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Quarterly Report on Debt Management for the Quarter Oct-Dec 2016 (Q 3 FY 17) Released; Net Market Borrowings from April-December of FY17 Were at Rs. 362,012 Crore, 85.1 Per Cent of B.E.
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....uarterly Report on Debt Management for the Quarter Oct-Dec 2016 (Q 3 FY 17) Released; Net Market Borrowings from April-December of FY17 Were at Rs. 362,012 Crore, 85.1 Per Cent of B.E. <br>Income Tax<br>Dated:- 21-2-2017<br><BR>Quarterly Report on Debt Management for the Quarter Oct-Dec 2016 (Q 3 FY 17) Released; Net Market Borrowings from April-December of FY17 Were at Rs. 362,012 Crore, 85.1 Per Cent of B.E. Government Issued Dated Securities Worth Rs. 161,000 Crore Taking the Gross Borrowings in April-December of Fy17 to Rs. 5,02,000 Crore or 83.7 Per Cent of B.E., vis-a-vis 85.6 Per Cent of B.E. in April-December of FY 16. Since April-June (Q1) 2010-11, Public Debt Management Office (PDMC) (earlier Middle Office), 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 October-December 2016 (Q 3 FY 17). During Q3 of FY17, the Government issued dated securities worth Rs. 161,000 crore taking the Gross Borrowings in April-December of FY17 to Rs. 5,02,000 crore or 83.7 per cent of BE, vis-a-vis 85.6 per cent of BE in April-December of FY 16. Net marke....
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....t borrowings from April-December of FY17 were at Rs. 362,012 crore, 85.1 per cent of BE. Auctions of both Government dated Securities and Treasury Bills, during Q3 of FY17 were held in accordance with the pre-announced issuance calendar. In the 11 tranches of G-securities auction, five new securities, namely 7.06% GS 2046, 6.51% FRB 2024, 6.62% GS 2051, 6.57%GS 2033 and 6.79% GS 2029 were issued during the Quarter on October 10, November 7, November 28, December 5 and December 26, 2016, respectively. The Weighted Average Maturity (WAM) and Weighted Average Yield (WAY) issued during Q3 FY17 was 15.59 years and 6.78 per cent. The liquidity condition in the economy continued to improve during the quarter. The cash position of the Government during Q3 of FY17 was comfortable and remained in surplus mode. The Public Debt (excluding liabilities under the 'Public Account') of the Central Government provisionally increased by 2.4 per cent in Q3 of FY 17 on Q-o-Q basis. Internal debt constituted 92.6 per cent of Public Debt as at end-December 2016, while marketable securities accounted for 83.6 per cent of Public Debt. About 26.6 per cent of outstanding stock has a residual maturity ....
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....of up to 5 years at end - December 2016, which implies that over the next five years, on an average, around 5.3 per cent of outstanding stock needs to be repaid every year. Thus, rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to further reduce roll over risk. G-sec yields declined sharply across the curve during the quarter, post the Government's decision on November 8, 2016 to demonetize high denomination value notes which was viewed positively by market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short end bonds. The bullish market sentiment was however, restrained to a certain extent with rise in global crude prices on OPEC agreement with Russia in its meeting to cut oil output, hiking by US Fed of key policy rate by 25 bps and FOMC commentary suggesting further rate hikes at a faster pace. The trading volume of Government Securities on an outright basis during Q3 FY 17 decreased by 11.87 per cent over the previous quarter. The Quarterly Report is attached here with and is also available on the Finance Ministry website: finmin.nic.in C....
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....lick Here to See the Quarterly Report: ============= Document 1PUBLIC DEBT MANAGEMENT QUARTERLY REPORT OCTOBER-DECEMBER 2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS FEBRUARY 2017 www.finmin.nic.in CONTENTS Section Introduction Page No. 1 1 Macroeconomic Developments 2 2 Debt Management - Primary Market Operations 6 3 Cash Management 9 4 Trends in Outstanding Public Debt 11 5 Ñл Secondary Market 15 || List of Tables and Charts List of Tables Table No. 1 23 4 56 7 68 9 10 11 12 13 Title Fiscal Outcome during Oct-Dec 2016-17 Issuance of Dated Securities Primary Issuance by Maturity Buckets, Q3 of 2016-17 Issuance of Treasury Bills Repayments and Issuance of Treasury Bills in Oct-Dec 2016 Composition of Public Debt Maturity and Yield of Central Government's Market Loans Maturity Profile of Gol Outstanding Dated Securities Ownership Pattern of Government of India Dated Securities Transactions in Government Securities Top 10 Traded Securities Maturity Pattern of Outright Transactions Category wise - Buying and Selling Page No. 6 7 8 10 11 12 13 14 18 19 19 21 List of Charts Chart No. Title Page No. 1 23456789 Growth Rate in GDP at con....
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....stant (2011-12) prices Inflation Rate Based on WPI and CPI Growth Rate in IIP Monthly Exports and Imports Foreign Investment Flow and Exchange Rate Liquidity in the System Holding Pattern of Outstanding Government Securities Movement of G-Sec Yields - 10-year Government Bond Yield Curve 10 Treasury Bill Yield Curve 11a 11b 12a 12b 13 Secondary Market Transaction - Outright Secondary Market Transaction - Oct-Dec 2016 Maturity wise Trading Activity - Oct-Dec 16 Maturity wise Trading Activity - Jul-Sep 16 Trading Activity (Buy+Sell) by Category List of Statements 9 14 16 16 17 18 18 20 20 20 2334524 Statement No. 1 2 3 4 5 Title Issuance of Dated Securities During Q3 of FY17 Treasury Bills Issued During Q3 of FY17 List of Dated Securities Outstanding at end-December 2016 Maturity Profile of Government Securities at end-December 2016 Calendar for Auction of Treasury Bills during Jan-March 2017 ||| = Page No. i ii iii V 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 ....
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....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 Q3 of the fiscal year 2016-17, viz., October-December 2016 (Q3 FY 17). On establishment of Public Debt Management Cell (PDMC) in Budget Division of Department of Economic Affairs in October 2016, which subsumed Middle Office into it, these reports are being published by PDMC now. The report gives an account of the debt management and cash management operations undertaken 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, if any, and also their valuable suggestions at [email protected] 1 4.5 4.0 2012-13 2013-14 Per cent 2014-15 (RE) Section 1 - Macroeconomic Developments 1.1 As per Central Statistics Organisation (CSO) estimates, Indi....
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....a's real GDP growth in Q2 (Jul- Sep) FY 17 (at constant price 2011-12) stood at 7.3 per cent, as against 7.6 per cent growth in Q2 FY 16. Correspondingly, Gross Value Addition (GVA) stood at 7.1 per cent in Q2 FY 17 as against 7.3 per cent in Q2 FY 16. Of the sectors, agriculture output grew by 3.3 per cent, manufacturing grew by 7.1 per cent, mining contracted by 1.5 per cent and construction grew by 3.5 per cent. The growth in GDP during 2016-17 (advance estimate) is estimated to be 7.1 per cent, which is lower than the growth rate of 7.9 per cent (revised on January 31, 2017) in 2015-16. The advance estimate of India's FY17 GDP was pegged at 7.1 per cent (Chart 1). Chart 1: Growth Rate in GDP at Constant (2011-12) Prices 8.5 7.9 7.9 8.0 7.5 7.6 7.2 7.2 7.3 7.5 7.1 7.0 6.5 6.5 6.0 5.5 5.5 5.0 2015-16: Q1 2015-16: Q2 2015-16: Q3 2015-16: Q4 2015-16 (RE) 1.2 Headline inflation remained on a downward trajectory in the quarter as CPI (retail) inflation (new base 2012=100) came in at 3.41 at end-December 2016, lower than 4.4 per cent as at end-September 2016. The decline in retail inflation turned sharper than expected and reached its lowest level since November 2014. Accordingly, wit....
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....h improvement in inflation environment, average CPI inflation rate during Q3 FY 17 was lower at 3.7 per cent as compared with average inflation rate of 5.2 per cent during Q2 of FY 17. Sharp and unusual softening of food prices, especially vegetables and pulses, coupled with contained services inflation helped stem any upside pressure to the headline inflation, notwithstanding adverse statistical base. Food inflation, which accounts for about 46 per cent of the overall CPI basket, eased off to grow at a lower pace of 1.37 per cent in Q3 FY 2016-17 from 3.88 per cent in Q2 FY 2016-17. Core CPI, indicative of demand side price pressure, came in at 4.90 per cent in December 2016 as against 6.98 per cent in the previous month (Chart 2). WPI inflation (y-o-y) moderated to 3.39 per cent (provisional) at 2 2016-17: Q1 2016-17: Q2 2016-17 (1st AE) 7.1 end quarter (in December, 2016) as compared to 3.80 per cent at end of previous quarter (in Sep 2016) and -1.06 per cent during the corresponding month of the previous year (Dec 2015). per cent Chart 2: Inflation Rate Based on WPI and CPI 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 hÅt May 2015-16 WPI unr 2016-17 WPI hom Mar 2015-16 CPI 2016-17 CPI....
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.... 1.3 Industrial growth, as measured by index of industrial production (IIP), contracted to 4 month low of 0.4 per cent in December 2016 as against (-) 0.9 per cent a year ago. The output of consumer durables declined by 10.3 per cent while consumer non-durable contracted by 5.0 per cent with the overall growth in Consumer goods being (-) 6.8 percent in December 2016 over Dec 2015. Manufacturing sector with a weight of 75.5 per cent in IIP, contracted by about 2.0 per cent in December 2016 while growth rates in Mining (weight 14.2 per cent) and Electricity sector (weight 10.3 per cent) was positive at 5.2 per cent and 6.3 per cent, respectively, in December 2016. In the used-based industry classification, growth in all the industry groups except Basic goods, were in negative in December 2016 over previous year. IIP growth was 5.7 per cent in November 2016. On the cumulative basis, IIP growth during Apr-Dec 2016 came in lower at 0.3 per cent, as against 3.2 per cent in the corresponding period of previous year (Chart 3). 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 Aug Sep Oct Nov Dec Jan Feb Mar -4.0 -6.0 â– 2014-15 3 2015-16 â– 201....
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....6-17 1.4 India's exports, in dollar terms, valued at USD 23.9 billion in December 2016 continue to show a positive growth, for the fourth month in succession of 5.72 per cent over December 2015 (valued at USD 22.6 billion). Imports other than petroleum oil and lubricants (POL) moderated in December 2016 (valued at USD 26.6 billion) as compared to a surge seen in November 2016 and also showed a decline of 2.9 per cent, over Dec 2015. In contrast, there was an increase of over 14.6 per cent in POL imports in Dec 2016 (valued at USD 7.6 billion), in part reflecting the rise in international crude oil prices. The average monthly trade deficit during Q3 of 2016-17 remained at USD 11.3 bn as against USD 7.9 bn in Q2 of 2016-17. However, the trade deficit shrank on a year-on-year basis, being lower by US$ 22.4 billion for the period Apr-Dec 2016 from the levels for the corresponding period in previous FY (Chart 4). On the whole, the current account deficit is likely to remain muted and below 1 per cent of GDP in 2016-17. Chart 4: Monthly Exports and Imports 40000 30000 20000 10000 0 -10000 -20000 USD mn 15 10 5 -5 ПИШÐІМИШ Apr-15 May-15 Dec-15 Nov-15 Oct-15 Sep-15....
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.... Aug-15 Jul-15 Jun-15 Exports Growth Exports (right scale) Source: RBI Bulletiin and PIB Jan-16 Dec-16 Nov-16 Sep-16 Oct-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 Mar-16 Feb-16 Per cent -20 -25 -30 -35 Imports Trade Balance Growth Imports (right scale) 1.5 While the buoyancy in net foreign direct investment was sustained in Q3 FY 17, there have been portfolio outflows beginning October 2016, mainly on account of uncertainties relating to the direction of US macroeconomic policies and expectations of faster normalisation of US monetary policy in the year ahead. With net capital flows being higher than the external financing requirement, foreign exchange reserves rose by US $ 120.6 million during the period Apr-Dec 2016 of FY 2016-17 to reach USD 360.3 billion as on December 30, 2016. Rupee traded in a range with some downward bias during the quarter. As compared with previous quarter closing of INR at Rs.66.66 per USD on Sep 30, 2016, INR traded in range of Rs.66.43-68.72 per USD during the quarter and closed at Rs.67.95 per USD on Dec 30, 2016. The average INR exchange rate was Rs.67.46 per USD during the Q3 as 4 compared with Rs.66.96 per USD during Q2 quarter. The INR slumped in the ....
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....third week of Nov 2016 as USD continued to create pressure on the domestic currency. INR hit an all-time intra-day low of Rs.68.86 per USD on Nov 24, 2016, on concerns of demonetization and also about a possible US Fed Reserve rate hike in the near term. Intermittently, INR gained on few occasions to touch a quarter high of Rs.66.43 per USD on Nov 9, 2016, ahead of US Presidential election result and on others occasions due to positive CPI, IIP data, etc. (Chart 5) 25000 80.0 Chart 5: Foreign Investment Flow and Exchange Rate 70.0 20000 60.0 15000 50.0 10000 40.0% 5000 30.0 0 20.0 -5000 0 -10000 0.0 */USD average of Quarter/Month Direct Invest Portfolio Investment Total Exchange Rate (right scale) Source: RBI 5 Section 2- Debt Management - Primary Market Operations A. Government Finances 2.1 The gross fiscal deficit of the Central Government in budget estimates (BE) 2016-17 (FY16) was placed at 5,33,904 crore (3.5 per cent of GDP) as against 5,32,791 crore (3.9 per cent of GDP) of (Actuals) 2015-16. 2.2 The fiscal outcome for the FY17 (April-Dec 2016) of Central government indicates improvement with gross fiscal deficit during April-Dec 2016 at 5.01 trillion or 93.9 per cent of 201....
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....6-17 BE as against 87.9 per cent during corresponding period of 2015-16 BE. Total receipts (from tax and non-tax receipt) during the Apr- Dec 2016 were Rs. 9.3 trillion or 67.9 per cent of the BE vis-Ã -vis 70.4 per cent of BE over the corresponding period of previous year. Total expenditure of the government during April-Dec 2016 was Rs. 14.69 trillion or 74.30 per cent of BE as against 73.9 per cent of BE in corresponding period of previous year (Table 1). Table 1: Fiscal Outcome during the April -December 2016-17 (Amount in crore) Item 2016-17 April-December BE Revenue Receipts 1377022 2015-16 934566 April-December 2016-17 (% of BE) April-December 2015-16 (% of BE) 67.87 70.4 Tax Receipts 1054101 752116 71.35 67.6 Non-Tax Receipts 322921 182450 56.50 81.9 Other Non-debt Receipts 67134 33932 50.54 27.4 Total Expenditure 1978060 1469748 74.30 73.9 Revenue Expenditure 1731036 1288862 74.46 72.05 Capital Expenditure 247024 180886 73.23 76.85 Revenue Deficit 354014 354296 100.08 81.7 Primary Deficit 41234 175566 425.78 186.8 Gross Fiscal Deficit 533904 501250 93.88 87.9 Financing Market Loans* 441830 438991 99.36 89.6 External Assistance 19094 8602 45.05 4x2.3 Securities against Sm....
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....all 22108 -2903 -13.13 22.9 Savings Others 50872 56559 111.18 118.7 * Includes borrowings through treasury bills. Source: Controller General of Accounts (CGA) website; cga.nic.in B. Issuance Details 2.3 This section discusses the issuance details of market borrowings during the Apr-Dec 2016. 6 2.4 Gross and net market borrowing requirements of the Government for FY17 were budgeted at Rs. 6,00,000 (Rs. 5,85,000 crore in FY 16) crore and Rs. 4,25,181 crore (Rs.4,40,608 crore in Y16). Gross borrowings were budgeted higher by 2.56 per cent and net borrowing were budgeted lower by 3.5 per cent in FY17. During Q3 of FY17, the Government issued dated securities worth Rs. 1,61,000 crore taking the gross borrowings from Apr-Dec of FY17 to 5,02,000 crore (83.7 per cent of BE), as compared to Rs. 5,01000 crore (85.6 per cent of BE) during corresponding period of FY16 (Table 2). Net market borrowings during Apr-Dec of FY17at 85.1 per cent of BE were higher than80.9 percent of net BE borrowing done during the corresponding period of FY16. Table 2: Issuance of Dated Securities 2016-17 BE Q3 FY 16 Item Apr-Dec 2016 Apr-Dec FY (Amount in crore) Apr-Dec FY 17% of BE 16% of BE Gross Amount 6,00,000 ....
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....1,61,000 5,02,000 83.7 85.6 Repayments 1,74,819 0 1,06,838 61.1 100.5 Repurchases/Buyback Net Issuance 75,000 4,25,181 33,150 1,61,000 3,62,012 85.1 80.9 2.5 Auctions during Q3 of FY17 were held broadly in accordance with the pre-announced calendar (Table 3). During Q3 FY 17, 11 tranches of auctions were held for issuances of Gol dated securities worth 1,61,000 crore. Five new securities (including one floating rate bond 8YR FRB 2024) were issued during the Q3 FY 17. The amount issued under new securities in Q3 FY17 constituted 40,000 crore or 24.8 per cent of total issuances during Q3 FY16. Around 50.9 per cent of total issuance was through securities falling in the maturity bucket of 10-14 years. There was devolvement on PDs on two occasion (2 securities) during Q3 FY16 worth Rs.2,461 crore as against 'Nil' devolvement during Q2 FY17. Table 3 - Primary Issuance by Maturity Buckets, Q3 of FY 2016-17 2014-15 2015-16 % of Total % of Total 5-9 years 149000 25.2 94000 16.10 10-14 years 15-19 Years 20-30 Years Total 237000 40 266000 45.50 96,000 16.2 112000 19.10 110000 18.6 113000 19.30 592000 100 585000 100.00 H1 FY17 (Projected) 48000-72000 168000-192000 48000-72000 48000-72000 3550....
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....00 % of Total H1 FY17 (Actual) % of Total 13.5-20.3 65000 47.3-54.1 13.5-20.3 13.5-20.3 17.1 183000 44.2 46000 19.4 47000 19.4 100 351000 100 7 H2 FY 16 (Projected) % of Total Q3 FY16 (Projected) % of Total 34000-51000 119000-136000 34000-51000 34000-51000 245000 13.9-20.8 22000-33000 48.6-55.5 13.9-20.8 13.9-20.8 100 77000-88000 22000-33000 22000-33000 161000 13.7-20.5 47.8-54.7 13.7-20.5 13.7-20.5 100 Q3 FY16 (Actual) 29000 82000 % of Total 18.01 50.93 22000 13.66 28000 17.39 161000 100 April-Dec 2016 70000-105000 245000-280000 % of Total 13.6-20.3 47.5-54.3 April-Dec 2016 % of Total 94000 18.73 265000 70000-105000 13.6-20.3 68000 70000-105000 13.6-20.3 75000 516000 100 502000 52.79 13.55 14.94 100.00 2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills) during Q3 of FY 17 amounted to Rs.2,74,650 crore while total repayments amounted to 2,57,853 crore resulting in net issuance of Rs.16,797 crore compared with net issuance of Rs. 23,702 crore in Q3 of last year (Table 4). The details of issuance of bills during Q3 of FY16 are given in Statement 2. Table 4: Issuance of Treasury Bills* Item 2016-17 BE Q3 FY 16 Apr- Dec 2015 (Amount in Apr-Dec FY17% ....
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....of BE crore) Apr-Dec FY 15% of BE 364 DTB Gross Amount 154033 36002 126524 82.1 71.5 Repayment 154033 36024 130031 84.4 78.1 Net Issuance 0 -22 -3507 26.3 182 DTB Gross Amount 175146 51882 149488 85.4 78.7 Repayment 175146 46025 143832 82.1 72.4 Net Issuance 0 5857 5656 91DTB Gross Amount 770219 186766 605609 78.6 75.3 Repayment 753570 175805 582130 77.2 69.2 Net Issuance 16649 10961 23479 141.0 319.4 All T-Bills Gross Amount 1099398 274650 881621 80.2 74.8 Repayment 1082749 257853 855993 79.1 69.6 Net Issuance 16649 16797 25628 153.9 253.5 :- including amount through non-competitive route 2.7 Although the aim is to elongate the tenor of the securities issued by the Government, the tenor of new issuances depends on acceptable roll over risk levels as well as market appetite across various maturity segments. Accordingly, the weighted average maturity of primary issuance was kept long during this quarter. During the Q3 FY17, the weighted average maturity of new issuance was 15.59 years as compared to 14.26 years in Q2 of FY 17. The weighted average yield (cut-off) of issuance during Q3 of FY17, was at 6.78 per cent as against 7.24 per cent in Q2 of FY17, reflecting softening in yield....
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....s during the quarter. 8 50000 0 -50000 Net LAF in Crore (-absorption+injection) -100000 -150000 -200000 -250000 -300000 -350000 -400000 -450000 -500000 -550000 -600000 -650000 -700000 24-06-2016 30-06-2016 07-07-2016 13-07-2016 19-07-2016 25-07-2016 29-07-2016 04-08-2016 10-08-2016 18-08-2016 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, availing 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 2016-17 (October 2016-March 2017) has been fixed at 25,000 crore. 3.2 Liquidity condition in the economy remained comfortable and in surplus mode during the quarter (Chart 6). Continuing with the RBI's stance, as stated in first bi-monthly monetary policy review on April 5, 2016, to progressively lower the average ex-ante liquidity deficit in the system (from one percent of NDTL) to ....
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....a position closer to neutrality, liquidity condition in the economy continued to improve during the quarter. The deficit in liquidity (net borrowing from RBI under Liquidity Adjustment Facility (LAF)) including MSF was at an average of 3,065 crore in October but turned into a surplus in November (average 5,19,428 crore) post the demonetisation decision taken by Gol on November 8, 2016 and increasing further in December 2016 (average Rs. 7,04,966 crore). The average net surplus under LAF during Q3 of FY 16-17 was at Rs.2,29,719 crore as against surplus of Rs.24,396 crore in the previous quarter (Q2 of FY 16-17). On policy front, RBI kept the Repo rate unchanged at 6.25 per cent and cash reserve ratio (CRR) of scheduled banks also unchanged at 4.0 per cent during the quarter. Chart 6: Liquidity infusion in the System ! â € â € â € â € 30-08-2016 06-09-2016 19-09-2016 23-09-2016 29-09-2016 05-10-2016 13-10-2016 25-10-2016 31-10-2016 04-11-2016 22-11-2016 28-11-2016 02-12-2016 08-12-2016 15-12-2016 21-12-2016 27-12-2016 3.3 The cash position of the Government during Q3 of FY 16-17 was comfortable and remained mostly in surplus mode barring a few occasions. The net amoun....
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....t raised during the quarter through Treasury Bills under competitive route was (-) Rs. 6,012 crore. The net amount raised during the quarter through Treasury Bills under non-competitive route was 22,808.97 crore. Overall, the net amount mobilised through treasury bills (under competitive and non-competitive routes) during Q3 of FY 16-17 was Rs. 16,796.97 crore as compared to mobilisation of (-) Rs 10364.90 during the previous quarter. Details of treasury bills issued and matured in Q3 of FY 16-17 are given in Table 5. Table 5: Repayments and Issuance Treasury Bills in October-December 2016 (Amount in crore) Date of Issue Repayments Issued Amount Variation in Issued amount 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB over Repayments 6-Oct-16 9000 6000 0 8000 6000 0 -1000 13-Oct-16 9000 0 6000 8000 0 6000 - 1000 20-Oct-16 9000 6000 0 8000 6000 0 - 1000 27-Oct-16 9000 0 6000 8000 0 6000 -1000 3-Nov-16 9000 6000 0 8000 6000 0 -1000 10-Nov-16 9000 0 0 8000 0 6000 5000 11-Nov-16 0 0 6000 0 0 0 -6000 17-Nov-16 8000 6000 0 8000 6000 0 0 24-Nov-16 8000 0 6000 8000 0 6000 0 1-Dec-16 8000 6000 0 8000 6000 0 0 8-Dec-16 8000 0 6000 7995 0 6000 -5 15-Dec-16 8000 6000 0 8000 6000 0 0 22-Dec-16 8....
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....000 0 0 8000 0 5993 5993 26-Dec-16 0 0 6000 0 0 0 - 6000 29-Dec-16 8000 6000 0 8000 6000 0 0 Q3 Q3 1,10,000.00 65,804.56 Total Under Competitive Route 42,000.00 36,000.00 103,995.00 Total Under Non-Competitive Route 4,025.00 42,000.00 35,993.00 -6012.00 23.70 82,770.80 9,882.29 9.14 22,808.97 3.4 The calendar for issuance of Treasury Bills for quarter January March 2017 was announced on December 30, 2016, with gross borrowings at Rs. 1,30,000 crore. (Statement 5) 10 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.6,176,852 crore at end-December 2016 from 6,033,564 crore at end-September 2016 (Table 6). This represented a quarter-on-quarter (QoQ) increase of 2.4 per cent (provisional) in Q3 FY 17 as compared with an increase of 2.1 per cent in the previous quarter (Q2 of FY 17). Internal debt constituted 92.6 per cent of Public Debt at the end of quarter, as compared with 92.4 per cent in the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and Treasury Bills) accounted for 83.6 per cent of total Public Debt, higher than ....
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....the level as on end-September 2016. The outstanding internal debt of the Government at Rs.5,717,100 crore constituted 38.82 per cent of GDP at end-December 2016 as compared with 38.77 per cent at end-September 2016. Table 6: Composition of Public Debt Item At end-Dec 2016# At end-Sep 2016 At end-Dec 2016# At end-Sep 2016 (crore) (% of Total) 1 2 3 4 5 Public Debt (1 + 2) 6,176,852 6,033,464 100.0 100.0 1. Internal Debt 5,717,100 5,573,712 92.6 92.4 Marketable 5,163,200 5,019,812 83.6 83.2 (a) Treasury Bills 437,711 420,959 7.1 7.0 (i) Cash Management Bills (ii) 91-days Treasury Bills 186,721 175,805 3.0 2.9 (iii) 182-days Treasury Bills 94,456 88,599 1.5 1.5 (iv) 364-days Treasury Bills 156,534 156,555 2.5 2.6 (b) Dated Securities 4,725,490 4,598,854 76.5 76.2 Non-marketable* 553,899 553,899 9.0 9.2 (i) 14-days Treasury Bills* 96,092 96,092 1.6 1.6 (ii) Securities Issued to NSSF* 312,234 312,234 5.1 5.2 (iii) Compensation and other 37,020 37,020 0.6 0.6 bonds* (iv) Securities issued to 108,554 108,554 1.8 1.8 International Financial Institutions* (v) Ways and Means Advances* 2. External Debt (i) Multilateral* (ii) Bilateral* (iii) IMF* (iv) Rupee debt* #: Data are provisional. 459,....
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....752 459,752 7.4 7.6 297,198 297,198 4.8 4.9 124,975 124,975 2.0 2.1 37,015 37,015 0.6 0.6 564 564 0.0 0.0 *These data are not available for end-December, 2016. So they are carried over from previous quarter. 11 Maturity Pattern for Outstanding Government Debt Stock 4.2 The weighted average maturity of outstanding stock of dated securities as at end- December 2016 remain same as at end of previous quarter at 10.54 years. However, over the same period, the weighted average coupon of outstanding stock decreased to 8.02 per cent from 8.05 per cent (Table 7). Year Table 7: Maturity and Yield of Central Government's Market Loans Issues during the year Outstanding Stock* Weighted Weighted Weighted Weighted Average Average Average Average Yield (%) Maturity Coupon (%) Maturity (yrs) (yrs) 1 2 3 4 5 2010-11 7.92 11.62 7.81 9.64 2011-12 8.52 12.66 7.88 9.6 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 7.89 16.07 8.08 10.50 2016-17 Q1 7.64 14.37 8.07 10.53 2016-17 Q2 7.24 14.26 8.05 10.54 2016-17 Q3 6.78 15.59 8.02 10.54 2016-17(end- 7.22 14.72 8.02 10.54 Dec 2016) *As at end of period. 4.3 The proportion of debt (dated securities) maturing in....
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.... less than one year decreased to 5.8 per cent at end-December 2016 from 6.7 per cent a quarter ago. However, proportion of debt maturing within 1-5 years was higher at 20.8 per cent as against 19.6 per cent at end- Sep 2016. Accordingly, debt maturing in next five years increased marginally to 26.6 per cent in Q3 FY 17 from 26.6 per cent of outstanding during the previous quarter. The proportion of outstanding debt maturing in less than 10 years was also higher at 57.7 per cent as against 52.5 per cent a quarter ago, with corresponding increase in share in proportion of debt maturing in more than 10 years. The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q3 of FY17 as well as the maturity dynamics of outstanding securities. Overall, 26.6 per cent of outstanding stock has a residual maturity of up to 5 years at end-December 2016, which 12 implies that over the next five years, on an average, 5.3 per cent of outstanding stock needs to be repaid 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 period is e....
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....xpected to reduce roll over risk further. Table 8: Maturity Profile of Gol Outstanding Dated Securities Maturity Buckets Less than 1 Year End-Sep 2016 (Amount in crore) End-Dec 2016 273701.4 1-5 Years 5-10 Years 10-20 Years 306851.6 (6.7) 899578.0 (19.6) 1207302.4 (26.3) 1643435.5 (5.8) 982578.0 (20.8) 1468791.6 (31.1) 1431946.3 20 Years and above (35.7) 540472.28 Total (11.8) 4,597,639.8 (30.3) 568472.3 (12.0) 4,725,489.6 Holding Pattern Note: 1. Figures in parentheses represent per cent to total. 4.4 The holding pattern of Government securities is available with a lag of a quarter; the latest data are available for end-September 2016 (Table 9 and Chart 7). Banks (including banks that are primary dealers and co-operative banks) continue to dominate as the major investor category, with their share in holding of Government securities at 40.0 per cent at end-Sep 2016 from 39.9 per cent as at end-Jun 2016. Among the long-term investors, the share of holding by insurance companies and provident funds increased during the quarter to 22.7 per cent and 6.3 per, respectively (from 22.6 per cent and 6.3 per cent, respectively at end-June 2016). The share of FPIs also increased to 3.8 per ce....
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....nt at end-Sep 2016 from 3.6 per cent at end-Jun 2016. The share of corporates decreased at end-September 2016 as compared with a quarter ago. Proportion of securities held by the Reserve Bank at end-Sep 2016 decreased marginally to 14.8 per cent (from 14.9 per cent a quarter ago) mainly on account of lesser OMOS purchases worth 20,000 crore made by RBI in Q2 FY 17 (as against worth 80,013 crore OMO purchases in Q1 FY 17) for its liquidity operations aligned with its revised monetary policy stance. 13 Table 9: Ownership Pattern of Government of India Dated Securities (Per cent of Outstanding Securities) Category 2015 2016 Jun. Sep. Dec. Mar. Jun. Sep. 1. Commercial Banks 43.1 43.0 43.6 41.8 39.9 40.0 2. Non-Bank PDs 0.4 0.5 0.4 0.3 0.5 0.1 3. Insurance Companies 21.4 22.1 21.9 22.2 22.6 22.7 4. Mutual Funds 2.4 2.7 2.5 2.1 2.09 2.13 5. Co-operative Banks 2.7 2.6 2.7 2.8 2.7 2.5 6. Financial Institutions 0.7 0.6 0.7 0.7 0.7 0.8 7. Corporates 1.1 0.8 0.9 1.3 1.3 1.1 8. FPIS 3.6 3.6 3.7 3.7 3.6 3.8 9. Provident Funds 7.1 7.2 7.1 6.0 5.9 6.3 10. RBI 13.1 12.1 12.1 13.5 14.9 14.8 11. Others 4.5 4.8 4.5 5.7 5.8 5.8 Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: RBI Bulletin, Volume LXX....
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.... No. 12, December 2016. Chart 7: Holding Pattern of Oustanding G-securities (Sep-2016 outer ring; Jun -2016: inner ring] 5.8 14.8 5.8 14.9 6.3 5.9 3.6 3.8 0.7 0.8 2.1 0.5 2.1 Commercial Banks Non-Bank PDs Insurance Companies 40.0 Mutual Funds 39.9 14 14 Co-operative Banks Financial Institutions Corporates FPIs Provident Funds â– RBI Others A. Section 5-Secondary Market Government security yields 5.1 G-sec market witnessed gains during the quarter after opening the quarter on a positive note. Chart 8 depicts the movement in Government bond yields (10-year yield as benchmark) during the October-December 2016 quarter (Q3 FY17). G-Sec market opened the quarter on positive note on the back of supposedly dovish comments by RBI Governor at the pre-policy analyst meet raising expectations of a near term rate cuts and US Fed's continued cautiousness on rate moves, after easing of concerns over Geo-political tension on account of surgical strikes by India in Pok had resulted in yields rising at September end. However, rise in US Treasury yields on the back of expectations of Fed rate hike, along with rising global crude oil prices adversely affected the market sentiment, notwithstanding ....
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....release of lower than expected September CPI and WPI inflation figures. OMO and repurchase auction announcements by RBI in October second half provided some support to the market. However, towards October end the market saw some correction with caution ahead of US FOMC outcome and uncertainties in the US Presidential election results. The FOMC meeting kept the interest rates unchanged. Even though there was intermittent fall in US Treasury yields and crude prices, the cautious mood continued with investors refraining from building up positions. The Government's decision on November 8, 2016 to demonetize high denomination value notes was viewed positively by the market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short end bonds. The bullish market sentiment was however, restrained to a certain extent with US 10 yr Treasury yield rising to 2.15% level which led to dollar strengthening adversely affecting the market. The release Mid-November of lower October inflation figures—both WPI and CPI further supported the market with yields making fresh 7-1/2 year lows. However, the market was restrained to a certain extent on harde....
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....ning of US Treasury yields on likely expectations of adoption of stimulative economic policies by the New US President elect. Rupee continued to trade with volatility during November and breached all time low levels, however ample system liquidity ensured position building across securities in the bond market. Beginning December, the rise in Global crude prices on OPEC agreement (November end) 15 with Russia in its meeting to cut oil output from January 2017 adversely affected the market. There were hopes of rate cut ahead of fifth Bimonthly Monetary policy review on December 7, 2016. However, RBI in its fifth Bimonthly Monetary Policy Review maintained status quo on policy rates which was viewed negatively by the market and the yields rose. The release of lower November CPI and WPI inflation figures with falling food inflation provided some support to the market. The US Fed hiked key policy rate by 25 bps and FOMC commentary suggested that further rate hikes may be at a faster pace adversely affecting the market. The MPC minutes released in India with individual MPC members commentary being perceived hawkish, indicated limited scope for any rate cuts in near future further adverse....
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....ly affected the market. However, towards month end, the market showed some momentum on account of value buying and recovery in domestic currency ending the quarter with gains. Ten year benchmark yield closed at 6.51 on December 30, 2016 as against 6.81 on September 30, 2016 after trading between 6.18 and 6.84 during the quarter. 7.4 7.3 7.2 7.1 7.0 6.9 6.8 6.7 6.6 6.5 6.4 6.3 Per cent 6.2 6.1 Chart 8 : Movement of G-Sec Yields - 10-Year 5.2 Due to reasons mentioned above, yields moderated across the curve during the quarter compared to the previous quarter with 10 yr segment gaining the most. The 1yr- 10yr spread decreased to 5 bps at end-December 2016 from 17 bps at end-September 2016, while 10yr-30yr spread decreased marginally to 32 bps from 33 bps over the same period. Overall, 1yr-30yr spread at end of Q3 of FY 16-17 decreased to 37 bps from 50 bps at the end of the previous quarter (Chart 9). 16 7.75% 7.25% 5.75% 6.25% 5.75% 1 5 Chart 9 : Government Bond Yield Curve 30-Sep 31-Dec 13 Years 17 21 25 29 5.3 With easing in liquidity condition and rate cut hopes toward end of the quarter, Treasury Bills yields also saw decline across the curve during the quarter as compared to pre....
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....vious quarter with 91, 182 and 364 day yields moderating by 23, 22 and 22 bps respectively. The 1m-12m spread at end December 2016 continued to remain at 15 bps, same as at end September 2016. The 1m-3m spread at end December 2016 continued to remain at 2 bps, same as at end September 2016, while 3m-6m spread decreased marginally to 8 bps at December 2016 end from 9 bps as at previous quarter end. Chart 10 : Treasury Bill Yield Curve Yield (Per cent) 7.5 7.3 7.1 6.9 6.7 6.5 6.3 6.1 91 30-Sep-16 31-Dec-16 182 273 364 Maturity (days) B. Trading Pattern for domestic securities 5.4 The total volume of Government securities transacted on an outright basis during Q3 of FY 16-17 stood at Rs. 49.96 lakh crore, an decrease of 11.87 per cent over volume of 56.69 lakh crores during the preceding quarter (Table 10). G-Secs, showing decrease of 11.77 per cent, mainly contributed to the decrease in trading activity during the quarter. The annualised outright turnover ratio¹ for Central Government dated securities (G-Secs) for Q3 of FY16-17 decreased to 8.92 from 9.18 during Q2 of FY16-17. Including repo transactions, the annualised total turnover ratio² for Q3 of FY 16-17 decreased to 18.1....
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....1 from 12.59 during Q2 of FY16-17. 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)] 17 4) / '000 Crore Table 10: Transactions in Government Securities (volumes in Crore) Period Outright Repo G-Sec T-Bills 2011-12 3099107 345237 2012-13 5920929 552943 2013-14 7968661 833191 2014-15 9149608 823470 Apr-Jun 15 2280746 225239 July-Sept 15 2154202 226051 77147 Oct-Dec 15 1931991 215039 87056 Jan - Mar 16 2190732 188060 95627 Apr-Jun 16 2827815 235855 113275 SDL Total G-Sec 43859 3488203 2186877 118159 6592032 2918337 154847 8956699 3364069 183084 1015769 4471896 56618 2562604 1267888 2457401 1456168 2234116 1622568 2474420 1884073 3176946 2064067 July-Sept 16 5205354 276679 187322 Oct-Dec 16 4592866 260525 142809 5669355 2681221 4996200 2444862 T-Bills SDL Total 1554121 22878 3763877 2413144 71282 5402764 3832478 31580 7228127 3259007 144343 7875246 773487 10096 2051471 533733 41476 2031377 495476 45462 2163506 445508 45731 2375312 435971 118263 2618301 327322 180494 3189037 378260 134363 2957485 5.5 Central ....
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....Government dated securities continued to account for a dominant portion of total trading volumes (Chart 11a and 11b). During Q3 of FY 16-17, their share stood at 91.93 per cent of total outright volumes as compared to 91.82 per cent in Q2 of FY16-17. Central Government securities accounted for 82.67 per cent of the total repo volumes during Q3 of FY16-17 as compared to 84.08 per cent in Q2 of FY16-17. Chart 11a: Secondary Market Transactions - Outright 6000 6000 Chart 11b: Secondary Market Transactions - Oct- Dec'16 5000 4000 3000 2000 1000 الس 5000 crore 4000 3000 000, 2000 1000 0 Oct-Dec 15 Jan-Mar 16 Apr-June 16 July-Sept 16 Oct-Dec 16 Outright repo ■G-Sec T-Bills SDL G-Sec T-Bills SDL 5.6 The top 10 traded securities accounted for 82.17 per cent of the total outright transaction volume during the quarter as compared with 81.72 per cent during Q2 of FY 16- 17. The share of top three traded securities decreased to 52.10 per cent from 53.44 per cent during Q2 of FY 16-17 (Table 11). Table 11 - Top 10 Traded Securities (in Rs. Crore) Security - Oct Dec 16 Security 7.59% G.S. 2026 11,40,041 7.59 % G.S. 2026 18 July-Sept 16 14,11,673 7.61 % G.S. 2030 6.97 % G.S. 2026 ....
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....6,59,363 8,03,561 7.59 % G.S. 2029 7.88 % G.S. 2030 10,04,099 6,14,202 7.59% G.S. 2029 5,34,200 7.61 % G.S. 2030 5,24,636 7.68 % G.S. 2023 2,93,469 7.68 % G.S. 2023 3,74,173 7.88% G.S. 2030 2,64,357 7.72 % G.S. 2025 2,27,412 7.72 % G.S. 2025 1,35,957 8.27 % G.S. 2020 1,92,499 8.27% G.S. 2020 1,18,891 7.35 % G.S. 2024 1,14,651 7.35% G.S. 2024 7.80% G.S. 2021 1,02,063 7.80 % G.S. 2021 86,048 53, 336 6.97 % G.S. 2026 83,673 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/Qu Oct-Dec 16 July-Sept 16 Apr-Jun 16 Oct-Dec 15 2015-16 2014-15 2013-14 2012-13 2011-12 arter Less than 3 84,902 76,389 109,611 41,599 224,817 106,086 95,703 11,865 35,545 Years 7-10 Years 3-7 Years 763,849 896,473 771,652 1,981,604 1,908,203 903,690 1,762,511 2,324,288 1,042,860 269,286 1,568,708 1,182,377 1,316,068 500,159 234,437 1,003,4414,272,320 4,821,218 3,207,229 2,331,557 1,743,886 617,666 2,491,828 3,039,926 3,349,661 3,077,349 1,085,239 above 10 Years Total 4,592,866 5,205,353 2,827,813 1,931,9928,557,673 9,149,607 7,968,661 5,920,929 3,099,107 5.8 The mat....
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....urity distribution of Government securities transactions in the secondary market is represented in Chart 12a and 12b. Trading increased in medium and longer end of bond market ( > 7 year) during the quarter vis-Ã -vis previous quarter. Reflecting the increased trading activity in 10-year benchmark securities, share of '10 years and above' maturity range accounted for the second highest share of trading volumes during Q3 of FY 16-17 (38.38 per cent, lower than 44.65 per cent in Q2 of FY16- 17) Share of '7-10 years' maturity range was highest at 43.15 percent, up from 36.66 percent in previous quarter. The below 3 years maturity bracket continued to have lowest share of trading volume at 1.85 per cent. Share of '3-7 years' maturity range saw decrease from 17.22 percent to 16.62 percent during the quarter. 19 Chart 12a: Maturity-wise Trading Activity- 38.4% Oct-Dec, 2016 1.8% 16.6% 43.1% 10 yrs Chart 12b: Maturity wise Trading Activity -July - Sept 16 1.5% 44.7% 17.2% 36.7% 10 yrs 5.9 Public sector banks were the dominant trading category during the quarter with a share in total outright trading activity at 28.4 per cent (of total trading volumes), marginally lower than 28.9 per ce....
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....nt during Q2 of FY 16-17(Chart 13). Foreign banks share marginally increased to 25.9 per cent during the quarter from 24.9 per cent in the previous quarter. Public Sector Banks were the largest net buyer (Rs.1,06,772 crore) in secondary market during the quarter, followed by `Others' category comprising of Fls, Insurance Cos and Others (27,009 crore). Foreign Banks were the only net sellers category in secondary market (95,543 crore) during the quarter (ignoring the primary dealers). Chart 13: Trading Activity (Buy + Sell) By Category (outside circle Oct-Dec'16 and inside circle July - Sept 16) 4.8% 2.5% 9.6% Public Sector 4.9% 28.4% Banks 8.0% 2.3% Private Sector 28.9% 15.4% 17.5% 13.5% 13.4% 24.9% 25.9% 20 20 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 13. Table 13: Category wise - Buying and Selling (% of total ) Oct-Dec 16 July-Sept 16 Apr-Jun 16 Jan-Mar 16 Buy Sell Buy Sell Buy Sell Buy Sell Oct-Dec 15 July-Sept 15 Apr-Jun 15 Jan-Mar 15 Oct-Dec 14 Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Co-op....
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....erative Banks 4.98 4.72 4.97 4.89 3.54 Fls Foreign Banks Ins. Cos Mutual Funds Primary Dealers 3.41 3.6 3.45 0.45 0.36 0.35 0.31 0.26 0.03 0.12 0.09 24.90 26.81 24.74 25.04 27.47 28.56 31 31.1 1.19 1.31 2.01 1.82 9.64 3.72 3.35 0.43 0.13 27.6 29.3 3.73 0.16 0.07 3.54 3.32 2.9 3.5 0.28 3.39 4.04 3.96 0.16 0.14 0.09 0.27 0.05 28.3 28 30.5 32.4 28.7 29.5 25 25 1.14 1.07 0.95 1.46 9.47 8.24 7.69 8.4 14.65 16.22 16.92 18.11 13.56 15.64 13.3 15.6 1.82 2.11 1.57 1.23 1.69 1.51 1.53 1.64 1.25 1.13 7.08 10.4 11.5 10.7 10.5 9.65 8.25 10.3 8.31 8.93 8.51 9.78 7.93 14.3 18 17.9 20.7 16.3 19.5 13.9 16.3 18.4 20.7 Pvt. Sector Banks 13.51 13.27 13.32 13.75 16.65 16.48 14.4 13.5 13.8 13.6 12.3 12.4 12.4 12.9 11.2 10.8 12.4 12.4 Pub. Sector Banks Others Total 1.19 100 100 100 0.65 1.15 0.69 100 100 29.49 27.36 29.23 28.59 27.11 26.54 22.4 21.3 1.55 0.94 2.71 1.73 25.4 22.4 24.1 23.7 22.1 20.3 29.2 28.2 26.9 26.4 2.26 0.62 2.26 2.11 3.17 1.97 2.91 1.64 2.45 2.47 100 100 100 100 100 100 100 100 100 100 100 100 100 21 24 Statement 1: Issuance of Dated securities During Q3 FY17 (Amount in Crore) Devolve Name of Stock Date of Date of Auction Issue Amount Raised Cut off ment on price PDs Cut off yield (%....
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....) Residual Date of Maturity Maturity (Years) 7.35% GS 2024 $ 7.61% GS 2030 $ 30-Sep-16 03-Oct-16 30-Sep-16 03-Oct-16 2000.0 0.0 8000.0 7.50% GS 2034 $ 30-Sep-16 03-Oct-16 2000.0 7.72% GS 2055 $ 30-Sep-16 03-Oct-16 2000.0 6.84% GS 2022 $ 07-Oct-16 10-Oct-16 3000.0 102.0 0.0 105.4 6.987 0.0 103.9 7.109 0.0 107.4 7.150 0.0 7.002 22-Jun-24 7.72 09-May-30 13.60 10-Aug-34 17.85 26-Oct-55 39.06 100.8 6.680 19-Dec-22 6.19 6.97% GS 2026 $ 07-Oct-16 10-Oct-16 7000.0 0.0 101.7 6.728 06-Sep-26 9.91 7.73% GS 2034 $ 07-Oct-16 10-Oct-16 2000.0 0.0 106.4 7.089 19-Dec-34 18.19 7.06% GS 2046 # 07-Oct-16 10-Oct-16 3000.0 0.0 100.0 7.060 10-Oct-46 30.00 7.35% GS 2024 $ 21-Oct-16 24-Oct-16 3000.0 0.0 102.7 6.881 22-Jun-24 7.66 7.61% GS 2030 $ 21-Oct-16 24-Oct-16 7000.0 0.0 105.5 6.967 09-May-30 13.54 7.50% GS 2034 $ 21-Oct-16 24-Oct-16 2000.0 0.0 103.4 7.155 10-Aug-34 17.79 7.06% GS 2046 $ 6.84% GS 2022 $ 6.97% GS 2026 $ 7.73% GS 2034 $ 7.72% GS 2055 $ 6.51% FRB 2024 # 7.61% GS 2030 $ 7.50% GS 2034 $ 21-Oct-16 24-Oct-16 28-Oct-16 28-Oct-16 28-Oct-16 01-Nov-16 28-Oct-16 01-Nov-16 3000.0 0.0 99.64 7.088 10-Oct-46 29.96 01-Nov-16 01-Nov-16 3000.0 1212.0 100.2 6.789 19-Dec-22 6.13 7000.0 0.0 101.0 6.815 06....
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....-Sep-26 9.85 2000.0 0.0 105.6 7.170 19-Dec-34 18.13 3000.0 0.0 106.4 7.219 26-Oct-55 38.99 04-Nov-16 07-Nov-16 3000.0 0.0 96.40 6.510 07-Nov-24 8.00 04-Nov-16 07-Nov-16 7000.0 0.0 104.9 7.032 09-May-30 13.51 04-Nov-16 07-Nov-16 2000.0 0.0 103.1 7.182 10-Aug-34 17.76 7.06% GS 2046 $ 04-Nov-16 07-Nov-16 3000.0 0.0 97.85 7.236 10-Oct-46 29.93 6.84% GS 2022 $ 11-Nov-16 15-Nov-16 3000.0 0.0 101.0 6.637 19-Dec-22 6.09 6.97% GS 2026 $ 11-Nov-16 15-Nov-16 7000.0 0.0 101.9 6.695 06-Sep-26 9.81 7.73% GS 2034 $ 11-Nov-16 15-Nov-16 2000.0 0.0 106.3 7.098 19-Dec-34 18.09 7.72% GS 2055 $ 6.51% FRB 2024 $ 11-Nov-16 15-Nov-16 3000.0 0.0 107.4 7.149 26-Oct-55 38.95 18-Nov-16 21-Nov-16 3000.0 0.0 98.25 6.600 07-Nov-24 7.96 7.61% GS 2030 $ 7.50% GS 2034 $ 18-Nov-16 21-Nov-16 7000.0 0.0 107.9 6.705 09-May-30 13.47 18-Nov-16 21-Nov-16 2000.0 0.0 105.7 6.930 10-Aug-34 17.72 7.06% GS 2046 $ 18-Nov-16 21-Nov-16 3000.0 1249.0 101.4 6.945 10-Oct-46 29.89 6.84% GS 2022 $ 25-Nov-16 28-Nov-16 3000.0 0.0 103.5 6.128 19-Dec-22 6.06 6.97% GS 2026 $ 7.73% GS 2034 $ 6.62% GS 2051 # 6.51% FRB 2024 $ 7.61% GS 2030 $ 6.57% GS 2033 # 25-Nov-16 25-Nov-16 28-Nov-16 8000.0 0.0 105.5 6.205 06-Sep-26 9.77 28-Nov-16 2000.0 0....
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.....0 111.9 6.592 19-Dec-34 18.06 25-Nov-16 | 28-Nov-16 2000.0 0.0 100.0 6.620 28-Nov-51 35.00 02-Dec-16 05-Dec-16 02-Dec-16 02-Dec-16 05-Dec-16 2000.0 0.0 98.55 6.428 07-Nov-24 7.92 05-Dec-16 8000.0 0.0 2000.0 110.2 6.459 6.570 09-May-30 13.43 7.06% GS 2046 $ 02-Dec-16 05-Dec-16 2000.0 6.84% GS 2022 $ 09-Dec-16 13-Dec-16 2000.0 6.97% GS 2026 $ 09-Dec-16 13-Dec-16 8000.0 7.73% GS 2034 $ 6.62% GS 2051 $ 6.51% FRB 2024 $ 6.79% GS 2029 # 09-Dec-16 13-Dec-16 2000.0 09-Dec-16 13-Dec-16 2000.0 0.0 23-Dec-16 26-Dec-16 2000.0 23-Dec-16 26-Dec-16 8000.0 6.57% GS 2033 $ 23-Dec-16 26-Dec-16 2000.0 7.72% GS 2055 $ 23-Dec-16 26-Dec-16 Gross Nominal Amount Raised 2000.0 161000.0 0.0 100.0 0.0 104.8 6.679 0.0 102.1 6.406 0.0 103.7 6.444 06-Sep-26 0.0 108.2 6.918 19-Dec-34 95.31 6.979 28-Nov-51 0.0 96.54 6.705 07-Nov-24 0.0 100.0 6.790 26-Dec-29 0.0 95.55 7.022 05-Dec-33 0.0 108.1 7.099 26-Oct-55 05-Dec-33 17.00 10-Oct-46 29.85 19-Dec-22 6.02 9.73 18.02 34.96 7.86 13.00 16.94 38.83 Weighted Average Yield Weighted Average Maturity 6.78 15.59 $ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction i Statement 2:Treasury Bills Issued During Q3 FY17 (Amount in cro....
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....re) Name of Security Date of Auction Date of Issue Competitive amount raised Non- Competitive amount Gross Nominal Cut off amount Yield (%) raised raised 364 DTB 10-Oct-16 13-Oct-16 6000 0.00 6000.00 6.4573 364 DTB 26-Oct-16 27-Oct-16 6000 0.00 6000.00 6.4573 364 DTB 9-Nov-16 10-Nov-16 6000 0.045 6000.05 6.3665 364 DTB 23-Nov-16 24-Nov-16 6000 0.00 6000.00 5.9598 364 DTB 7-Dec-16 8-Dec-16 6000 0.085 6000.09 6.0048 364 DTB 21-Dec-16 22-Dec-16 5993 9.00 6002.00 6.3438 182 DTB 5-Oct-16 6-Oct-16 6000 207.79 6207.79 6.4373 182 DTB 19-Oct-16 20-Oct-16 6000 2 6002.00 6.4587 182 DTB 2-Nov-16 3-Nov-16 6000 1250 7250.00 6.4587 182 DTB 16-Nov-16 17-Nov-16 6000 0 6000.00 5.9684 182 DTB 30-Nov-16 1-Dec-16 6000 3000 9000.00 6.0748 182 DTB 14-Dec-16 15-Dec-16 6000 3915 9915.00 6.2879 182 DTB 28-Dec-16 29-Dec-16 6000 1507.5 7507.50 6.3519 91 DTB 91 DTB 5-Oct-16 10-Oct-16 13-Oct-16 6-Oct-16 8000 5430.00 13430.00 6.3563 8000 10000.00 18000.00 6.3563 91 DTB 19-Oct-16 20-Oct-16 8000 1030.00 9030.00 6.3977 91 DTB 26-Oct-16 27-Oct-16 8000 2502.85 10502.85 6.3563 91 DTB 2-Nov-16 3-Nov-16 8000 9851.00 17851.00 6.3977 91 DTB 91 DTB 9-Nov-16 10-Nov-16 16-Nov-16 8000 1500.00 9500.00 6.3149 17-Nov-16 8000 623....
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....0.00 14230.00 5.9428 91 DTB 23-Nov-16 24-Nov-16 8000 9120.95 17120.95 5.8602 91 DTB 30-Nov-16 1-Dec-16 8000 7035.00 15035.00 5.9428 91 DTB 7-Dec-16 8-Dec-16 7995 5565.00 13560.00 5.9428 91 DTB 14-Dec-16 15-Dec-16 8000 7767.00 15767.00 6.1908 91 DTB 21-Dec-16 22-Dec-16 8000 5582.00 13582.00 6.2322 91 DTB 28-Dec-16 29-Dec-16 8000 11157.00 19157.00 6.2735 =: 181,988.0 92,662.2 274,650.2 Nomenclature 8.07% 2017 Statement 3: List of Dated Securities Outstanding at end-December 2016 Date of maturity Outstanding Stock (Crore) of which: MSS 62,488.954 15-Jan-17 7.49% 2017 (con) 16-Apr-17 52,271.168 FRB-2017 02-Jul-17 3,000.00 8.07% GS 2017 JUL 03-Jul-17 42,289.903 7.99% 2017 09-Jul-17 66,723.970 7.46% 2017 28-Aug-17 46,927.392 6.25% 2018 (conv) 02-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 02-Jan-19 10,000.00 6.05% GS 2019 02-Feb-19 53,000.00 7.28% GS 2019 03-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 09-Aug-19 6,000.00 6.35% GS 2020 (con) 02-Jan-20 61,000.00 8.19....
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....% GS 2020 16-Jan-20 74,000.00 10.70% GS 2020 22-Apr-20 6,000.00 7.80% GS 2020 03-May-20 75,000.00 8.27% GS 2020 09-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 66,000.00 7.94% GS 2021 24-May-21 49,000.00 10.25% GS 2021 30-May-21 26,213.32 8.79% GS 2021 08-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 02-Aug-22 68,969.41 5.87% GS 2022 (conv) 28-Aug-22 11,000.00 8.13% GS 2022 21-Sep-22 70,495.28 6.84% GS 2022 19-Dec-22 18,000.00 6.30% GS 2023 09-Apr-23 13,000.00 7.16% GS 2023 20-May-23 77,000.00 1.44% II GS 2023 05-Jun-23 1,152.55 6.17% GS 2023 (conv) 12-Jun-23 14,000.00 8.83% GS 2023 25-Nov-23 83,000.00 7.68% GS 2023 15-Dec-23 88,132.01 IINSS -Cumulative 1.5% GS 2023 25-Dec-23 64.84 7.35% GS 2024 22-Jun-24 90,168.02 8.40% GS 2024 28-Jul-24 90,000.00 6.51% FRB 2024 07-Nov-24 10,000.00 9.15% GS 2024 14-Nov-24 92,000.00 7.72% GS 2025 25-May-25 86,000.00 8.20% GS 2025 24-Sep-25 90,000.00 5.97% GS 2025 (Conv) 25-Sep-25 16,687.95 7.59% GS 2026 11-Jan-26 87,000.00 8.33% GS 2026 09-Jul-26 90,000.00 6.97% GS 2026....
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.... 06-Sep-26 53,000.00 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 02-Aug-27 73,427.33 Contd. iii Statement 3: List of Dated Securities Outstanding at end-December 2016 Nomenclature 8.28% GS 2027 Date of maturity Outstanding Stock (* Crore) of which: MSS 21-Sep-27 89,252.24 6.01% GS GS 2028 (C Align) 25-Mar-28 15,000.00 8.60% GS 2028 02-Jun-28 84,000.00 6.13% GS 2028 04-Jun-28 11,000.00 7.59% GS 2029 20-Mar-29 88,000.00 6.79% GS 2029 26-Dec-29 8,000.00 7.88% GS 2030 19-Mar-30 89,000.00 7.61% GS 2030 09-May-30 85,000.00 9.20% GS 2030 30-Sep-30 61,884.55 8.97% GS 2030 05-Dec-30 90,000.00 8.28% GS 2032 15-Feb-32 90,687.11 8.32% GS 2032 02-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 87,000.00 6.57% GS 2033 05-Dec-33 4,000.00 7.50% GS 2034 10-Aug-34 90,000.00 7.73% GS 2034 19-Dec-34 54,000.00 FRB, 2035 25-Jan-35 350.00 7.40% GS 2035 09-Sep-35 52,000.00 8.33% GS 2036 07-Jun-36 86,000.00 6.83% GS 2039 19-Jan-39 13,000.00 8.30% GS 2040 02-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 23-Dec-43 79,472.28 8....
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.....17% GS 2044 01-Dec-44 86,000.00 8.13% GS 2045 22-Jun-45 73,000.00 7.06% GS 2046 10-Oct-46 14,000.00 6.62% GS 2051 7.72% GS 2055 28-Nov-51 26-Oct-55 4,000.00 29,000.00 Total 4,725,490 iv Statement 4: Maturity Profile of Government Securities as on End-December 2016 Year of maturity Outstanding Stock ( crore) 2016-17 62,489 2017-18 228,099 2018-19 243,478 2019-20 250,000 2020-21 248,000 2021-22 281,846 2022-23 328,465 2023-24 276,349 2024-25 282,168 2025-26 279,688 2026-27 337,878 2027-28 177,680 2028-29 183,000 2029-30 97,000 2030-31 236,885 2031-32 90,687 2032-33 179,957 2033-34 91,000 2034-35 144,350 2035-36 52,000 2036-37 86,000 2037-38 2038-39 13,000 2039-40 2040-41 90,000 2041-42 90,000 2042-43 90,000 2043-44 79,472 2044-45 86,000 2045-46 73,000 2046-47 14,000 2051-52 4,000 2055-56 29,000 Total 4,725,490 V Statement 5: Calendar for Auction of Treasury Bills during January-March 2017 (Amount in crore) Date of Auction 91 Days 182 Days 364 Days Total Jan. 4, 2017 6,000 4,000 10,000 Jan 11, 2017 6,000 4,000 10,000 Jan 18, 2017 6,000 4,000 10,000 Jan 25, 2017 6,000 4,000 10,000 Feb 1, 2017 6,000 4,000 10,000 Feb 8, 2017 6,000 4,000 10,000 Feb 15, 2017 6,000 4,000 10,000 Feb 22, 201....
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....7 6,000 4,000 10,000 Mar 1, 2017 6,000 4,000 10,000 Mar 8, 2017 6,000 4,000 10,000 Mar 15, 2017 6,000 4,000 10,000 Mar 22, 2017 6,000 4,000 10,000 Mar 29, 2017 6,000 4,000 10,000 Total 78,000 24,000 28,000 1,30,000 vi<BR> News - Press release - PIB....