0 5,000 9,000 0 5,000 27-Aug-15 9,000 6,000 0 9,000 5,000 0 -1,000 3-Sep-15 9,000 0 5,000 9,000 0 5,000 0 10-Sep-15 9,000 6,000 0 9,000 5,000 -1,000 18-Sep-15 9,000 0 5,000 9,000 0 5,000 24-Sep-15 9,000 6,000 9,000 5,000 -1,000 Q2 108,096.20 Total Under Competitive Route 41,000 33,000 110,000 Total Under Non-Competitive Route 39,000 33,000 -96.20 Q2 78,943 538.97 23.05 59,522.05 9,136.67 12.75 10,833.55 3.4 The calendar for issuance of treasury bills during October-December 2015 was announced on September 28, 2015, with gross borrowings at 182,000 crore (Statement 5). 11 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.5,412,171 crore at end-September 2015 from Rs.5,301,394 crore at end-June 2015 (Table 6). This represented a quarter-on-quarter (QoQ) increase of 2.1 per....
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.... cent (provisional) compared with an increase of 3.2 per cent in the previous quarter (Q 1 FY 16). Internal debt constituted 92.1 per cent of public debt, as compared with 92.3 per cent in the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 84.5 per cent of total public debt, the same level as on end-June 2015. The outstanding internal debt of the Government at Rs.4,985,979 crore constituted 37.4 per cent of GDP at end-Sep 2015 as compared with 37.8 per cent at end- June 2015. Item Table 6: Composition of Public Debt At end-Sep At end-June 2015 2015# At end-Sep 2015# At end-June 2015 (crore) (% of Total) 1 2 3 4 5 Public Debt (1+2) 5,412,171.2 5,301,393.9 100.0 100.0 1. Internal Debt 4,985,978.6 4,890,845.9 92.1 92.3 Marketable 4,575,461.9 4,480,329.3 84.5 84.5 (a) Treasury Bills 401,944.72 412,876.5 7.4 7.8 (i) Cash Management Bills - (ii) 91-days Treasury Bills 169,522.1 187,039.2 3.1 3.5 (iii) 182-days Treasury Bills 84,381.6 77,783.9 1.6 1.5 (iv) 364-days Treasury Bills 148,041.0 148,053.3 2.7 2.8 (b) Dated Securities 4,173,517.2 4,067,452.8 77.1 76.7 Non-marketable 410516.6* 410,516.6 7.6 7.7 (i) 14-da....
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....ys Treasury Bills 69557.3* 69,557.3 1.3 1.3 (ii) Securities Issued to NSSF 260933.1* 260,933.1 4.8 4.9 (iii) Compensation and other bonds 35393.3* 35,393.3 0.7 0.7 (iv) Securities issued to 44633.0* 44,633.0 0.8 0.8 International Financial Institutions (v) Ways and Means Advances 2. External Debt 426,192.6 410,547.9 7.9 7.7 (i) Multilateral 288,004.7 278,613.2 5.3 5.3 (ii) Bilateral 101,916.5 95,661.6 1.9 1.8 (iii) IMF 35679.8* 35,679.8 0.7 0.7 (iv) Rupee debt 591.6 593.4 0.0 0.0 #: Data are provisional. 12 *:-These data are not available for Sep 30, 2015. So they are carried over from previous quarter. Note: Foreign Institutional Investors (FII)'s investment in government securities and treasury bills (71,666.67 crore at end-June 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-Sep 2015 increased to 10.54 years from 10.38 years at end-June 2015. Over the same period, the weighted average coupon of outstanding stock decreased marginally to 8.09 per cent from 8.10 per cent (Table 7). Table 7: Maturity and Yield of Central Government's Market ....
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....Loans Issues during the year Outstanding Stock* Year Weighted Average Weighted Average Yield (%) Maturity Weighted Average Coupon (%) Weighted Average 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 2015-16 Q1 7.92 15.19 8.10 10.38 2015-16 Q2 7.96 16.46 8.09 10.54 2015-16 H1 7.94 15.81 8.09 10.54 *As at end of period. 4.3 The proportion of debt (dated securities) maturing in less than one year decreased to 3.9 per cent at end-September 2015 from 4.0 per cent a quarter ago. Proportion of debt maturing within 1-5 years stood lower at 23.3 per cent as against 25.5 per cent at end-June 2015. The proportion of outstanding debt maturing in less than 10 years was higher at 58.0 per cent than 57.0 per cent a quarter ago, while proportion of debt maturing in more than 10 years decreased to 42.0 per cent at end-September 2015 from 43.0 per cent a quarter ago. The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q2 of FY16 as well as the maturity dynamics of outstanding securities. Overal....
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....l, 27.2 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, 5.4 per cent of outstanding stock needs to be rolled over every year (Table 8). Thus, the rollover risk in the 13 debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming months is expected to reduce roll over risk further. Table 8: Maturity Profile of Gol Outstanding Dated Securities Maturity Buckets Less than 1 Year 1-5 Years End-Sep 2015 161,767.6 (Amount in crore) End-June 2015 161,290.8 5-10 Years 10-20 Years 20 Years and above Total (3.9) (4.0) 973,251.5 1,038,581.3 (23.3) (25.5) 1,286,590.3 1,116,902.3 (30.8) (27.5) 1,217,435.5 1,200,123.5 (29.2) (29.5) 534,472.3 550,472.3 (12.8) (13.5) 4,173,517.2 4,067,370.2 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 to banks. Holding Pattern 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-June 2015 (Table 9 and Chart 7). Banks (including banks that are primary de....
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....alers and co-operative banks) continue to dominate as the major investor category with their share in holding of Government securities at 45.8 per cent at end-Sep 2015 as against 45.9 per cent as at end-Mar 2015. Among the long-term investors, while the share of holding by insurance companies increased significantly during the quarter to 21.4 per cent from 20.9 per cent at end-Mar 2015, the share of provident funds decreased to 7.1 per cent from 7.6 per cent at end-March 2015. Proportion of securities held by the Reserve Bank at end-June 2015 decreased to 13.1 per cent from 13.5 per cent a quarter ago. The holding of securities by FPIs stood at 3.6 per cent at end of Q2 of FY 16 which was higher than its position a year ago same quarter (2.5 per cent). 14 14 Table 9: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2014 2015 Mar. Jun. Sep. Dec. Mar. June 1. Commercial Banks 44.5 43.4 43.0 42.8 43.3 43.1 2. Non-Bank PDs 0.1 0.3 0.2 0.3 0.3 0.4 3. Insurance Companies 19.5 20.2 20.6 21.0 20.9 21.4 4. Mutual Funds 0.8 1.3 1.3 1.7 1.9 2.4 5. Co-operative Banks 2.8 2.8 2.7 2.6 2.6 2.7 6. Financial Institutions 0.7 1.5 1.4 0.7 2.1 0.7....
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.... 7. Corporates 0.8 0.9 1.1 1.1 1.3 1.1 8. FPIs 1.7 2.5 3.4 3.6 3.7 3.6 9. Provident Funds 7.2 7.2 7.1 7.5 7.6 7.1 10. RBI 16.1 15.0 14.3 14.5 13.5 13.1 11. Others 5.9 4.9 5.0 4.2 3.0 4.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: RBI Bulletin, Volume LXIX No. 9, September 2015 Note: The holdings of RBI have been revised since December 2014, based on the revised liquidity management. RBI does not subscribe to primary auctions of Gol for securities. Chart 7: Holding Pattern of Oustanding G-securities (Jun-15 outer ring; Mar-15: inner ring] 4.5 13.1 3.0 13.5 43.1 43.3 7.1 7.6 3.6 3.7 2.1 0.7 1.9 2.4 03 0.4 15 45 â– Commercial Banks Non-Bank PDs Insurance Companies Mutual Funds Co-operative Banks 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 as benchmark) during the quarter. G-Sec market opened the quarter on steady but cautious note ahead of Greek Referendum result. Since then the market showed positive sentiment during the quarter in expectations of rate cut from RBI to support growth fundamentals as inflation numbe....
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....rs moderated. Market was also supported by expectations of more space for FPI investment on account of proposed resetting of FPI limits in rupees terms instead of dollars by RBI, positive Iran nuclear deal resulting in expectations of stabilization of crude prices at lower levels, etc. The market saw two sharp corrections during the quarter. First was in Mid-July on OMO sale announcement of Rs.10,000 crore by RBI, which, however, proved temporary as actual OMO sale was only in short end bonds coupled with other positive economic news flow. The second correction was noted in August 2015. The devaluation of Chinese Yuan for three consecutive days in Mid-August led to depreciation of the Indian Rupee adversely affecting the market sentiment. This coupled with news of slowdown in Chinese economy led to massive sell off across asset classes globally and the debt market corrected sharply closely tracking global market volatility. The ten year benchmark paper breached the level of 7.91% towards August end, its highest level since inception in May 2015. The market, however, as mentioned earlier, continued to get support on expectations on rate cut from RBI. RBI Governor said that the Centr....
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....al Bank was still in accommodative mode and incoming data prints would define contours of future policy action. Core infrastructure data and GDP numbers were lower than expected and supported policy rate cut expectations. Assurances of Chinese policy makers to take measures to restore growth also lead to some market revival. The dovish stance of the Fed in the September meeting led to exuberance in the markets. Release of RBI's monetary policy review on September 29, 2015, with growth centric dovish commentary and accommodative forward guidance reducing policy repo rate by 50 bps, led to buoyancy with market witnessing brisk trading. The announcement of Medium Term Framework for staggered increase of FPI limits in debt securities along with announcement of setting FPI limit in rupee term and separate FPI limits for SDLs further enthused the market. The Jan-16 16 CPI inflation forecast was revised downwards to 5.8% with inflation in Q4FY17 being projected at 4.8%, below target of 5% for Jan-17. Following this enthusiasm, the 10Yr benchmark paper touched two year low of 7.48%. Ten year benchmark yield closed at 7.61% on September 30, 2015 as against 7.87% on June 30, 2015. Chart 8: M....
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....ovement of G-Sec Yields - 10-Year Per cent 8.0 7.9 7.8 7.7 7.6 7.5 5.2 Due to reasons mentioned above, yields decreased across the curve during the quarter compared to previous quarter with steeping bias. The 1yr-10yr spread increased to 29 bps at end-June 2015 from 20 bps at end-June 2015, while 10yr-30yr spread also increased to 29 bps from 26 bps over the same period. Overall, the 1yr-30yr spread at end of Q2 of FY16increased to 58 bps from 46 bps at the end of the previous quarter (Chart 9). Chart 9 : Government Bond Yield Curve 8.35% 8.15% 7.95% .75% 7.55% 7.35% 30-Jun 30-Sep 7.15% 6.95% 1 5 9 13 17 21 25 Years 29 5.3 The policy rate cut as well as easy liquidity conditions in September-end resulted in downward shift of yields of Treasury Bills as well at the quarter end. However, on expectation of no more rate cuts in the near future the Treasury bill yield curve flattened marginally during the quarter. The 1m-12m spread became 13 bps at end September 2015 as compared with 18 bps at end June 2015. The 1m-3m spread was also down at 5 bps from 11 bps, while 3m-6m spread was up at 6 bps from 3 bps (Chart 10). 17 Yield (Per cent) 7.8 7.6 7.4 7.2 7.0 6.8 6.6 Chart 10: Treasury Bil....
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....l Yield Curve 30-Jun-15 30-Sep-15 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 Q2 of FY15-16 stood at 24.57 lakh crores, a decrease of 4.11 per cent over volume of 25.63 lakh crores during the preceding quarter (Table 12). G-Secs, showing a decrease of 5.55 per cent, solely contributed to the decrease in trading activity during the quarter. The annualised outright turnover ratio¹ for Central Government dated securities (G-Secs) for Q2 of FY15-16 decreased to 4.2 from 4.6 during Q1 of FY15-16. Including repo transactions, the annualised total turnover ratio² for Q2 of FY15-16 increased to 9.8 from 9.6 during Q1 of FY15-16. Table 12 : Transactions in Government Securities (volumes in Crore) Period Outright Repo T-Bills 23,67,773 G-Sec SDL Total G-Sec 30,99,107 3,45,237 43,859 34,88,203 21,86,877 59,20,929 5,52,943 1,18,159 65,92,032 29,18,337 79,68,661 8,33,191 1,54,847 89,56,699 33,64,069 2,28,296 49,700 26,45,769 9,50,413 2011-12 2012-13 2013-14 Apr-Jun 14 July-Sept 14 18,06,274 2,01,53 24,824 20,32,634 Oct-Dec 14 26,90,532 2,04,13 43,601 29,38,264 Jan.-Mar.15 22,....
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....85,029 1,89,50 64,959 25,39,494 Apr-Jun 15 22,80,746 2,25,23 56,618 25,62,604 7,73,487 10,096 20,51,471 July-Sept 15 21,54.202 2,26,05 77,147 24,57,401 14,56,16 5,33,733 41,476 20,31,377 Central Government dated securities continued to account for a dominant portion of T-Bills SDL 15,54,12 22,878 24,13,14 71,282 38,32,47 31,580 Total 37,63,877 54,02,764 72,28,127 10,13,22 6,726 19,70,365 10,12,13 9,24,362 26,401 19,62,893 11,83,00 13,26,35 12,67,88 5,80,690 60,785 18,24,478 7,40,729 50,431 21,17,510 5.5 total trading volumes (Chart 11a and 11b). During Q2 of FY15-16, their share stood at 87.66 per cent of total outright volumes as compared to 89 per cent in Q1 of FY15-16. Central 1 Annualised Outright Turnover Ratio = 4* [Quarterly Outright Volume *2/(Average of outstanding stock)] 4) / 2 Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * (Average of outstanding stock)] 18 '000 Crore government securities accounted for 71.7 per cent of the total repo volumes during Q2 ofFY15-16 as compared to 61.8 per cent in Q1 of FY15-16. Chart 11a: Secondary Market Transactions - Outright Chart 11b: Secondary Market Transactions - July- 3500 3000 Sept'1....
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....5 3000 2500 2500 2000 1500 1000 '000 crore 2000 1500 1000 500 500 0 0 July-Sept 14 Oct-Dec 14 Jan-Mar 15 Apr-Jun 15 July-Sept 15 Outright repo â– G-Sec T-Bills SDL â– G-Sec T-Bills â– SDL 5.6 The top 10 traded securities accounted for 78.62 per cent of the total outright transaction volume during the quarter as compared with 78.34 per cent during Q1 of FY15- 16. The share of top three traded securities increased to 58.21 per cent from 57.04 per cent during Q1 of FY15-16. (Table 13). Table 13 - Top 10 Traded Securities (in *Crore) Security July-Sep 15 8.40% G.S. 2024 7,44,112 Security 7.72% G.S. 2025 Apr-Jun 15 8,97,104 8.60% G.S. 2028 4,41,825 8.40% G.S. 2024 3,09,859 8.27% G.S. 2020 2.44,468 7.88% G.S. 2030 2,54,700 8.15% G.S. 2026 1,88,512 7.68% G.S. 2023 2,26,967 7.72% G.S. 2025 1,35,681 8.27% G.S. 2020 1,21,582 8.83% G.S. 2023 49,997 7.35% G.S. 2024 56,871 7.88% G.S. 2030 39,805 8.15% G.S.2026 44,247 7.68% G.S. 2023 36,003 8.60% G.S. 2028 42,262 7.28% G.S. 2019 31,572 8.12% G.S. 2020 28,515 8.12% G.S. 2020 20,124 7.16% G.S. 2023 25,451 19 5.7 The trend in outright trading volumes in Government securities under different maturity buckets is given in Table 14. Table 1....
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....4: Maturity-wise outright trading volumes in G-sec. (in Crore) Maturity/Quarter Jul-Sep 15 Apr-Jun 15 Jul-Sep 14 Less than 3 Years 3-7 Years 7-10 Years above 10 Years Total 41,227 59,905 16,595 2014-15 2013-14 2012-13 2011-12 106,086 95,703 11,865 35,545 259,519 361,792 236,507 1,182,377 1,316,068 500,159 234,437 1,435,526 1,139,598 1,029,945 4,821,218 3,207,229 2,331,557 1,743,886 417,930 719,452 523,227 3,039,926 3,349,661 3,077,349 1,085,239 2,154,202 2,280,747 1,806,274 9,149,607 7,968,661 5,920,929|3,099,107 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 Q2 of FY15-16 (66.44 per cent, higher than 50 per cent in Q1 of FY15-16) followed by '10 years and above' maturity range. The below 3 years maturity bracket continue to had lowest share of trading volume at 1.92 per cent. Chart 12a: Maturity-wise Trading Activity- July-September,15 1.9% 19.4% 12.0% 66.6% â– 10 yrs Chart 12b: Maturity wise Trading Activity - Apr-June 15 2.6% 31.5% 15....
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.....9% 50.0% 10 yrs 5.9 Foreign banks continued to be the dominant trading category during the quarter with their share in total outright trading activity, although it decreased to 28.2 per cent (of total trading volumes) from 31.5 per cent during Q1 of FY15-16(Chart 13). Public sector banks share during the quarter increased to 23.9 per cent from21.2 per cent. Mutual Funds were the largest net buyer (34,297 crore) in the secondary market during the quarter, followed by `Others' category comprising of Fls, Insurance Cos and Others (Rs. 14,298 crore) 20 The Private Sector Banks (excluding primary dealers) were the only net sellers category of government securities (Rs. 69,911 crore) during the quarter. Chart 13: Trading Activity (Buy + Sell) By Category (outside circle July-Sep'15 and inside circle Apr-Jun 15) 9.0% 19.3% 17.9% 9.3% 3.6%.2% 3.1% 4.4% 21.2% 23.9% D 31.5% 28.2% 12.6% 12.4% Public Sector Banks Private Sector Banks Foreign Banks Primary Dealers Mutual Funds Co-operative Banks Others 5.10 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 ....
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....Selling (% of total) July-Sept 15 Apr-Jun 15 Jan-Mar 15 Oct-Dec 14 July-Sept 14 Buy Co-operative Banks Fls Foreign Banks Ins. Cos Mutual Funds Primary Dealers Pvt. Sector Banks Pub. Sector Banks Others Total Sell Buy 3.73% 3.54% 3.32% 0.16% 0.07% 0.28% 28.32% 27.99% 30.49% 1.57% 1.23% 1.69% 9.65% 8.25% 10.28% 17.89% 20.73% 16.30% 12.32% 12.40% 12.35% 24.10% 23.68% 22.12% 2.26% 2.11% 3.17% Sell 1.51% 1.53% Buy Sell 2.90% 3.50% 3.39% 0.16% 0.14% 0.09% 32.42% 28.73% 29.46% 1.64% Buy Sell Buy 4.04% 3.96% 2.94% 2.68% 0.27% 0.05% 0.21% 0.07% 25.01% Sell 25.01% 33.73% 33.04% 8.31% 8.93% 19.47% 13.89% 12.94% 11.20% 10.76% 12.44% 20.32% 29.17% 28.20% 26.87% 1.97% 2.91% 1.64% 2.45% 8.51% 1.25% 9.78% 1.13% 1.34% 1.33% 7.93% 10.33% 9.85% 16.31% 18.43% 20.66% 16.08% 20.20% 12.39% 12.60% 12.20% 26.42% 19.76% 18.11% 2.47% 3.00% 2.50% 100 100 100 100 100 100 100 100 100 100 21 24 Statement 1: Issuance of Dated securities During Q2 FY16 Name of Stock Date of Auction Amount Raised Devolvement Cut off Cut off Date of on PDs price yield Maturity (Amount in crore) Residual Maturity (%) (Years) 7.68% GS 2023 $ M 3-Jul-15 3000 0 98.15 7.98 15-Dec-23 8.4 7.72% GS 2025 $ M 3-Jul-15 6000 0 99.42 7.80 25-May....
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....-25 9.9 8.24% GS 2033 $ M 3-Jul-15 3000 0 101.26 8.11 10-Nov-33 18.3 8.13% GS 2045 $ M 3-Jul-15 3000 100.43 8.09 22-Jun-45 30.0 7.35% GS 2024 $ M 10-Jul-15 3000 0 95.62 8.05 22-Jun-24 8.9 7.88% GS 2030 $ M 10-Jul-15 6000 0 98.81 8.02 19-Mar-30 14.7 7.95% GS 2032 $ M 10-Jul-15 3000 0 98.79 8.08 28-Aug-32 17.1 8.17% GS 2044 $ M 10-Jul-15 3000 0 101.13 8.07 1-Dec-44 29.4 7.68% GS 2023 $ M 17-Jul-15 3000 0 97.60 8.08 15-Dec-23 8.4 7.72% GS 2025 $ M 17-Jul-15 6000 0 99.04 7.86 25-May-25 9.8 8.24% GS 2033 $ M 17-Jul-15 3000 101.07 8.12 10-Nov-33 18.3 8.13% GS 2045 $ M 17-Jul-15 3000 0 100.36 8.10 22-Jun-45 29.9 7.35% GS 2024 $ M 24-Jul-15 2000 0 95.99 7.99 22-Jun-24 8.9 7.88% GS 2030 $ M 24-Jul-15 6000 98.81 8.02 19-Mar-30 14.6 7.95% GS 2032 $ M 24-Jul-15 3000 0 98.58 8.10 28-Aug-32 17.1 8.17% GS 2044 $ M 24-Jul-15 3000 0 100.97 8.08 1-Dec-44 29.3 7.68% GS 2023 $ M 31-Jul-15 2000 0 98.36 7.95 15-Dec-23 8.4 7.72% GS 2025 $ M 31-Jul-15 6000 0 99.37 7.81 25-May-25 9.8 8.24% GS 2033 $ M 31-Jul-15 3000 0 101.61 8.07 10-Nov-33 18.3 8.13% GS 2045 $ M 31-Jul-15 3000 0 101.16 8.03 22-Jun-45 29.9 7.35% GS 2024 $ M 7-Aug-15 2000 96.07 7.97 22-Jun-24 8.9 7.88% GS 2030 $ M 7-Aug-15 6000 0 99.14 7.98 ....
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....19-Mar-30 14.6 7.95% GS 2032 $ M 7-Aug-15 3000 0 98.96 8.06 28-Aug-32 17.1 8.17% GS 2044 $ M 7-Aug-15 3000 0 101.48 8.04 1-Dec-44 29.3 7.68% GS 2023 $ M 14-Aug-15 2000 0 98.76 7.88 15-Dec-23 8.3 7.72% GS 2025 $ M 14-Aug-15 6000 0 99.81 7.75 25-May-25 9.8 8.24% GS 2033 $ M 14-Aug-15 3000 0 102.16 8.01 10-Nov-33 18.2 8.13% GS 2045 $ M 14-Aug-15 3000 0 101.78 7.97 22-Jun-45 29.8 7.35% GS 2024 $ M 21-Aug-15 2000 0 96.34 7.93 22-Jun-24 8.8 7.88% GS 2030 $ M 21-Aug-15 6000 0 99.58 7.93 19-Mar-30 14.6 7.95% GS 2032 $ M 21-Aug-15 3000 99.31 8.02 28-Aug-32 17.0 8.17% GS 2044 $ M 7.68% GS 2023 $ M 21-Aug-15 3000 0 101.72 8.02 1-Dec-44 29.3 28-Aug-15 2000 0 98.60 7.91 15-Dec-23 8.3 7.72% GS 2025 $ M 28-Aug-15 6000 0 99.57 7.78 25-May-25 9.7 8.24% GS 2033 $ M 28-Aug-15 3000 0 102.01 8.03 10-Nov-33 18.2 8.13% GS 2045 $ M 28-Aug-15 3000 0 101.50 8.00 22-Jun-45 29.8 7.35% GS 2024 $ M 4-Sep-15 2000 0 96.46 7.91 22-Jun-24 8.8 7.88% GS 2030 $ M 4-Sep-15 6000 99.86 7.89 19-Mar-30 14.5 7.95% GS 2032 $ M 4-Sep-15 3000 0 99.35 8.02 28-Aug-32 17.0 8.17% GS 2044 $ M 4-Sep-15 3000 0 101.85 8.00 1-Dec-44 29.2 i =: 7.68% GS 2023 $ M 11-Sep-15 2000 0 98.56 7.92 15-Dec-23 8.3 7.72% GS 2025 $ M 11-Sep-15 6000 9....
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....9.55 7.78 25-May-25 9.7 8.24% GS 2033 $ M 11-Sep-15 3000 0 101.97 8.03 10-Nov-33 18.2 8.13% GS 2045 $ M 11-Sep-15 3000 0 101.31 8.01 22-Jun-45 29.8 7.35% GS 2024 $ M 24-Sep-15 2000 0 96.81 7.86 22-Jun-24 8.7 7.88% GS 2030 $ M 24-Sep-15 6000 0 100.36 7.84 19-Mar-30 14.5 8.24% GS 2033 $ M 24-Sep-15 3000 0 102.59 7.97 10-Nov-33 18.1 8.13% GS 2045 $ M 24-Sep-15 3000 0 102.04 7.95 22-Jun-45 29.7 Gross Nominal Amount Raised 171000 Weighted Average Yield Weighted Average Maturity 7.96 16.46 $ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction Statement 2:Treasury Bills Issued During Q2 FY16 (Amount in crore) Name of Security Date of Issue Competitive amount Non- Competitive Gross Nominal Cut off Yield (%) raised amount amount raised raised 364 DTB 9-Jul-15 6000 1.5 6001.50 7.62 364 DTB 23-Jul-15 6000 2.75 6002.75 7.62 364 DTB 6-Aug-15 6000 2 6002.00 7.58 364 DTB 20-Aug-15 5000 0 5000.00 7.54 364 DTB 3-Sep-15 5000 2 5002.00 7.50 364 DTB 18-Sep-15 5000 4.5 5004.50 7.50 182 DTB 3-Jul-15 6000 800 6800.00 7.66 182 DTB 16-Jul-15 6000 0 6000.00 7.60 182 DTB 30-Jul-15 6000 0 6000.00 7.53 182 DTB 13-Aug-15 6000 0.75 6000.75 7.51 182 DTB 27-Aug-15 5000 30....
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....04 8004.00 7.49 182 DTB 10-Sep-15 5000 2501 7501.00 7.49 182 DTB 24-Sep-15 5000 2830.92 7830.92 7.47 91 DTB 3-Jul-15 8000 552.4 8552.40 7.56 91 DTB 9-Jul-15 8000 5902 13902.00 7.52 91 DTB 16-Jul-15 8000 1500 9500.00 7.52 91 DTB 23-Jul-15 8000 2753 10753.00 7.48 91 DTB 30-Jul-15 8000 9305.45 17305.45 7.48 91 DTB 6-Aug-15 8000 880 8880.00 7.44 91 DTB 13-Aug-15 8000 1502 9502.00 7.27 91 DTB 20-Aug-15 9000 11400 20400.00 7.44 91 DTB 27-Aug-15 9000 1101.7 10101.70 7.44 91 DTB 3-Sep-15 9000 2500 11500.00 7.44 91 DTB 10-Sep-15 9000 11010 20010.00 7.44 91 DTB 18-Sep-15 9000 5500.5 14500.50 7.48 91 DTB 24-Sep-15 9000 5615 14615.00 7.39 182,000.0 68,671.5 250,671.5 E iii Statement 3: List of Dated Securities Outstanding at end-Sep 2015 Nomenclature Date of maturity Outstanding Stock (Crore) of which: MSS 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 7.4....
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....6% 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 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 8.79% GS 2021 8-Nov-21 83,000.00 8.20% GS 2022 15-Feb-22 57,632.33 8.35% GS 2022 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 iv 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....
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....-23 14,000.00 8.83% GS 2023 25-Nov-23 83,000.00 7.68% GS 2023 15-Dec-23 35,000.00 IINSS -Cumulative 1.5% GS 25-Dec-23 92.00 2023 7.35% GS 2024 22-Jun-24 23,000.00 8.40% 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 58,000.00 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 6.13% GS 2028 4-Jun-28 11,000.00 8.60% GS 2028 2-Jun-28 84,000.00 7.88% GS 2030 19-Mar-30 62,000.00 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 89,000.00 8.33% GS 2032 21-Sep-32 1,522.48 8.24% GS 2033 10-Nov-33 63,000.00 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 8.30% GS 2042 31-Dec-42 90,000.00 9.23% GS 2043....
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.... 23-Dec-43 79,472.28 8.17% GS 2044 1-Dec-44 62,000.00 8.13% GS 2045 22-Jun-45 24,000.00 TOTAL 4,173,517.20 V Statement 4: Maturity Profile of Government Securities as on End-Sep 2015 Year of maturity Outstanding Stock (Crore) 2015-16 7,437.8 2016-17 223,329.9 2017-18 256,773.6 2018-19 243,477.9 2019-20 250,000.0 2020-21 248,000.0 2021-22 283,845.7 2022-23 310,464.7 2023-24 228,592.0 2024-25 205,000.0 2025-26 164,687.9 2026-27 284,877.8 2027-28 177,679.6 2028-29 95,000.0 2029-30 62,000.0 2030-31 151,884.6 2031-32 90,687.1 2032-33 179,956.5 2033-34 63,000.0 2034-35 60,350.0 2035-36 52,000.0 2036-37 86,000.0 2037-38 2038-39 13,000.0 2039-40 2040-41 90,000.0 2041-42 90,000.0 2042-43 90,000.0 2043-44 79,472.3 2044-45 62,000.0 2045-46 Total 4,173,517.2 24,000.0 vi Statement 5: Calendar for Auction of Treasury Bills during Oct-Dec 2015 (Amount in crore) Date of Auction 91 DTB 182 DTB 364 DTB Total October 7, 2015 8,000 6000 14,000 October 14, 2015 8,000 6,000 14,000 October 21, 2015 8,000 6000 14,000 October 28, 2015 8,000 6,000 14,000 November 4, 2015 8,000 6000 14,000 November 10, 2015 8,000 6,000 14,000 November 18, 2015 8,000 6000 14,000 November 24, 2015 8,000 6,000 14,000 December ....
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....2, 2015 8,000 6000 14,000 December 9, 2015 8,000 6,000 14,000 December 16, 2015 8,000 6000 14,000 December 23, 2015 8,000 6,000 14,000 December 30, 2015 Total 8,000 6000 14,000 1,04,000 42,000 36,000 1,82,000 vii Statement 6: Calendar for Issuance of Government of India Dated Securities (October 1, 2015 to March 31, 2016) Security-wise allocation Sr. No. Week of Auction Amount (Rs. crore) i) 5-9 Years for Rs.2,000-3,000 crore October 1-2, 2015 1 N 3 15,000 October 5-9, 2015 15,000 October 12-16, 2015 15,000 October 19-23, 2015 15,000 ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,....
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....000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore 5 October 26-30, 2015 15,000 iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore November 2-6, 2015 6 15,000 iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.7,000-8,000 crore November 16-20, 7 15,000 2015 iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore November 23-27, 8 15,000 2015 ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore November 30- 6 15,000 December 4, 2015 ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore 10 December 7-11, 2015 15,000 iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore viii December 28, 2015- 11 11 January 1, 2016 14,000 ii) 10-14 Years for Rs.7,000-8,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & A....
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....bove for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore ii) 10-14 Years for Rs.6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore 12 January 4-8, 2016 14,000 ii) 10-14 Years for Rs. 6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore 13 January 11-15, 2016 14,000 ii) 10-14 Years for Rs. 6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore 14 14 January 18-22, 2016 14,000 ii) 10-14 Years for Rs. 6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore 15 January 25-29, 2016 14,000 ii) 10-14 Years for Rs. 6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore i) 5-9 Years for Rs.2,000-3,000 crore 16 February 1-5, 2015 14,000 ii) 10-14 Years for Rs. 6,000-7,000 crore iii) 15-19 Years for Rs. 3,000-4,000 crore iv) 20 Years & Above for Rs. 3,000-4,000 crore ....
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....Total 2,34,000* * : Excludes Sovereign Gold Bond of Rs. 15,000 crore which has been considered as part of the market borrowing programme ix<BR> News - Press release - PIB....