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Quarterly Report on Debt Management for the Quarter January-March 2016 (Q 4 FY 16) released; Gross and Net Market borrowing requirements of the Government for FY16 were revised lower to Rs. 5,85,000 crore and Rs. 4,40,608 crore, which were lower by 1.18 per cent and 2.75 per cent respectively than Rs. 5,92,000 crore and Rs. 4,53,205 crore in FY15
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....uarterly Report on Debt Management for the Quarter January-March 2016 (Q 4 FY 16) released; Gross and Net Market borrowing requirements of the Government for FY16 were revised lower to Rs. 5,85,000 crore and Rs. 4,40,608 crore, which were lower by 1.18 per cent and 2.75 per cent respectively than Rs. 5,92,000 crore and Rs. 4,53,205 crore in FY15 <br>Income Tax<br>Dated:- 24-5-2016<br><BR>Press Information Bureau Government of India Ministry of Finance 23-May-2016 19:12 IST 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 January-March 2016 (Q 4 FY 16). During Q4 of FY16, the Government issued dated securities worth Rs. 84,000 crore to complete its gross borrowings of Rs. 5,85,000 crore for FY 16. Gross and Net Market borrowing requirements of the Government for FY16 were revised lower to Rs. 5,85,000 crore and Rs. 4,40,608 crore, which were lower by 1.18 per cent and 2.75 per cent, respectively, than Rs. 5,92,000 crore and Rs. 4,53,205 crore in FY15. Auctions during Q4 of FY16 were held broadl....
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....y in accordance with the pre-announced calendar. The weighted average maturity of primary issuance was kept long during this quarter and stood at 15.74 years, however, it was lower than Q3 FY 16 (16.72 years) due to market conditions. The weighted average yield (cut-off) of issuance during Q4 of FY16, was at 7.89 per cent as against 7.70 per cent in Q3 of FY16, reflecting some hardening in yields during the quarter. The cash position of the Government during Q4 of FY16 was comfortable and remained in surplus mode during the quarter. The issuance amount under Treasury bills was also broadly as per calendar. The Public Debt (excluding liabilities under the 'Public Account') of the Central Government provisionally decreased marginally. Internal debt constituted 92.0 per cent of public debt as at end-March 2016, while marketable securities accounted for 84.8 per cent of public debt. About 26.9 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 rolled over every year. Thus, the rollover risk in the debt portfolio continues to be low. The impl....
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....ementation of budgeted buy back/ switches in coming quarters is expected to reduce roll over risk further. G-sec yields witnessed significant intra-quarter movements. G-Sec market opened the quarter on weak note tracking the depreciating domestic currency and local equity market. The market sentiment was adversely affected in February due to higher than expected inflation numbers, hardening bias in US Treasuries, higher borrowings of states, uncertainties over issuance of UDAYA bonds, etc., and 10-year G-sec yield touched a high of 7.85%, general levels last seen in June 2015. Since February end, the market reversed its direction and gained significantly post budget on positive market sentiment. 10 Yr benchmark paper closed the quarter at 7.46%, lowest yield level since July 2013 as against 7.69% on December 31, 2015. In Q4 FY 16, Central Government dated securities continued to account for a dominant portion of total trading volumes. Click here to see list ********** DSM/KA ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT JANUARY-MARCH 2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS MAY 2016 www.finmin.nic....
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.....in 1 Section CONTENTS Page No. 1 Introduction Macroeconomic Developments 4 Ñл 5 2 Debt Management - Primary Market Operations 10 10 3 Cash Management 13 4 Trends in Outstanding Public Debt Ñл 5 Secondary Market 15 19 2 List of Tables and Charts List of Tables Table No. Title 1 Fiscal Outcome during April-Feb 2015-16 2 Issuance of Dated Securities 3 Primary Issuance by Maturity Buckets, Q4 of FY 16 4 Issuance of Treasury Bills 56900 Repayments and Issuance of Treasury Bills in January-March 2016 Composition of Public Debt 7 Maturity and Yield of Central Government's Market Loans 8 Maturity Profile of Gol Outstanding Dated Securities 9 Ownership Pattern of Government of India Dated Securities 10 11 12 13 Transactions in Government Securities Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling (% of Total) List of Charts Page No. 10 11 12 12 15 16 17 18 19 23 24 24 26 Chart No. Title Page No. 1 Growth Rate in GDP at constant (2011-12) prices 2 Inflation Rate Based on WPI and CPI 3 Growth Rate in IIP 4 Monthly Exports and Imports 5698 5 Foreign Investment Flow and Exchange Rate 9 Liquidity in the System 14 7 Holding Pattern....
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.... of Government Securities 19 8 Movement of G-Sec Yields - 10-year 21 9 10 Treasury Bill Yield Curve 11a 11b 12a Government Bond Yield Curve Secondary Market Transaction - Outright Secondary Market Transaction - Jan-Mar 2016 Maturity wise Trading Activity - Jan-Mar 2016 21 22 23 23 25 12b 13 Maturity wise Trading Activity - Oct-Dec 2015 Trading Activity (Buy+Sell) by Category 25 25 List of Statements Statement No. 12345 Title Issuance of Dated Securities During FY 2015-16 Treasury Bills Issued During FY 2015-16 List of Dated Securities Outstanding at end-Mar 2016 Maturity Profile of Government Securities at end-Mar 2016 Calendar for Auction of Treasury Bills during Apr-June 2016 Page No. 3 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_Manage....
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....ment.asp). This report pertains to the fourth quarter of the fiscal year 2015-16, viz., January-March 2016. 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 and their valuable suggestions at [email protected]. 4 Per cent 9.0 8.5 8.0 7.5 7.5 6.9 7.0 6.5 6.0 5.5 5.1 5.0 4.5 4.0 2012-13 2013-14 2014-15:Q1 2014-15:Q2 1 - Macroeconomic Developments 1.1 India's real GDP growth at constant (2011-12) prices during 2015-16 (as per advance estimates of Feb 8, 2016) is estimated at 7.6 per cent as compared to the growth rate of 7.2 per cent in 2014-15 (first revised estimates). Also real GDP in Q3 (Oct-Dec) FY 16 (at constant price 2011-12) grew by 7.3 per cent as against upward revised growth of 7.7 per cent in Q2 FY16 (Chart 1). Anticipated growth of real GVA at basic constant prices (2011-12) during 2015-16 is 7.3 per cent....
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.... against 7.1 per cent in 2014-15. The sectors which are likely to register growth rate of over 7.0 per cent are 'financial, real estate and professional services', 'trade, hotels, transport, communication and services related to broadcasting', and ‘manufacturing'. The growth in the ‘agriculture, forestry and fishing', ‘mining and quarrying', ‘electricity, gas, water supply and other utility services', ‘construction' and 'public administration, defence and other services' is estimated to be 1.1 per cent, 6.9 per cent, 5.9 per cent, 3.7 per cent and 6.9 per cent respectively. Chart 1: Growth Rate in GDP at Constant (2011-12) Prices 8.3 2014-15:Q3 2014-15: Q4 2014-15 (Ist RE) 1.2 WPI inflation continued to remain in the negative zone for the 17th consecutive month with WPI inflation in Mar 2016 placed provisionally at (-)0.81 per cent (y-o-y), as compared with (-)0.95 per cent in Feb 2016. Despite disinflation observed in food-related components, gradual upturn in commodity prices pushed WPI inflation slightly higher than the previous month. 5 Ñл 2015-16: Q1 2015-16: Q2 7.5 7.6 7.7 7.2 7.3 6.6 2015-16: Q3 2015-16 (AE) 7.6 Headline CPI Inflation for ....
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....March 2016 (prov.) stood at 4.83 per cent, marking a six-month low and much lower than revised estimate of 5.26 per cent in February 2016. The favourable base effects, which had nudged inflation into a dip during July-August 2015, waned from September and consequently, inflation rose for six months successively before subsiding in February 2016. Component-wise, food inflation eased to 5.27 per cent in March 2016 from 6.62 per cent in the corresponding period last year. Specifically, drastic fall in pulses inflation from a peak of 46.08 per cent in November 2015 to 34.15 per cent in March 2016 was significant. Other key components like housing (5.31 per cent vs 5.33 per cent), clothing and footwear (5.60 per cent vs 5.50 per cent) and Fuel and Light (3.38 per cent vs 4.59 per cent) noted secular decline. Services inflation came in at 4.01 per cent for March 2016, slowing from 4.38 per cent in the previous month. As a result, core price pressures cooled to 4.75 per cent in March 2016, reverting back to January 2016 levels. Also average CPI inflation rate during FY 2015-16 was lower at 4.91 per cent as compared with 5.97 per cent during FY 2014-15 (Chart 2). per cent 10.0 5.0 0.0 -5.0....
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.... -10.0 Chart 2: Inflation Rate Based on WPI and CPI 2014-15 WPI 2015-16 WPI 2014-15 CPI 2015-16 CPI 1.3 Index of Industrial Production (IIP), the economic barometer of Industrial growth of India registered a growth of 0.1 per cent in March 2016 as against 2.5 per cent noted in a year ago period. Weak growth in manufacturing and capital goods continued to impair industrial recovery of the country. However, on a cumulative basis, average IIP growth moderated marginally to 2.5 per cent during FY 2016, as compared to 2.8 per cent growth in the comparable period last year (Chart 3). 60 Per cent Chart 3: Growth Rate in IIP 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 Apr May Jun Jul -4.0 2013-14 -6.0 T Aug Sep Oct Îον Dec Jan Feb Mar 2014-15 2015-16 1.4 India's exports during Q4 FY 16 (Jan-Mar 2016) continued to decline (y-o-y) by 8.2 per cent while imports contracted by 13.2 per cent during the quarter. Exports contracted for the sixteenth successive month in March 2016 and the rate of contraction in exports narrowed to a single digit for the first time during Feb 2016 after Jan 2015 and volume growth turned positive. The decline in non-POL exports was even smaller, with gems and jewelle....
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....ry, drugs and pharmaceuticals, electronics and chemicals driving the upturn. The prolonged contraction in imports also slowed significantly, and non-POL non-gold import growth turned positive for the first time after seven months in Feb 2016. This reflected a sizable upsurge in imports of machinery, supported by a pick-up in imports of pearls and precious stones and electronic goods. With gold imports falling in February and March, the continuing softness in crude prices working favourably in terms of conserving the POL import bill and some gains in terms of trade, the trade deficit narrowed to its lowest monthly level in March 2016 since September 2013 (Chart 4). Trade deficit on a y-o-y basis, decreased sharply to 25.8 per cent during Q4 FY16 (Jan -Mar) as compared with a decline of 19.7 per cent in Q 3. In turn, this has likely lowered the current account deficit (CAD) in Q4 below 1.3 per cent of GDP (recorded in Q3), despite a moderation in net receipts from services exports and remittances. 7 USD mn 50000 40000 30000 20000 10000 0 -10000 -20000 Chart 4: Monthly Exports and Imports Apr-15 May-15 Mar-15 Jan-15 Feb-15 Dec-14 Nov-14 Oct-14 Sep-14 Aug-14 Jul-14 Jun-14 May-14 Apr-14....
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.... Exports Growth Exports (right scale) Source: RBI Bulletiin and PIB Jun-15 OHN 10 0 30 20 -10 -20 YNT -30 -40 Sep-15 Oct-15 Aug-15 Jul-15 Imports Growth Imports (right scale) Nov-15 Dec-15 Jan-16 Mar-16 Feb-16 Trade Balance Per cent 1.5 Net inflows in the form of foreign direct investment (FDI) were robust in Q4 FY 2016 (Jan-Feb), more than sufficient to fund the external financing requirement. Foreign portfolio investors (FPIs), who were net sellers in the domestic capital market up to February 2016, also became net buyers in March 2016 in both equity and debt segments (Chart 5). During 2015-16 (up to end-March 2016), there has been an accretion of US$ 18.54 billion to the foreign exchange reserves which touched US$ 360.1762 billion at end-March 2016. As compared with previous quarter closing of INR at Rs.66.33 per USD on Dec 31, 2015, rupee exhibited a largely depreciating trend during first two months (Jan-Feb 2016) of Q 4 FY 2016 on account of general risk aversion globally with falling equity markets and rising bond yields as also uncertainty surrounding the announcement of Union Budget. The rupee touch its lowest of the quarter at Rs.68.78 per USD on February 26, 2016, which ....
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....was also a lowest since September 2013. Thereafter it recovered consistently and INR touched its quarter high of 66.33 per USD on March 31, 2016, on positive market sentiment post-budget and positive news on capital flows and external sector data. 8 Chart 5: Foreign Investment Flow and Exchange Rate 25000 80.0 70.0 20000 15000 60.0. 10000 5000 0 T 50.0 40.0 30.0 20.0 -5000 -10000 10.0 0.0 Direct Invest Portfolio Investment Total Exchange Rate (right scale) Source: RBI Note: Data on FDI have been revised since April 2011 to expand the coverage. 9 */USD average of Quarter/Month Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 Central Government had budgeted the gross fiscal deficit at Rs. 5.56 trillion (3.9 % of GDP for FY 2015-16) in Union Budget 2015-16. The same was revised to 5.35 trillion (3.9 per cent of GDP) in Union Budget 2016-17 as against Rs.5.11 trillion (4.1 per cent of GDP) for FY 2014-15. 2.2 The fiscal outcome for the FY16 (April-Mar 2016) of Central Government indicates lower gross fiscal deficit during April-Feb at 5.73 trillion or 107.1 per cent of 2015-16 RE as against 117.5 per cent during corresponding period of previous year. To....
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....tal receipts (from revenue and non-debt capital) during the Apr- Feb 2016 are *9.83 trillion or 78.6 per cent of the 2015-16 (RE) was higher than 73.3 per cent of RE over the corresponding period of previous year. Total expenditure of the government during Apr- Feb 2016 was Rs. 15.56 trillion or 87.1 per cent of RE (Table 1). Table 1: Fiscal Outcome during the April -February 2015-16 (Amount in crore) 2015-16 RE April-February Item 2015-16 April-Feb 2015-16(% of RE) April-Feb 2014-15 (% of RE) Revenue Receipts 1,206,084 947,050 78.52 72.47 Tax Receipts 947,508 735,778 77.65 71.71 Non-Tax Receipts 258,576 211,272 81.71 75.66 Other Non-debt Receipts 44,217 35,951 81.31 96.51 Total Expenditure 1,785,391 1,555,873 87.14 86.82 Revenue Expenditure 1,547,673 1,337,860 86.44 87.29 Capital Expenditure 237,718 218,013 91.71 83.19 Revenue Deficit 341,589 390,810 114.41 133.32 Primary Deficit 92,469 193,387 209.14 253.05 Gross Fiscal Deficit 535,090 572,872 107.06 117.54 Financing of which Market Loans* 509,273 437,367 85.88 97.53 External Assistance 11,485 5,553 48.35 58.67 Securities against Small 53,418 21,174 39.64 6.89 Savings * Includes borrowings through treasury bills. Source: Controll....
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....er General of Accounts (CGA) website; cga.nic.in 10 10 2. Issuance Details 2.3 This section discusses the issuance details of market borrowings during the Apr-Mar 2016. 2.4 Gross and net market borrowing requirements of the Government for FY16 were revised lower to Rs.5,85,000 crore and Rs.4,40,608 crore, which were lesser by 1.18 per cent and 2.75 per cent, respectively, than 5,92,000 crore and Rs.4,53,205 crore in FY15. During Q4 of FY16, the Government issued dated securities worth Rs.84,000 crore taking the gross borrowings from Apr-Mar of FY16 to Rs.5,85,000 crore (Table 2). Item Table 2: Issuance of Dated Securities (Amount in crore) 2015-16 RE Q4 FY 16 FY 2015- 16 (Actual) FY 2014- 15 (Actual) FY 16 FY 15 % % of of RE RE Gross Amount 585,000 84,000 585,000 592,000 100.00 100.00 Repayments 144,392 144,366 138,795 99.98 100.00 Repurchases/buyback 38,678 36,575 36,575 6,283 94.56 Net Issuance* 440,608 84,000 440,634 453,205 100.01 100.00 *Exclude repurchase/buyback amount. 2.5 Auctions during Q4 of FY16 were held broadly in accordance with the pre-announced calendar (Table 3). During Q4 FY 16, six tranches of auctions were held for issuances of Gol dated securities worth 84,000....
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.... crore. Around 49 per cent of total issued securities were issued in the maturity bucket of 10-14 years. There was no devolvement on PDs during Q4 FY16 as against devolvement on PDs worth 4,715 cr of three securities during Q3 FY16. 11 Table 3 - Primary Issuance by Maturity Buckets, Q4 of FY 2015-16 (Amount in crore) 2014-15 % of Total H1 FY16 5-9 years 1,49,000 25.2 63,000-87,000 10-14 years 2,37,000 40.0 % of Total 17.5-24.2 1,53,000- 42.5-49.2 H1 FY16 (Actual) 60,000 % of Total Q4 FY 16 17.1 12000-18000 % of Total 14.29-21.43 155000 44.2 36000-42000 42.86-50.00 Q4 FY 16 (Actual) 14,000 % of Total H2 FY 16 16.67 32,000-48,000 % of Total 13.7-20.5 41,000 48.81 1,06,000- 45.3-52.1 15-19 Years 20-30 Years 96,000 1,10,000 16.2 18.6 72,000-96,000 72,000-96,000 20.0-26.7 20.0-26.7 68,000 19.4 18000-24000 21.43-28.57 14,000 Total 5,92,000 100 3,60,000 100 68,000 351000 19.4 18000-24000 21.43-28.57 15,000 100 84000 100 84,000 H2 FY16 (Actual) 34000 111000 16.67 48,000-64,000 20.5-27.4 44000 % of Total 14.5 47.4 FY 2015-16 95000-1,35,000 2,59,000- 18.8 1,20,000- % of Total 16.0-22.7 43.6-50.3 20.0-26.9 17.86 48,000-64,000 20.5-27.4 45000 19.2 1,20,000- 20.2-26.9 100 2,34,000 100 234000 10....
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....0.0 594000 100 FY 2015-16 94,000 266,000 % of Total 16.1 45.5 112,000 19.1 113,000 19.3 585,000 100 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q4 of FY 16 amounted to Rs. 2,10,438 crore while total repayments amounted to 2,71,391 crore resulting in net repayment of Rs. 60,954 crore compared with net repayment of 23,744 crore in Q4 of last year (Table 4). The details of issuance of bills during Q4 of FY16 are given in Statement 2. Table 4: Issuance of Treasury Bills* (Amount in crore) Item 2015-16 RE Q4 FY 16 FY 16 FY 15 FY 16% of RE 364 DTB Gross Amount Repayment Net Issuance 154,033 42,012 143,152 37,004 10,881 5,008 154,033 143,152 143,005 10,881 149,201 100 100 6,196 100 Gross Amount 171,954 Repayment 161,719 Net Issuance 10,235 -12,566 182 DTB 35,571 162,189 147,610 48,137 161,719 146,688 470 922 94.3 100.0 4.6 91 DTB Gross Amount 730,323 Repayment Net Issuance 682,773 47,550 132,855 686,667 670,315 186,251 682,773 667,114 -53,396 3,893 94.0 100.0 3,201 8.2 Gross Amount Repayment All T-Bills 1,056,310 210,438 1,002,888 987,645 271,391 987,644 Net Issuance 68,665 -60,954 15,244 *:- Including amount through non-competitive route....
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..... 967,126 94.9 956,807 10,319 100.0 22.2 12 2.7 The weighted average maturity of primary issuance, stood at 15.74 years, was kept long during this quarter. However, the weighted average maturity of issuance was lower than Q3 FY 2016 (16.72 years) due to market conditions. The weighted average yield (cut-off) of issuance during Q4 of FY16, was at 7.90 per cent as against 7.70 per cent in Q3 of FY16, reflecting some hardening in yields during the quarter. 13 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 the Reserve Bank and issuance 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) was fixed at 20,000 crore. 3.2 Liquidity conditions in the economy remained tight further during the quarter (Chart 6). The liquidity deficit, as reflected by net borrowings from RBI und....
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....er Liquidity Adjustment Facility (LAF) including marginal standing facility (MSF) during the quarter in January 2016 was at 1,38,266crore (average). However, the liquidity deficit increased subsequently in remaining quarter with an average deficit of Rs.1,62,745 crore in February 2016 and *1,95,199 crore in March 2016. The average net borrowings under LAF during Q4 of FY 15- 16 at 1,65,403 crore was significantly higher than the average deficit of 76,724 crore in the previous quarter (Q3 of FY 15-16). On policy front, RBI in its Sixth bi-monthly monetary policy review on February2, 2016 maintained status quo on key policy rates with LAF repo rate at 6.75 %, LAF reverse repo rate at 5.75 %, and the MSF rate and the Bank Rate at 7.75 %. Net LAF in Crore (-absorption+injection) 300500 280500 260500 240500 220500 200500 180500 160500 140500 120500 100500 80500 60500 40500 20500 500 Chart 6: Liquidity infusion in the System 01-10-2015 08-10-2015 14-10-2015 20-10-2015 26-10-2015 02-11-2015 06-11-2015 12-11-2015 18-11-2015 24-11-2015 01-12-2015 07-12-2015 11-12-2015 17-12-2015 23-12-2015 31-12-2015 06-01-2016 12-01-2016 18-01-2016 22-01-2016 28-01-2016 03-02-2016 09-02-2016 15-02-2016 19-....
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....02-2016 25-02-2016 02-03-2016 08-03-2016 14-03-2016 18-03-2016 Source: Reserve Bank of India 3.3 The cash position of the Government during Q4 of FY15 was comfortable and remained in surplus mode during the quarter. The Net amount of Treasury Bills issued received through competitive route during the quarter decreased with net repayment of 17,841.73crore. The net amount of Treasury Bills received through non-competitive route during the quarter also decreased with repayment of Rs.43,111.84 crore. Overall, the net amount mobilised through treasury bills (under competitive and non-competitive routes) 14 28-03-2016 during Q4 of FY15 decreased leading to repayment of Rs.60,953.57crore. Details of treasury bills issued and matured in Q4 of FY16 are given in Table 5. Table 5: Repayments and Issuance Treasury Bills in Jan - March 2016 Date of Issue Repayments Issued Amount (Amount in crore) Variation in Issued amount 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB over Repayments 1-Jan-16 6000 0 0 0 0 -6,000.00 7-Jan-16 8000 0.00 7000 8158.3 0 6000 -841.73 14-Jan-16 8000 6000 0.00 9000.0 6000 0 1,000.00 21-Jan-16 0 0.00 6000 9000.0 0 6000 9,000.00 22-Jan-16 8000 0.00 0 0.0 0 0 -8,000.00 28-....
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....Jan-16 8000 6000 0.00 0.0 6000 0 -8,000.00 4-Feb-16 8000 0 6000.00 8000.0 0 6,000 0.00 11-Feb-16 0 6000.00 0 8000.0 6,000 0 8,000.00 12-Feb-16 8000 0.00 0.0 0 0 -8,000.00 18-Feb-16 8000 0 6000.00 8000.0 0 0 -6,000.00 25-Feb-16 8000 5000.00 0.00 0.0 6000 -7,000.00 3-Mar-16 8000 0 6000.00 8000.0 0 6,000 0.00 10-Mar-16 8000 5000.00 0 8000.0 6,000 0 1,000.00 17-Mar-16 8000 0 6000.00 8000.0 0 6,000 0.00 23-Mar-16 0 5000 0.00 0.0 0 0 -5,000.00 28-Mar-16 8000 0.00 0 8000.0 6,000 0 6,000.00 31-Mar-16 8000 0 0.00 8000.0 0 6,000 6,000.00 Total Under Competitive Route Q4 104,000.00 39,000.00 37,000.00 90,158.27 30,000.00 42,000.00 -17,841.73 Total Under Non-Competitive Route Q4 82,250.75 9,136.67 3.53 42,696.24 5,570.87 12.00 -43,111.85 3.4 The calendar for issuance of treasury bills during April - June 2016 was announced on March 18, 2016, with gross borrowings at Rs.1,95,000 crore (Statement 5). 15 Section 4 - Trends in Outstanding Public Debt 4.1 The total public debt (excluding liabilities under the 'Public Account') of the Government provisionally decreased marginally to Rs.5,573,332 crore at end-March 2016 from Rs.5,575,376 crore at end-December 2015 (Table 6). This represented a quart....
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....er-on-quarter (QoQ) decrease of 0.04 per cent (provisional) compared with an increase of 3.9 per cent in the previous quarter (Q 3 FY 16). Internal debt constituted 92.0 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 84.8 per cent of total public debt, as compared with 85.0 per cent as on end-December 2015. The outstanding internal debt of the Government at Rs.5,130,179 crore constituted 37.8 per cent of GDP at end-March 2016 as compared with 38.7 per cent of GDP at end-December 2015. Table 6: Composition of Public Debt Item At end-Mar 2016# At end- Dec 2015 At end-Mar 2016# At end- Dec 2015 (crore) (% of Total) 1 2 3 4 5 Public Debt (1+2) 5,573,332.0 5,575,375.7 100.0 100.0 1. Internal Debt 5,130,178.8 5,146,230.3 92.0 92.3 Marketable 4,725,755.2 4,741,806.6 84.8 85.0 (a) Treasury Bills 362,277.88 425,648.25 6.5 7.6 (i) Cash Management Bills (ii) 91-days Treasury Bills 136,437.7 186,250.8 2.4 3.3 (iii) 182-days Treasury Bills 77,807.0 90,372.8 1.4 1.6 (iv) 364-days Treasury Bills 148,033.2 149,024.7 2.7 2.7 (b) Dated Securities 4,363,477.3 4,3....
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....16,158.4 78.3 77.4 Non-marketable* 404,423.6 404,423.6 7.3 7.3 (i) 14-days Treasury Bills* 59,070.8 59,070.8 1.1 1.1 (ii) Securities Issued to NSSF* 266,512.7 266,512.7 4.8 4.8 (iii) Compensation and other 34,271.7 34,271.7 0.6 0.6 bonds* (iv) Securities issued to 44,568.4 44,568.4 0.8 0.8 International Financial Institutions* (v) Ways and Means Advances* 2. External Debt (i) Multilateral (ii) Bilateral (iii) IMF* (iv) Rupee debt #: Data are provisional. 443,153.2 429,145.4 8.0 7.7 294,122.4 288,606.4 5.3 5.2 111,875.0 103,383.3 2.0 1.9 36,564.2 36,564.2 0.7 0.7 591.6 591.6 0.0 0.0 *These data are not available for Mar 31, 2016. So they are carried over from previous quarter. 16 Maturity Pattern for Outstanding Government Debt Stock 4.2 The weighted average maturity of outstanding stock of dated securities as at end-March 2016 decreased marginally to 10.50 years from 10.53 years at end-December 2015. Over the same period, the weighted average coupon of outstanding stock also decreased marginally to 8.077 per cent from 8.08 per cent (Table 7). Table 7: Maturity and Yield of Central Government's Market Loans Issues during the year Outstanding Stock* Weighted Weighted Weighted Weighte....
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....d Year Average Average Average Average Maturity Maturity Yield (%) Coupon (%) (yrs) (yrs) 1 3 4 5 2010-11 7.92 11.62 7.81 9.64 2011-12 8.52 12.66 7.88 9.6 2012-13 8.36 13.5 7.97 9.66 2013-14 8.48 14.28 7.98 10.00 2014-15 8.51 14.66 8.09 10.23 2015-16 Q1 7.92 15.19 8.10 10.38 2015-16 Q2 7.96 16.46 8.09 10.54 2015-16 Q3 7.77 16.72 8.08 10.53 2015-16 Q4 7.90 15.98 8.08 10.50 2015-16 7.89 16.07 8.08 10.50 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-March 2016 from 3.6 per cent a quarter ago. Proportion of debt maturing within 1-5 years stood lower at 22.9 per cent as against 24.7 per cent at end-December 2015. The proportion of outstanding debt maturing in less than 10 years was also lower at 56.4 per cent than 57.0 per cent a quarter ago, with corresponding increase in proportion of debt maturing in more than 10 years to 43.6 per cent at end-March 2016 from 43.0 per cent a quarter ago reflecting the continuing efforts of the Government to elongate the maturity profile of its debt portfolio for lower rollover risk. The change in composition of debt in terms of various maturity buckets reflects the ma....
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....turity structure of securities issued during Q4 of FY16 as well as the maturity dynamics of outstanding securities. Overall, 26.9 per cent of outstanding stock has a residual maturity of up to 5 years, which implies that over the 17 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 debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming quarters is expected to reduce roll over risk further. Table 8: Maturity Profile of Gol Outstanding Dated Securities Maturity Buckets Less than 1 Year End-Mar 2016 173802.3 (Amount in crore) End-Dec 2015 154329.9 1-5 Years (4.0) 998251.5 (22.9) (3.6) 1067251.5 (24.7) 1240590.3 (28.7) 1375435.5 (31.9) 478472.3 5-10 Years 1290515.7 (29.6) 10-20 Years 1321435.5 20 Years and above (30.3) 579472.3 Total (13.3) 4,363,477.3 (11.1) Note: 1. Figures in parentheses represent per cent to total. Holding Pattern 4,316,079.4 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-December 2015 (Table 9 and Chart 7). Banks (including banks that are primary dealers a....
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....nd co-operative banks) continue to dominate as the major investor category with their share in holding of Government securities increase marginally to 46.3 per cent at end-Dec 2015 as against 45.7 per cent as at end-Sep 2015. Among the long-term investors, while the share of holding by insurance companies decreased marginally during the quarter to 21.9 per cent from 22.1 per cent at end-Sep 2015, the share of FPIs, financial institutions and corporate marginally increased at end-December 2015. Proportion of securities held by the Reserve Bank at end-December 2015 remained almost same at 12.1 per cent than a quarter ago. 18 Table 9: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) 2014 2015 Category Sep. Dec. Mar. June Sep. Dec. 1. Commercial Banks 43 42.8 43.3 43.1 43 43.6 2. Non-Bank PDs 0.2 0.3 0.3 0.4 0.5 0.4 3. Insurance Companies 20.6 21 20.9 21.4 22.1 21.9 4. Mutual Funds 1.3 1.7 1.9 2.4 2.7 2.5 5. Co-operative Banks 2.7 2.6 2.6 2.7 2.6 2.7 6. Financial Institutions 1.4 0.7 2.1 0.7 0.6 0.7 7. Corporate 1.1 1.1 1.3 1.1 0.8 0.9 8. FPIS 3.4 3.6 3.7 3.6 3.6 3.7 9. Provident Funds 7.1 7.5 7.6 7.1 7.2 7.1 10. RBI 14.3 14.5 13.5 13.1 12.....
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....1 12.1 11. Others 4.2 3 4.5 4.8 4.5 100 100 100 100 100 100 Total Source: RBI Bulletin, Volume LXX No. 4, April 2016 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 (Dec-15 outer ring; Sep-15 : inner ring] 4.5 12.1 4.8 12.1 7.1 7.2 3.7 3.6 10.7 1 0.6 2.7 2.5 0.5 0.4 43.6 43.0 â– Commercial Banks â– Non-Bank PDs Insurance Companies â– Mutual Funds Co-operative Banks Financial Institutions Corporates â– FPIS Provident Funds â– RBI Others 19 A. Section 5 - Secondary Market Government security yields 5.1 Chart 8 depicts the movement in Government bond yields (10-year yield as benchmark) during the quarter. Yields witnessed significant intra-quarter movements. G-Sec market opened the quarter on weak note tracking the depreciating domestic currency and local equity market. Announcement on auction of new 10yr G-sec, RBI governor's statement in January at the World Economic Forum 2016 at Davos that Global disinflation is opening up room for policy action and expectations of fresh FPI purchases o....
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....n account of opening of quarterly limits rendered some positive bias to the market. However, global growth concerns led by concerns on China's growth, fall in expected investments due to 13 year low crude prices, falling Yuan, turbulent market conditions, etc., kept the market sentiment nervous in January 2016. The hawkish reference by RBI Governor to the 7th Pay commission, in its Sixth Bi-monthly monetary policy statement on February 2, 2016, the higher than expected inflation figures in February, hardening bias in US Treasuries towards latter half of February, continuing rupee depreciation to touch fresh lows since September 2013, higher borrowings of states, uncertainties over issuance of UDAYA bonds, etc., adversely affected the market sentiment in February and 10-year yield touched a high of 7.85 %, general levels last seen in June 2015. Since February end, the market reversed its direction and gained significantly. It started with the announcement of Government's adherence to its target of Fiscal deficit of 3.5% in FY 17 and 3.9% in FY16, while presenting Union Budget 2016-17. The budgeted Gross Borrowings for FY17 at Rs. 6 lakh crores were lower than market expectations. In....
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.... Mid-March, releases of both CPI and WPI numbers were also lower than market expectations. The market was further supported by the US FOMC meeting, which adopted a dovish stance holding its key rates steady. The more clarity on UDAYA bonds and permission for its private placement and to treat UDAYA bonds in HTM beyond existing limit of 21.5 percent for the banks also supported the market. A pick up in crude prices helped easing pressure due to global risk perspective. In March second half, the government announced reduced savings deposit rates, by 40-130 bps across maturities with a provision to reset these rates quarterly. This reignited market activity and hopes for immediate RBI rate cut. All the factors together 20 20 resulted in the 10 Yr benchmark paper closing the quarter at 7.46%, lowest yield level since July 2013. Ten year benchmark yield closed at 7.46 on March 31, 2016 as against 7.69 on December 31, 2015 after trading between 7.85 and 7.46 during the quarter. Per cent 8.0 7.9 7.8 7.7 7.6 7.5 7.4 7.3 7.2 7.1 7.0 Chart 8: Movement of G-Sec Yields - 10-Year Source: FIMMDA 5.2 Due to reasons mentioned above, yields moderated across the curve during the quarter compared to ....
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....the previous quarter with 10 yr segment gaining the most. The 1yr- 10yr spread decreased to 25 bps at end-March 2016 from 49 bps at end-December 2015, while 10yr-30yr spread increased to 49 bps from 24 bps over the same period. Overall, 1yr- 30yr spread at end of Q4 of FY16 increased marginally to 74 bps from 73 bps at the end of the previous quarter (Chart 9). Chart 9 : Government Bond Yield Curve 8.50% 8.00% .50% 7.00% 31-Dec 31-Mar Years 6.50% 1 5 9 13 17 21 25 29 Source: FIMMDA 21 5.3 Due to reasons mentioned above, Treasury Bills yields also saw some decline across the curve during the quarter as compared to previous quarter with 91, 182 and 364 day yields moderating by 2, 11 and 16 bps respectively. The 1m-12m spread was down to 7 bps at end March 2016 as compared with 17 bps at end December 2015. The 1m-3m spread was up at 13 bps from 9 bps as at previous quarter end, while 3m-6m spread contracted to (-) 3 bps at March 2016 end from 6 bps as at previous quarter end (Chart 10). Yield (Per cent) Chart 10: Treasury Bill Yield Curve 8.2 8.0 7.8 7.6 7.4 7.2 7.0 31-Dec-15 31-Mar-16 6.8 6.6 0 91 182 273 364 Maturity (days) Source: FIMMDA B. Trading Pattern for domestic securities 5....
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.....4 The total volume of Government securities transacted on an outright basis during Q4 of FY15-16 stood at Rs. 24.74 lakh crore, an increase of 10.76 per cent over volume of 22.34 lakh crores during the preceding quarter (Table 10). G-Secs, showing an increase of 13.39 per cent, mainly contributed to the increase in trading activity during the quarter. The annualised outright turnover ratio¹ for Central Government dated securities (G-Secs) for Q3 of FY15-16 increased to 4.18 from 3.64 during Q3 of FY15-16. Including repo transactions, the annualised total turnover ratio² for Q4 of FY 15-16 increased to 10.98 from 9.76 during Q3 of FY15-16. 1 Annualised Outright Turnover Ratio = 4* [Quarterly Outright Volume *2/(Average of outstanding stock)] 2 Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * (Average of outstanding stock)] 4) / 22 '000 Crore G-Sec 2011-12 3099107 T-Bills 345237 Outright SDL Period Table 10: Transactions in Government Securities (volumes in Crore) Repo Total G-Sec T-Bills SDL Total 43859 3488203 2186877 1554121 22878 3763877 2012-13 5920929 552943 118159 6592032 2918337 2413144 71282 5402764 2013-14 7968661 833191 1....
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....54847 8956699 3364069 Apr-Jun14 Oct-Dec14 2690532 2367773 228296 July-Sep14 1806274 201536 204131 43601 49700 24824 2645769 950413 2032634 1012130 2938264 1183003 3832478 31580 7228127 1013226 6726 1970365 924362 26401 1962893 580690 60785 1824478 Jan-Mar15 2285029 189507 64959 2539494 1326350 740729 50431 2117510 Apr-Jun 15 2280746 225239 56618 2562604 1267888 July-Sep15 Oct-Dec15 Jan-Mar16 2154202 226051 77147 1931991 215039 87056 2190732 2457401 1456168 188060 95627 2234116 2474420 1622568 1884073 773487 533733 41476 2031377 495476 45462 2163506 445508 45731 2375312 10096 2051471 Source: CCIL 5.5 Central Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q4 of FY15-16, their share stood at 88.54 per cent of total outright volumes as compared to 86.48 per cent in Q3 of FY15-16. Central government securities accounted for 79.32 per cent of the total repo volumes during Q4 of FY15-16 as compared to 75.0 per cent in Q3 of FY15-16. Chart 11a: Secondary Market Transactions - Outright 3000 3000 Chart 11b: Secondary Market Transactions - Jan- Mar'16 2500 2500 2000 crore 2000 1500 1000 1500 000. 1000 500 500 0 0 Ja....
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....n-Mar 15 Apr-Jun 15 July-Sept 15 Oct-Dec 15 Jan-Mar 16 Outright repo â– G-Sec T-Bills â– SDL G-Sec T-Bills â– SDL Source: CCIL 23 5.6 The top 10 traded securities accounted for 74.67 per cent of the total outright transaction volume during the quarter as compared with 71.01 per cent during Q3 of FY15- 16. The share of top three traded securities decreased to 40.76 per cent from 53.98 per cent during Q3 of FY15-16 (Table 11). Table 11 - Top 10 Traded Securities (in Crore) Security Jan-Mar 16 Security Oct-Dec 15 7.88 G.S. 2030 7.59 G.S. 2026 3,99,195 7.72 G.S. 2025 3,26,302 8.40 G.S. 2024 5,95,676 4,18,871 8.27 G.S. 2020 2.83,115 7.88 G.S. 2030 1,91,534 7.72 G.S. 2025 2,68,812 7.68 G.S. 2023 1,37,616 7.59 G.S. 2029 2,29,946 8.27 G.S. 2020 76,373 7.68 G.S. 2023 1,46,784 7.35 G.S. 2024 65,629 7.28 G.S. 2019 60,064 8.15 G.S.2026 32,346 7.35 G.S. 2024 49,781 8.60 G.S. 2028 31,417 6.35 G.S. 2020 41,974 8.12 G.S. 2020 18,520 8.12 G.S. 2020 41,670 7.16 G.S. 2023 18,357 Source: CCIL 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....
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..../ Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar 2014-15 2013-14 2012-13 2011-12 Quarter Less than 3 2016 82086 2015 41599 2015 41227 2015 59905 2015 33204 106086 95703 11865 35545 Years 3-7 Years 678111 269286 259519 7-10 Years 693755 1003441 1435526 361792 1139598 302885 1182377 1316068 500159 234437 980226 4821218 3207229 2331557 1743886 Total above 10 Years 736780 617666 417930 2190732 1931992 2154202 2280747 2285029 9149607 7968661 719452 968714 3039926 3349661 3077349 1085239 5920929 3099107 Source: CCIL 5.8 The maturity distribution of Government securities transactions in the secondary market is represented in Chart 12a and 12b. Trading was more distributed during the quarter vis-Ã -vis previous quarter. Reflecting the increased trading activity in 10-year benchmark securities, while share of '10 years and above' maturity range increased and accounted for the highest share of trading volumes during Q4 of FY15-16 (33.63 per cent, 24 higher than 31.97 per cent in Q3 of FY15-16) share of '7-10 years' maturity range was lowered to 31.67 percent from 51.94 percent in previous quarter. The below 3 years maturity bracket continued to had lowest share of trading volume at 3.75 per cent.....
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.... Share of '3-7 years' maturity range saw highest increase from 13.94 percent to 30.95 percent during the quarter. Chart 12a: Maturity-wise Trading Activity- January-March,2016 3.7% Chart 12b: Maturity wise Trading Activity - October-December 15 2.2% 32.0% 33.6% 31.0% 31.7% 10 yrs 13.9% 51.9% â– 10 yrs 5.9 Foreign banks continued to be the dominant trading category during the quarter with their share in total outright trading activity, and it increased to 31.1 per cent (of total trading volumes) from 28.4 per cent during Q3 of FY 15-16(Chart 13). Public sector banks share decreased to 21.8 percent during the quarter from 23.9 per cent in the last quarter. `Others' category comprising of Fls, Insurance Cos and Others were the largest net buyer ( 29,355 crore) in secondary market during the quarter, followed by Public Sector Banks ( 27,625 crore). Mutual Funds (excluding primary dealers) were largest net sellers category in secondary market (Rs.25, 725 crore) during the quarter, followed by Foreign Banks (1,136 crore). 25 Chart 13: Trading Activity (Buy + Sell) By Category (outside circle Jan-Mar'16 and inside circle Oct - December15) 4.2% 3.5% 21.8% Public Sector 10.9% 3.5% Ban....
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....ks 10.6% 23.9% Private Sector 3.7% 14.5% 16.1% 28.4% 31.1% Banks Foreign Banks Primary Dealers 13.7% 14.0% Mutual Funds Co-operative Banks Others Jan-Mar 2016 Table 13: Category wise - Buying and Selling (% of total ) Oct-Dec July-Sept 2015 2015 Co-operative Banks Fls 3.6 0.12 3.35 Foreign Banks 31 Ins. Cos 2.01 Mutual Funds 10.4 31.1 27.6 1.82 1.82 2.11 1.57 11.5 10.7 10.5 9.65 Primary Dealers 13.3 Pvt. Sector Banks 14.4 Pub. Sector Banks 15.6 14.3 18 17.9 13.5 13.8 13.6 12.3 22.4 21.3 25.4 22.4 24.1 Others 2.71 Total 23.7 1.73 2.26 0.62 2.26 2.11 3.17 100 100 100 100 100 100 100 100 100 100 100 100 100 22.1 Apr-Jun 2015 Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell 3.45 3.72 3.73 3.54 3.32 2.9 3.5 3.39 4.04 3.96 0.09 0.43 0.13 0.16 0.07 0.28 0.16 0.14 0.09 0.27 0.05 29.3 28.3 28 30.5 32.4 28.7 29.5 25 25 1.23 1.69 1.51 1.53 1.64 1.25 1.13 1.34 1.33 8.25 10.3 8.31 8.93 8.51 9.78 7.93 10.3 9.85 20.7 16.3 19.5 13.9 16.3 18.4 20.7 16.1 20.2 12.4 12.4 12.9 11.2 10.8 12.4 12.4 12.6 12.2 20.3 29.2 28.2 26.9 26.4 19.8 3 Jan-Mar 2015 Oct-Dec 2014 July-Sept 2014 Buy Sell 2.94 2.68 0.21 33.7 33 0.07 18.1 1.97 2.91 1.64 2.45 2.47 2.5 100 5.10 Quarterly share of various categories/par....
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....ticipants in the secondary market trading activity (buy + sell) for government securities is shown in Table 13. 26 27 Statement 1: Issuance of Dated securities During FY16 (Amount in Crore) Name of Stock Date of Auction Date of Issue Amount Devolveme Cut off Cut off Date of Residual Raised nt on PDs price yield Maturity Maturity 8.27% GS 2020 $ M 10-Apr-15| 13-Apr-15 3000 0 102.18 7.75 9-Jun-20 5.16 8.15% GS 2026 $ M 10-Apr-15 13-Apr-15 7000 0 102.63 7.80 24-Nov-26 11.61 8.24% GS 2033 $ M 10-Apr-15 13-Apr-15| 3000 0 103.96 7.83 10-Nov-33| 18.58 8.17% GS 2044 $ M 10-Apr-15 13-Apr-15 3000 0 103.63 7.85 1-Dec-44 29.63 8.27% GS 2020 $ M 17-Apr-15 20-Apr-15 3000 0 102.02 7.78 9-Jun-20 5.14 8.40% GS 2024 $ M 17-Apr-15 20-Apr-15 7000 0 103.80 7.81 28-Jul-24 9.27 7.95% GS 2032 $ M 17-Apr-15 20-Apr-15 3000 0 100.67 7.88|| 28-Aug-32| 17.36 9.23% GS 2043 $ M 17-Apr-15 20-Apr-15 3000 0 114.54 7.94 23-Dec-43 28.68 7.68% GS 2023 #M 24-Apr-15| 27-Apr-15 3000 0 100.00 7.68 15-Dec-23 8.63 8.15% GS 2026 8.24% GS 2033 8.17% GS 2044 $ M 24-Apr-15 27-Apr-15 7000 0 102.72 7.79 24-Nov-26 11.58 $ M 24-Apr-15 27-Apr-15 3000 0 103.89 7.84 10-Nov-33| 18.54 $ M 24-Apr-15 27-Apr-15 3000 0 103.58 7.86 1-Dec-44 ....
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....29.59 8.27% GS 2020 $ M 30-Apr-15 5-May-15 3000 0 101.71 7.85 9-Jun-20 5.09 8.40% GS 2024 $ M 30-Apr-15 5-May-15 7000 0 103.65 7.83 28-Jul-24 9.23 7.95% GS 2032 $ M 30-Apr-15 5-May-15 3000 0 100.45 7.90 28-Aug-32| 17.31 8.17% GS 2044 $ M 30-Apr-15 5-May-15| 3000 0 102.95 7.68% GS 2023 $ M 8-May-15 11-May-15 3000 0 98.71 7.88% GS 2030 #M 8-May-15 11-May-15 7000 0 100.00 7.91 1-Dec-44 7.89 15-Dec-23 7.88 19-Mar-30 29.57 8.59 14.86 8.24% GS 2033 $ M 8-May-15 11-May-15 3000 0 101.75 8.06 10-Nov-33 18.50 8.17% GS 2044 $ M 8-May-15 11-May-15 3000 0 101.30 8.05 1-Dec-44 29.56 8.27% GS 2020 $ M 15-May-15 18-May-15 3000 0 101.25 7.96 9-Jun-20 5.06 8.15% GS 2026 7.95% GS 2032 $ M 15-May-15 18-May-15| 7000 0 101.10 8.00 24-Nov-26 11.52 $ M 15-May-15 18-May-15 3000 1147.78 98.87 8.07 28-Aug-32| 17.28 8.17% GS 2044 $ M 15-May-15 18-May-15 3000 1560.81 101.03 8.08 1-Dec-44 29.54 7.68% GS 2023 $ M 22-May-15 25-May-15 3000 0 99.05 7.83 15-Dec-23 8.56 7.72% GS 2025 #M 22-May-15 25-May-15 9000 0 100.00 8.24% GS 2033 $ M 22-May-15| 25-May-15| 2000 0 102.35 8.17% GS 2044 $ M 22-May-15 25-May-15 2000 0 101.96 7.68% GS 2023 $ M 29-May-15 1-Jun-15 3000 0 99.25 7.72 25-May-25 7.99 10-Nov-33 8.00 1-Dec-44 ....
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....7.80 15-Dec-23 10.00 18.46 29.52 8.54 7.88% GS 2030 $ M 29-May-15 1-Jun-15 7000 0 100.50 7.82 19-Mar-30 14.80 7.95% GS 2032 $ M 29-May-15 1-Jun-15 3000 0 99.62 8.17% GS 2044 $ M 29-May-15 1-Jun-15 3000 0 102.06 7.68% GS 2023 $ M 5-Jun-15 8-Jun-15 3000 0 98.01 7.99 28-Aug-32| 7.99 1-Dec-44 8.01 15-Dec-23 17.24 29.50 8.52 7.72% GS 2025 $ M 5-Jun-15 8-Jun-15 7000 0 99.31 7.82 25-May-25 9.96 8.24% GS 2033 $ M 5-Jun-15 8-Jun-15 3000 889.25 100.85 8.15 10-Nov-33 18.42 8.17% GS 2044 $ M 5-Jun-15 8-Jun-15 3000 7.68% GS 2023 $ M 12-Jun-15 15-Jun-15 3000 1265.5 7.88% GS 2030 $ M 7.95% GS 2032 $ M 8.17% GS 2044 7.68% GS 2023 7.72% GS 2025 $ M $ M 12-Jun-15 15-Jun-15 12-Jun-15 15-Jun-15 12-Jun-15 15-Jun-15 19-Jun-15 22-Jun-15 6000 3000 3000 3000 $ M 19-Jun-15 22-Jun-15 6000 0500000 100.21 8.15 1-Dec-44 29.48 97.45 8.10 15-Dec-23 8.50 97.93 8.12 19-Mar-30 14.76 97.35 8.24 28-Aug-32| 17.20 99.23 8.24 1-Dec-44 29.46 98.34 7.95 15-Dec-23 8.48 99.63 7.77 25-May-25 9.93 contd... Statement 1: Issuance of Dated securities During FY16 contd... Name of Stock Date of Auction 8.24% GS 2033 $ M 19-Jun-15 Date of Issue 22-Jun-15 (Amount in Amount Devolveme Cut off Crore) Cut off Date of Residual Raised nt o....
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....n PDs price vield Maturity Maturity 3000 0 101.13 8.12 10-Nov-33 18.38 8.13% GS 2045 #M 19-Jun-15 22-Jun-15 3000 0 100.00 8.13 22-Jun-45 30.00 7.35% GS 2024 $ M 26-Jun-15 29-Jun-15 0 0 0.00 0.00 22-Jun-24 8.98 7.88% GS 2030 $ M 26-Jun-15 29-Jun-15 6000 0 97.87 8.13 19-Mar-30 14.72 7.95% GS 2032 $ M 26-Jun-15 29-Jun-15 0 0 0.00 0.00 28-Aug-32| 17.10 8.17% GS 2044 $ M 26-Jun-15 29-Jun-15 0 0 0.00 0.00 1-Dec-44 29.42 7.68% GS 2023 $ M 3-Jul-15 6-Jul-15 3000 0 98.15 7.98 15-Dec-23 8.44 7.72% GS 2025 $ M 3-Jul-15 6-Jul-15 6000 0 99.42 7.80 25-May-25 9.89 8.24% GS 2033 $ M 3-Jul-15 6-Jul-15 3000 0 101.26 8.11 10-Nov-33| 18.34 8.13% GS 2045 $ M 3-Jul-15 6-Jul-15 3000 0 100.43 8.09 22-Jun-45 29.96 7.35% GS 2024 $ M 10-Jul-15 13-Jul-15 3000 0 95.62 8.05 22-Jun-24 8.94 7.88% GS 2030 $ M 10-Jul-15 13-Jul-15 6000 0 98.81 8.02 19-Mar-30 14.68 7.95% GS 2032 $ M 10-Jul-15 13-Jul-15 3000 0 98.79 8.08 28-Aug-32| 17.13 8.17% GS 2044 $ M 10-Jul-15 13-Jul-15 3000 0 101.13 8.07 1-Dec-44 29.38 7.68% GS 2023 $ M 17-Jul-15 20-Jul-15 3000 0 97.60 8.08 15-Dec-23 8.40 7.72% GS 2025 $ M 17-Jul-15 20-Jul-15 6000 0 99.04 7.86 25-May-25| 9.85 8.24% GS 2033 $ M 17-Jul-15 20-Jul-15 3000 0 101.07 8.12 10-Nov-33 18.....
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....31 8.13% GS 2045 $ M 17-Jul-15 20-Jul-15 3000 0 100.36 8.10 22-Jun-45 29.92 7.35% GS 2024 $ M 24-Jul-15 27-Jul-15 2000 0 95.99 7.99 22-Jun-24 8.90 7.88% GS 2030 $ M 24-Jul-15 27-Jul-15 6000 0 98.81 8.02 19-Mar-30 14.64 7.95% GS 2032 $ M 24-Jul-15 27-Jul-15 3000 0 98.58 8.10 28-Aug-32 17.09 8.17% GS 2044 $ M 24-Jul-15 27-Jul-15 3000 0 100.36 8.14 1-Dec-44 29.34 7.68% GS 2023 $ M 31-Jul-15 3-Aug-15 2000 0 98.36 7.95 15-Dec-23 8.37 7.72% GS 2025 $ M 31-Jul-15 3-Aug-15 6000 0 99.37 7.81 25-May-25 9.81 8.24% GS 2033 $ M 31-Jul-15 3-Aug-15 3000 0 101.61 8.07 10-Nov-33 18.27 8.13% GS 2045 7.35% GS 2024 $ M 31-Jul-15 3-Aug-15 3000 0 101.16 8.03 22-Jun-45 29.89 $ M 7-Aug-15 10-Aug-15 2000 0 96.07 7.97 22-Jun-24 8.87 7.88% GS 2030 7.95% GS 2032 8.17% GS 2044 $ M 7-Aug-15 10-Aug-15 6000 0 99.14 7.98 19-Mar-30 14.61 $ M 7-Aug-15 10-Aug-15| 3000 0 98.96 8.06 28-Aug-32| 17.05 $ M 7-Aug-15 10-Aug-15 3000 0 101.48 8.04 1-Dec-44 29.31 7.68% GS 2023 $ M 14-Aug-15| 17-Aug-15 2000 0 98.76 7.88 15-Dec-23 8.33 7.72% GS 2025 8.24% GS 2033 8.13% GS 2045 7.35% GS 2024 7.88% GS 2030 7.95% GS 2032 8.17% GS 2044 7.68% GS 2023 7.72% GS 2025 $ M 14-Aug-15 17-Aug-15 6000 0 99.81 7.75 25-May-25 9.77 $ M 14-Aug-15....
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.... 17-Aug-15 3000 $ M 14-Aug-15 17-Aug-15 3000 0 $ M 21-Aug-15 24-Aug-15 2000 0 102.16 101.78 0 96.34 8.01 10-Nov-33 7.97 22-Jun-45 18.23 29.85 7.93 22-Jun-24 8.83 $ M 21-Aug-15 24-Aug-15| 6000 0 99.58 7.93 19-Mar-30 14.57 $ M 21-Aug-15 24-Aug-15 3000 0 99.31 8.02 28-Aug-32 17.01 $ M 21-Aug-15 24-Aug-15 3000 $ M 28-Aug-15 31-Aug-15 2000 0 $ M 28-Aug-15| 31-Aug-15| 6000 0 101.72 98.60 0 99.57 8.02 1-Dec-44 29.27 7.91 15-Dec-23 8.29 7.78 25-May-25 9.74 8.24% GS 2033 $ M 28-Aug-15 31-Aug-15 3000 0 102.01 8.03 10-Nov-33 18.19 8.13% GS 2045 $ M 28-Aug-15 31-Aug-15 3000 0 101.50 8.00 22-Jun-45 29.81 7.35% GS 2024 $ M 4-Sep-15 7-Sep-15 2000 0 96.46 7.91 22-Jun-24 8.79 := Date of Date of Amount Name of Stock Auction Issue Raised Statement 1: Issuance of Dated securities During FY16 contd... Date of Maturity (Amount in Devolveme Cut off Crore) Cut off nt on PDs price yield Residual Maturity 7.88% GS 2030 $ M 4-Sep-15 7-Sep-15 6000 0 99.86 7.90 19-Mar-30 14.53 7.95% GS 2032 $ M 4-Sep-15 7-Sep-15 3000 0 99.35 8.02| 28-Aug-32| 16.98 8.17% GS 2044 $ M 4-Sep-15 7-Sep-15 3000 0 101.85 8.00 1-Dec-44 29.23 7.68% GS 2023 $ M 11-Sep-15 14-Sep-15 2000 0 98.56 7.92 15-Dec-23 8.25 7.72% GS 2025 $ M 11-Sep....
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....-15 14-Sep-15 6000 0 99.55 7.78 25-May-25 9.70 8.24% GS 2033 $ M 11-Sep-15 14-Sep-15 3000 0 101.97 8.03 10-Nov-33 18.16 8.13% GS 2045 $ M 11-Sep-15 14-Sep-15 3000 0 101.31 8.01 22-Jun-45 29.77 7.35% GS 2024 $ M 24-Sep-15 28-Sep-15 2000 0 96.81 7.86 22-Jun-24 8.73 7.88% GS 2030 $ M 24-Sep-15 28-Sep-15 6000 0 100.36 7.84 19-Mar-30 14.48 8.24% GS 2033 $ M 24-Sep-15 28-Sep-15 3000 0 102.59 7.97 10-Nov-33 18.12 8.13% GS 2045 $ M 24-Sep-15 28-Sep-15 3000 0 102.04 7.95 22-Jun-45 29.73 7.35% GS 2024 $ M 1-Oct-15 5-Oct-15 2000 0 98.28 7.62 22-Jun-24 8.71 7.88% GS 2030 $ M 1-Oct-15 5-Oct-15 7000 0 101.57 7.70 19-Mar-30 14.46 8.24% GS 2033 $ M 1-Oct-15 5-Oct-15 3000 0 103.92 7.83 10-Nov-33 18.10 8.13% GS 2045 $ M 1-Oct-15 5-Oct-15 3000 0 103.54 7.82 22-Jun-45 29.71 7.68% GS 2023 $ M 9-Oct-15 12-Oct-15 2000 0 100.62 7.57 15-Dec-23 8.18 7.72% GS 2025 $ M 9-Oct-15 12-Oct-15 7000 0 101.20 7.54 25-May-25| 9.62 7.73% GS 2034 #M 9-Oct-15 12-Oct-15 3000 0 100.00 7.73 19-Dec-34 19.19 8.17% GS 2044 $ M 7.35% GS 2024 $ M 16-Oct-15 9-Oct-15 12-Oct-15 19-Oct-15 3000 0 104.15 7.81 1-Dec-44 29.14 2000 0 98.46 7.59 22-Jun-24 8.68 7.59% GS 2029 #M 16-Oct-15 19-Oct-15 7000 8.24% GS 2033 $ M 16-Oct-15 19-Oct-15....
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.... 3000 0 8.13% GS 2045 $ M 16-Oct-15 19-Oct-15 3000 7.68% GS 2023 $ M 23-Oct-15 26-Oct-15 2000 0 7.88% GS 2030 $ M 23-Oct-15 26-Oct-15 7000 0 100.00 103.91 0 103.54 100.32 0 101.05 7.59 20-Mar-29 13.42 7.83 10-Nov-33| 18.06 7.82 22-Jun-45 7.62 15-Dec-23 7.76 19-Mar-30 29.68 8.14 14.40 7.73% GS 2034 $ M 23-Oct-15 26-Oct-15 3000 0 100.21 7.71 19-Dec-34 19.15 8.17% GS 2044 $ M 23-Oct-15 26-Oct-15 2000 0 104.04 7.82 1-Dec-44 29.10 7.72% GS 2055 #M 23-Oct-15 26-Oct-15 1000 0 100.00 7.72 26-Oct-55 40.00 7.35% GS 2024 $ M 30-Oct-15 2-Nov-15 2000 0 97.84 7.69 22-Jun-24 8.64 7.72% GS 2025 $ M 30-Oct-15 2-Nov-15 7000 0 100.54 7.64 25-May-25 9.56 8.24% GS 2033 $ M 30-Oct-15 2-Nov-15 3000 0 103.58 7.86 10-Nov-33 18.02 8.13% GS 2045 $ M 30-Oct-15 2-Nov-15 3000 0 103.13 7.85 22-Jun-45 29.64 7.68% GS 2023 $ M 7-Nov-15 10-Nov-15 2000 0 99.83 7.71 15-Dec-23 8.10 7.59% GS 2029 7.73% GS 2034 8.17% GS 2044 7.72% GS 2055 $ M 7-Nov-15 10-Nov-15 7000 0 99.06 7.70 20-Mar-29 13.36 $ M 7-Nov-15 10-Nov-15 3000 0 99.00 7.83 19-Dec-34 19.11 $ M 7-Nov-15 10-Nov-15 2000 0 103.52 7.86 1-Dec-44 29.06 $ M 7-Nov-15 10-Nov-15 1000 0 100.74 7.66 26-Oct-55 39.96 7.35% GS 2024 7.88% GS 2030 $ M 22-Nov-15 25-Nov-15 2000 0....
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.... 97.47 7.76 22-Jun-24 8.58 $ M 8.24% GS 2033 8.13% GS 2045 7.68% GS 2023 7.72% GS 2025 7.73% GS 2034 22-Nov-15 25-Nov-15 $ M 22-Nov-15 $ M 22-Nov-15 25-Nov-15 $ M 27-Nov-15 30-Nov-15 $ M 27-Nov-15 30-Nov-15 $ M 27-Nov-15 30-Nov-15 7000 0 100.08 7.87 19-Mar-30 14.32 25-Nov-15 3000 0 102.52 7.97 10-Nov-33 17.96 3000 0 102.20 7.94 22-Jun-45 29.58 2000 0 99.58 7.75 15-Dec-23 8.04 7000 0 3000 0 99.75 98.17 7.76 25-May-25| 7.92 19-Dec-34 9.49 19.05 iii Statement 1: Issuance of Dated securities During FY16 contd... Date of Date of (Amount in Amount Devolveme Cut off Crore) Cut off Date of Residual Name of Stock Auction 8.17% GS 2044 $ M 27-Nov-15 Issue 30-Nov-15 Raised nt on PDs price yield Maturity Maturity 2000 0 102.00 7.99 1-Dec-44 29.00 7.72% GS 2055 $ M 27-Nov-15 30-Nov-15 1000 0 99.50 7.76 26-Oct-55 39.91 7.35% GS 2024 $ M 4-Dec-15 7-Dec-15 2000 0 97.46 7.76 22-Jun-24 8.54 7.59% GS 2029 $ M 4-Dec-15 7-Dec-15 7000 1942.5 98.48 7.77 20-Mar-29 13.29 8.24% GS 2033 $ M 4-Dec-15 7-Dec-15 3000 0 101.95 8.03 10-Nov-33 17.93 8.13% GS 2045 $ M 4-Dec-15 7-Dec-15 3000 0 101.28 8.02 22-Jun-45 29.54 7.68% GS 2023 $ M 11-Dec-15 14-Dec-15 2000 0 99.43 7.78 15-Dec-23 8.00 7.72% GS 2025 $ M 11-Dec-....
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....15 14-Dec-15 7000 2061.5 99.37 7.81 25-May-25 9.45 7.73% GS 2034 $ M 11-Dec-15 14-Dec-15 3000 710.85 97.23 8.01 19-Dec-34 19.01 8.17% GS 2044 $ M 11-Dec-15 14-Dec-15 1000 0 101.79 8.01 1-Dec-44 28.96 7.72% GS 2055 $ M 11-Dec-15 14-Dec-15 2000 0 98.65 7.83 26-Oct-55 39.87 7.35% GS 2024 $ M 1-Jan-16 4-Jan-16 2000 0 97.28 7.79 22-Jun-24 8.47 7.88% GS 2030 $ M 1-Jan-16 4-Jan-16 6000 0 99.16 7.98 19-Mar-30 14.21 8.24% GS 2033 $ M 1-Jan-16 4-Jan-16 3000 0 101.01 8.13 10-Nov-33 17.85 8.13% GS 2045 $ M 1-Jan-16 4-Jan-16 3000 0 100.17 8.11 22-Jun-45 29.47 7.68% GS 2023 $ M 8-Jan-16 11-Jan-16 2000 0 99.89 7.70 15-Dec-23 7.93 7.59% GS 2026 #M 8-Jan-16 11-Jan-16 8000 0 100.00 7.59 11-Jan-26 10.00 7.73% GS 2034 $ M 8-Jan-16 11-Jan-16 2000 0 97.48 7.99 19-Dec-34 18.94 7.72% GS 2055 $ M 8-Jan-16 11-Jan-16 2000 0 97.81 7.90 26-Oct-55 39.79 7.35% GS 2024 $ M 15-Jan-16 18-Jan-16 2000 0 97.06 7.83 22-Jun-24 8.43 7.59% GS 2029 $ M 15-Jan-16 18-Jan-16 6000 0 97.44 7.90 20-Mar-29 13.17 8.24% GS 2033 $ M 15-Jan-16 18-Jan-16 3000 0 100.52 8.18 10-Nov-33 17.81 8.13% GS 2045 $ M 15-Jan-16 18-Jan-16 3000 0 99.45 8.18 22-Jun-45 29.43 7.68% GS 2023 $ M 22-Jan-16 25-Jan-16 3000 0 99.68 7.73 15-Dec-23 7.89 7.59%....
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.... GS 2026 $ M 22-Jan-16 25-Jan-16 7000 0 99.71 7.63 11-Jan-26 9.96 7.73% GS 2034 $ M 22-Jan-16 25-Jan-16 2000 804.2 96.87 8.05 19-Dec-34 18.90 7.72% GS 2055 $ M 22-Jan-16 25-Jan-16 2000 0 96.64 8.00 26-Oct-55 39.75 7.35% GS 2024 $ M 29-Jan-16 1-Feb-16 2000 0 97.26 7.80 22-Jun-24 8.39 7.59% GS 2029 $ M 29-Jan-16 1-Feb-16 6000 0 97.48 7.90 20-Mar-29 13.14 8.24% GS 2033 $ M 29-Jan-16 1-Feb-16 3000 0 99.98 8.24 10-Nov-33 17.78 8.13% GS 2045 $ M 29-Jan-16 1-Feb-16 3000 616.75 98.70 8.25 22-Jun-45 29.39 7.68% GS 2023 $ M 5-Feb-16 8-Feb-16 3000 0 99.46 7.59% GS 2026 $ M 5-Feb-16 8-Feb-16 8000 7.73% GS 2034 8.17% GS 2044 $ M $ M 5-Feb-16 8-Feb-16 5-Feb-16 8-Feb-16 1000 0 2000 0 0 99.22 95.61 98.94 7.77 15-Dec-23 7.70 8.19 19-Dec-34 8.27 1-Dec-44 7.85 11-Jan-26 9.93 18.86 28.81 Gross Nominal Amount Raised Weighted Average Yield 585000 7.89 Weighted Average Maturity 16.03 $ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction iv Statement 2: Treasury Bills Issued During FY16 (Amount in crore) Competitive Name of amount Non- Competitive Gross Nominal Cut off Security Date of Auction Date of Issue Raised amount raised amount raised Yield (%) 364 DTB 6-A....
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....pr-15 7-Apr-15 6000 0 6000 7.85 364 DTB 15-Apr-15 16-Apr-15 6000 10 6010 7.88 364 DTB 29-Apr-15| 30-Apr-15 6000 13 6013 7.91 364 DTB 13-May-15 14-May-15 0 0 0 0.00 364 DTB 27-May-15 28-May-15 6000 0 6000 7.83 364 DTB 10-Jun-15 11-Jun-15 6000 0.25 6000.25 7.77 364 DTB 24-Jun-15 25-Jun-15 6000 1958.5 7958.5 7.72 364 DTB 8-Jul-15 9-Jul-15 6000 1.5 6001.5 7.62 364 DTB 22-Jul-15 23-Jul-15 6000 2.75 6002.75 7.62 364 DTB 5-Aug-15 6-Aug-15 6000 2 6002 7.58 364 DTB 19-Aug-15 20-Aug-15 5000 0 5000 7.54 364 DTB 2-Sep-15 3-Sep-15 5000 2 5002 7.50 364 DTB 16-Sep-15 18-Sep-15 5000 4.5 5004.5 7.50 364 DTB 30-Sep-15 1-Oct-15 5000 3 5003 7.17 364 DTB 14-Oct-15 15-Oct-15 6000 0 6000 7.15 364 DTB 28-Oct-15 29-Oct-15 6000 0 6000 7.18 364 DTB 10-Nov-15 12-Nov-15 6000 0 6000 7.24 364 DTB 24-Nov-15 26-Nov-15 6000 3 6003 7.24 364 DTB 9-Dec-15 10-Dec-15 6000 14.7 6014.7 7.25 364 DTB 23-Dec-15 28-Dec-15 6000 6 6006 7.25 364 DTB 6-Jan-16 7-Jan-16 6000 10 6010 7.21 364 DTB 20-Jan-16 21-Jan-16 6000 0 6000 7.21 364 DTB 3-Feb-16 4-Feb-16 6000 0 6000 7.27 364 DTB 17-Feb-16 18-Feb-16 6000 0 6000 7.28 364 DTB 2-Mar-16 3-Mar-16 6000 0 6000 7.19 364 DTB 16-Mar-16 17-Mar-16 6000 2 6002 7.17 364 DTB 30-Mar-16 31-Mar-16....
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.... 6000 0 6000 7.11 182 DTB 8-Apr-15 9-Apr-15 6000 181.11 6181.11 7.88 182 DTB 22-Apr-15 23-Apr-15 6000 41.11 6041.11 7.90 182 DTB 6-May-15 7-May-15 6000 3.5 6003.5 7.97 182 DTB 20-May-15 21-May-15 6000 2.0 6002 7.90 182 DTB 3-Jun-15 4-Jun-15 6000 13.75 6013.75 7.75 182 DTB 17-Jun-15 18-Jun-15 6000 3.5 6003.5 7.75 182 DTB 2-Jul-15 3-Jul-15 6000 800 6800 7.66 182 DTB 15-Jul-15 16-Jul-15 6000 0 6000 7.60 182 DTB 29-Jul-15 30-Jul-15 6000 0 6000 7.53 182 DTB 12-Aug-15 13-Aug-15 6000 0.75 6000.75 7.51 182 DTB 26-Aug-15 27-Aug-15 5000 3004 8004 7.49 182 DTB 9-Sep-15 10-Sep-15| 5000 2501 7501 7.49 contd... V Statement 2: Treasury Bills Issued During FY16 contd... (Amount in crore) Competitive Name of amount Non- Competitive Gross Nominal Cut off Security Date of Auction Date of Issue Raised amount raised amount raised Yield (%) 182 DTB 23-Sep-15 24-Sep-15 5000 2830.92 7830.92 7.47 182 DTB 7-Oct-15 8-Oct-15 6000 162 6162 7.10 182 DTB 21-Oct-15 23-Oct-15 6000 60 6060 7.17 182 DTB 4-Nov-15 5-Nov-15 6000 2 6002 7.19 182 DTB 18-Nov-15 19-Nov-15 6000 0.2 6000.2 7.21 182 DTB 2-Dec-15 3-Dec-15 6000 2 6002 7.23 182 DTB 16-Dec-15 17-Dec-15 6000 9.9 6009.9 7.25 182 DTB 30-Dec-15 31-Dec-15 6000 0 6000 ....
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....7.25 182 DTB 13-Jan-16 14-Jan-16 6000 1000 7000 7.23 182 DTB 27-Jan-16 28-Jan-16 6000 0.22 6000.22 7.23 182 DTB 10-Feb-16 11-Feb-16 6000 0 6000 7.27 182 DTB 24-Feb-16 25-Feb-16 0.00 0 0 0.00 182 DTB 9-Mar-16 10-Mar-16 6000 4,001.50 10001.5 7.23 182 DTB 23-Mar-16 28-Mar-16 6000 569.15 6569.15 7.17 91 DTB 6-Apr-15 7-Apr-15 8000 801.5 8801.5 7.85 91 DTB 8-Apr-15 9-Apr-15 8000 4600 12600 7.85 91 DTB 15-Apr-15 16-Apr-15 8000 3027 11027 7.85 91 DTB 22-Apr-15 23-Apr-15 8000 8954.4 16954.4 7.89 91 DTB 29-Apr-15| 30-Apr-15 8000 2900 10900 7.94 91 DTB 6-May-15 7-May-15 8000 4015 12015 7.98 91 DTB 13-May-15 14-May-15 6096.2 9520 15616.2 7.98 91 DTB 20-May-15 21-May-15 9000 9209.75 18209.75 7.89 91 DTB 27-May-15 28-May-15 9000 5090.35 14090.35 7.85 91 DTB 3-Jun-15 4-Jun-15 9000 9500 18500 7.69 91 DTB 10-Jun-15 11-Jun-15 9000 8500 17500 7.69 91 DTB 17-Jun-15 18-Jun-15 9000 6500 15500 7.69 91 DTB 24-Jun-15 25-Jun-15 9000 6325 15325 7.69 91 DTB 2-Jul-15 3-Jul-15 8000 552.4 8552.4 7.56 91 DTB 8-Jul-15 9-Jul-15 8000 5902 13902 7.52 91 DTB 15-Jul-15 16-Jul-15 8000 1500 9500 7.52 91 DTB 22-Jul-15 23-Jul-15 8000 2753 10753 7.48 91 DTB 29-Jul-15 30-Jul-15 8000 9305.45 17305.45 7.48 91 DTB 5-Aug-15 6-Au....
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....g-15 8000 880 8880 7.44 91 DTB 12-Aug-15 13-Aug-15 8000 1502 9502 7.27 91 DTB 19-Aug-15 20-Aug-15 9000 11400 20400 7.44 91 DTB 26-Aug-15 27-Aug-15 9000 1101.7 10101.7 7.44 91 DTB 2-Sep-15 3-Sep-15 9000 2500 11500 7.44 91 DTB 9-Sep-15 10-Sep-15 9000 11010 20010 7.44 vi Statement 2: Treasury Bills Issued During FY16 contd... Competitive Name of Security 91 DTB amount Non- Competitive (Amount in crore) Gross Nominal Cut off Date of Issue raised amount raised amount raised Yield (%) 16-Sep-15 18-Sep-15 9000 5500.5 14500.5 7.48 91 DTB 23-Sep-15 24-Sep-15 9000 5615.0 14615 7.39 91 DTB 30-Sep-15 1-Oct-15 9000 2000.0 11000 7.06 91 DTB 7-Oct-15 8-Oct-15 8000 1598.8 9598.75 7.06 91 DTB 14-Oct-15 15-Oct-15 8000 5500.0 13500 7.06 91 DTB 21-Oct-15 23-Oct-15 8000 2012.0 10012 7.10 91 DTB 28-Oct-15 29-Oct-15 8000 1800.0 9800 7.10 91 DTB 4-Nov-15 5-Nov-15 8000 5810.0 13810 7.10 91 DTB 10-Nov-15 13-Nov-15 8000 4800.0 12800 7.14 91 DTB 18-Nov-15 19-Nov-15 8000 1310.0 9310 7.14 91 DTB 24-Nov-15 26-Nov-15 8000 16700.0 24700 7.14 91 DTB 2-Dec-15 3-Dec-15 8000 6400.0 14400 7.14 91 DTB 9-Dec-15 10-Dec-15 8000 3005.0 11005 7.19 91 DTB 16-Dec-15 17-Dec-15 8000 16112.0 24112 7.23 91 DTB 23-Dec-15 28-Dec-15 ....
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....8000 12003.0 20003 7.23 91 DTB 30-Dec-15 31-Dec-15 8000 5200.0 13200 7.23 91 DTB 6-Jan-16 7-Jan-16 8,158.27 2192.9 10351.16 7.23 91 DTB 13-Jan-16 14-Jan-16 9000 802.15 9802.15 7.23 91 DTB 20-Jan-16 21-Jan-16 9000 3502.00 12502 7.31 91 DTB 27-Jan-16 28-Jan-16 0 0.00 0 0.00 91 DTB 3-Feb-16 4-Feb-16 8000 2114.00 10114 7.35 91 DTB 10-Feb-16 11-Feb-16 8000 9,012.00 17012 7.35 91 DTB 17-Feb-16 18-Feb-16 8000 2,122.00 10122 7.35 91 DTB 24-Feb-16 25-Feb-16 0 0.00 0 0.00 91 DTB 2-Mar-16 3-Mar-16 8,000 12,407.24 20407.24 7.27 91 DTB 9-Mar-16 10-Mar-16 8,000 1,912 9912 7.27 91 DTB 16-Mar-16 17-Mar-16 8,000 5,712.60 13712.6 7.27 91 DTB 23-Mar-16 28-Mar-16 8,000 1,302.36 9302.355 7.23 91 DTB 30-Mar-16 31-Mar-16 8,000 Total 720254 1,617 282634 9617 7.27 1002888 vii Statement 3: List of Dated Securities Outstanding at end-Mar 2016 Date of Nomenclature 7.59% GS 2016 10.71% GS 2016 FRB, 2016 maturity Outstanding Stock (Crore) of which: MSS 12-Apr-16|| 35149 19-Apr-16 8465 7-May-16 6000 5.59% GS 2016 4-Jun-16 6000 12.30% GS 2016 2-Jul-16 13130 7.02% GS 2016 17-Aug-16 38093 8.07% GS 2017 15-Jan-17 66965 7.49% 2017 (conv) 16-Apr-17| 58000 FRB-2017 2-Jul-17 3000 8.07% GS 2017 JUL 3-Jul-17 50000 7.99% G....
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....S 2017 9-Jul-17 71000 7.46% GS 2017 28-Aug-17 57887 6.25% GS2018 (conv) 2-Jan-18 16887 7.83% GS 2018 11-Apr-18| 73000 |8.24% GS 2018 22-Apr-18 75000 |10.45% GS 2018 30-Apr-18 3716 5.69 % GS 2018(conv)] 25-Sep-18| 16130 12.60% GS 2018 23-Nov-18 12632 5.64% GS 2019 2-Jan-19 10000 6.05% GS 2019 2-Feb-19 53000 7.28% GS 2019 3-Jun-19 53000 6.05% GS 2019 (conv) 12-Jun-19 11000 6.90% GS 2019 13-Jul-19 45000 10.03% GS 2019 9-Aug-19 6000 6.35% GS 2020 (conv) 2-Jan-20 61000 8.19% GS 2020 16-Jan-20 74000 10.70% GS 2020 22-Apr-20| 6000 7.80% GS 2020 3-May-20 75000 |8.27% GS 2020 9-Jun-20 73000 8.12% GS 2020 10-Dec-20 76000 FRB - 2020 21-Dec-20 13000 11.60% GS 2020 27-Dec-20 5000 7.80% GS 2021 11-Apr-21 48000 7.94% GS 2021 24-May-21 49000 10.25% GS 2021 30-May-21 26213 |8.79% GS 2021 8-Nov-21 83000 8.20% GS 2022 15-Feb-22 57632 8.35% GS 2022 14-May-22 77000 |8.15% GS 2022 11-Jun-22 83000 8.08% GS 2022 2-Aug-22 68969 |5.87% GS 2022 (conv) 28-Aug-22 11000 8.13% GS 2022 21-Sep-22 70495 contd... viii Statement 3: List of Dated Securities Outstanding at end-Mar 2016 Date of Nomenclature maturity Outstanding Stock (Crore) of which: MSS 6.30% GS 2023 9-Apr-23 13000 7.16% GS 2023 20-May-23 77000 | 1.44....
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....% II GS 2023 5-Jun-23 1153 6.17% GS 2023 (conv) 12-Jun-23 14000 |8.83% GS 2023 25-Nov-23 83000 |7.68% GS 2023 15-Dec-23 65132 IINSS-Cumulative 1.5% GS 2023 25-Dec-23 65 |7.35% GS 2024 22-Jun-24 65168 |8.40% GS 2024 28-Jul-24 90000 |9.15% GS 2024 14-Nov-24 92000 |7.72% GS 2025 25-May-25 86000 |8.20% GS 2025 24-Sep-25 90000 5.97% GS 2025 (conv) 25-Sep-25 16688 |7.59% GS 2026 11-Jan-26 23000 |8.33% GS 2026 9-Jul-26 90000 10.18% GS 2026 11-Sep-26| 15000 8.15% GS 2026 24-Nov-26 86489 8.24% GS 2027 15-Feb-27 93389 |8.26% GS 2027 2-Aug-27 73427 |8.28% GS 2027 21-Sep-27 89252 6.01% GS GS 2028 (C Align) 25-Mar-28 15000 6.13% GS 2028 4-Jun-28 11000 |8.60% GS 2028 2-Jun-28 84000 7.59% GS 2029 20-Mar-29 33000 7.88% GS 2030 19-Mar-30 89000 |9.20% GS 2030 30-Sep-30 61885 |8.97% GS 2030 5-Dec-30 90000 8.28% GS 2032 15-Feb-32 90687 8.32% GS 2032 2-Aug-32 89434 |7.95% GS 2032 28-Aug-32 89000 |8.33% GS 2032 21-Sep-32| 1522 |8.24% GS 2033 10-Nov-33 87000 7.50% GS 2034 10-Aug-34 60000 7.73% GS 2034 19-Dec-34 20000 FRB, 2035 25-Jan-35 350 7.40% GS 2035 9-Sep-35 52000 8.33% GS 2036 7-Jun-36 86000 |6.83% GS 2039 19-Jan-39 13000 |8.30% GS 2040 2-Jul-40 90000 |8.83% GS 2041 12-Dec-41 90000 |8.30% GS 2042 3....
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....1-Dec-42 90000 |9.23% GS 2043 23-Dec-43 79472 8.17% GS 2044 1-Dec-44 74000 |8.13% GS 2045 22-Jun-45 48000 ix 7.72% GS 2055 26-Oct-55 9000 Total 4363477 Statement 4: Maturity Profile of Government Securities as on End-Mar 2016 Year of maturity Outstanding Stock (Rs.Crore)| 2016-17 173802 2017-18 256774 2018-19 243478 2019-20 250000 2020-21 248000 2021-22 263846 2022-23 310465 2023-24 253349 2024-25 247168 2025-26 215688 2026-27 284878 2027-28 177680 2028-29 128000 2029-30 89000 2030-31 151885 2031-32 90687 2032-33 179957 2033-34 87000 2034-35 80350 2035-36 52000 2036-37 86000 2038-39 13000 2040-41 90000 2041-42 90000 2042-43 90000 2043-44 79472 2044-45 74000 2045-46 48000 2055-56 9000 Grand Total 4363477 X Statement 5:Calendar for Auction of Treasury Bills during Apr-June 2016 (Amount in crore) Date of Auction 91 Days 182 Days 364 Days Total 6-Apr-16 9,000 6000 15,000 12-Apr-16 9,000 6000 15,000 20-Apr-16 9,000 6000 15,000 27-Apr-16 9,000 6000 15,000 4-May-16 9,000 6000 15,000 11-May-16 9,000 6000 15,000 18-May-16 9,000 6000 15,000 25-May-16 9,000 6000 15,000 1-Jun-16 9,000 6000 15,000 8-Jun-16 9,000 6000 15,000 15-Jun-16 9,000 6000 15,000 22-Jun-16 9,000 6000 15,000 29-Jun-16 9,000....
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.... 6000 15,000 Total 117,000 42,000 36,000 195,000 xi<BR> News - Press release - PIB....