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Quarterly Report on debt management pertaining to the quarter July-September 2012
October, 30th 2012
Public Debt Management
       quarterly report
      July-September 2012




      Government of India
      Ministry of finance
 Department of economic affairs
         October 2012
        www.finmin.nic.in
                                CONTENTS

Section                                                 Page No.

           Introduction                                    1

1         Macroeconomic Developments                       2

2         Debt Management - Primary Market Operations      5

3         Cash Management                                  10

4         Trends in Outstanding Public Debt                13

5         Secondary Market                                 17
                                 List of Tables and Charts
List of Tables
Table No.                                        Title                             Page No.
1             Fiscal Outcome - April­August 2012-13                                       6
2             Issuance of Dated Securities                                                7
3             Actual Borrowings versus Calendar for Q2 of FY 13                           7
4             Issuance of Treasury Bills                                                  8
5             Maturity and Yield of Central Government's Market Loans                     8
6             Proposed Dated Securities Issuance Calendar ­ H2 2012-13                    9
7             Repayments and Issuance of Treasury Bills in Jul-Sept 2012                 11
8             Calendar for Issuance of Treasury Bills in October-December 2012           12
9             Composition of Public Debt                                                 13
10            Maturity Profile of GoI Outstanding Dated Securities                       14
11            Ownership Pattern of Government of India Dated Securities                  15
12            Transactions in Government Securities                                      20
13            Top 10 Traded Securities                                                   21
14            Maturity Pattern of Outright Transactions                                  22
15            Category wise ­ Buying and Selling (% of Total)                            24


List of Charts
  Chart No.                                    Title                               Page No.
1                Quarterly Growth Rate in GDP                                            2
2                Inflation Rate Based on WPI                                             3
3                Growth Rate in IIP                                                      3
4                Monthly Exports and Imports                                             4
5                Foreign Investment Flow and Exchange Rate                               4
6                Liquidity in the System                                                10
7                Holding Pattern of Government Securities                               16
8                Movement of G-Sec Yields ­ 10-year                                     18
9                Government Bond Yield Curve                                            19
10               Treasury Bill Yield Curve                                              19
11a              Secondary Market Transaction ­ Outright                                21
11b              Secondary Market Transaction ­ Jul-Sept 2012                           21
12a              Maturity wise Trading Activity ­ Jul-Sept 12                           22
12b              Maturity wise Trading Activity ­ Apr-Jun 12                            22
13               Trading Activity (Buy+Sell) by Category                                23

List of Statements
Statement No.                                      Title                          Page No.
1               Issuance of Dated Securities During FY13 (April-Sept 2012)                i
2               Treasury Bills Issued During FY13 (April-Sept 2012)                      iv
3               List of Dated Securities Outstanding at end-September 2012               vi
4               Maturity Profile of Government Securities at end-September 2012          ix
                                       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 2010-
11. The previous reports are available on the website of Ministry of Finance
(http://finmin.nic.in/reports/Public_Debt_Management.asp). This report pertains to the
second quarter of the fiscal year 2012-13, viz., July-September 2012.


The report gives an account of the debt management and cash management operations
during the quarter, and attempts a rationale for major activities. The report also tries to
provide detailed information on various aspects of debt management.


While all attempts have been made to provide authentic and accurate information, it is
possible that some errors might have crept in inadvertently. Readers may inform us of such
errors, as indeed their valuable suggestions, at mo-dea@nic.in.




                                              1
                    Section 1 ­ Macroeconomic Developments
1.1 The GDP growth rate for the first quarter (Apr-Jun) of financial year 2012-13 came at 5.5
per cent per annum as compared with 5.3 per cent in the previous quarter (Q4 of 2011-12),
showing a marginal improvement after experiencing deceleration during the previous four
quarters (Chart 1). While contribution to improved growth rate came from all major sectors,
barring `mining and quarrying' and `trade, hotel, transport and communications' groups, the
major turnaround was seen in the construction sector which showed a growth rate of 10.9
per cent during the quarter as compared with 4.8 per cent in previous quarter.




1.2 WPI Inflation rate for September 2012 increased to 7.81 per cent per annum (y-o-y)
showing upturn after remaining below 7.6 per cent since the beginning of current financial
year (Chart 2). Main contribution to rise in inflation came from `fuel and power' gr oup
mainly reflecting the impact of revision in petroleum products announced in September
2012. Apart from this, manufacturing food products, `cement & lime', and non -metallic
mineral products showed higher inflation during the month. Inflation build-up during the
first half of FY13 at 4.60 per cent was higher than 4.48 per cent in the same period of
previous year.
                                             2
1.3 The rate of growth in the Index of Industrial Production (IIP) for August 2012 came at 2.7
per cent after showing negative growth rates in June and July 2012. The cumulative growth
in IIP during the financial year 2012-13 (Apr-Aug) was lower at 0.5 per cent than 5.6 per cent
during the same period of the previous year (Chart 3).




1.4 India's exports and imports in August 2012 contracted by 9.7 per cent and 5.1 per cent,
respectively, showing fourth consecutive monthly decline since May 2012. The period
between April-August 2012-13 witnessed a decline of 7.6 per cent in exports and 6.7 per
cent in imports as compared with growth rates of 40.6 per cent 38.8 per cent, respectively,
in the corresponding period of the previous fiscal year. Trade deficit of USD 72.2 billion
during April-August 2012 was less than USD 76.2 billion in the same period of previous year,
reflecting a greater amount of decline in imports (Chart 4).
                                              3
1.5 Net inflows on account of foreign investment during July-August 2012 showed some
improvement after remaining subdued in the first quarter of the current fiscal year. The
improved inflow was on account of both categories viz., portfolio investment by Foreign
Institutional Investors (FIIs) and foreign direct investment (FDI) (Chart 5). Positive capital
inflows enabled some improvement in exchange rate of Rupee which appreciated to `55.7
(per USD) at end-August 2012 from `56.3 at end-June 2012. Pressure on Rupee eased in
September and it closed at `52.7 at end-September 2012.




Note:- Data on FDI have been revised since April 2011 to expand the coverage.




                                                     4
           Section 2­ Debt Management - Primary Market Operations

A. Government Finances

2.1 The gross fiscal deficit of the Central Government for fiscal year 2012-13 (FY13) was
budgeted at `5,13,590 crore (5.1 per cent of GDP) compared with `5,09,731 crore (5.8 per
cent of GDP) in the provisional accounts for 2011-12. The gross and net market borrowing
requirements of the Government for FY13 were placed at `5,69,616 crore and `4,79,000
crore against `5,10,000 crore and `4,36,414 crore, respectively, in FY12.

2.2    The fiscal outcome during April-August of FY13 indicates stress in the in the revenue
account (revenue deficit as percentage of budget estimates (BE)), vis-a-vis its position during
the same period previous fiscal year. Gross tax collections during the period at 26.4 per cent
of BE were higher than 25.8 per cent a year ago. In the direct taxes, collections from
corporation tax and personal income tax at `64,900 crore and `58,249 crore, respectively,
showed healthy growth rates of 25.8 per cent and 30.3 per cent against 13.9 per cent
growth rate budgeted for each during FY13. Among the major indirect taxes, while growth
in collections from customs and excise duties decelerated to 3.4 per cent and 10.8 per cent,
respectively, against budgeted growth rates of 22.0 per cent and 29.1 per cent, service tax
collections increased by 33.5 per cent during April-August 2012-13 as against BE growth rate
of 30.5 per cent. Non-tax revenue at 29.0 per cent of BE was lower than 34.8 per cent in the
same period of the previous year. Total expenditure as per cent of BE at 37.9 per cent
during April-August 2012-13 was marginally higher than 37.5 per cent during the
corresponding period of the previous year mainly on account of increased revenue
expenditure while capital expenditure was lower vis-a-vis its level a year ago. Reflecting the
impact of higher revenue expenditure, revenue deficit during April-August of FY13 at 79.2
per cent of BE was higher than 74.9 per cent a year ago, while gross fiscal deficit and
primary deficit were lower than those during the corresponding period of the previous fiscal
year (Table 1).







                                              5
                 Table 1: Fiscal Outcome - April -August 2012-13 (amount in ` crore)

 Item                                                 April-Aug     April-Aug 2012-    April-Aug 2011-
                                     2012-13 BE        2012-13         13 (% of BE)       12 (% of BE)

 Revenue Receipts                       9,35,685      2,22,731                23.8               23.9
   Tax Receipts                         7,71,071      1,75,061                22.7               21.8
   Non-Tax Receipts                     1,64,614        47,670                29.0               34.8
 Other Non-debt Receipts                  41,650         5,083                12.2               18.4
 Total Expenditure                     14,90,925      5,65,352                37.9               37.5
  Revenue Expenditure                  12,86,109      5,00,166                38.9               38.1
  Capital Expenditure                   2,04,816        65,186                31.8               33.4
 Revenue Deficit                        3,50,424      2,77,435                79.2               74.9
 Primary Deficit                        1,93,831      2,23,773               115.4              119.6
 Gross Fiscal Deficit                   5,13,590      3,37,538                65.7               66.3
 Financing
  Market Loans*                         4,88,000      2,92,514                59.9               69.9
  External Financing                      10,148          -727                -7.2               10.9
 Securities against Small
                                           1,198          -545                -45.5               -1.5
 Savings
 Others                                   14,244        46,295               325.0              137.6
 *:- Includes borrowings through treasury bills.
 Source: Controller General of Accounts (CGA) website; cga.nic.in



B. Issuance Details

2.3 This section discusses the issuance details of market loans during the second quarter
(Q2) of FY13 and corresponding position in the same quarter of FY12.

2.4 As mentioned above, the gross and net market borrowings of the Central Government
for FY13 were projected at `5,69,616 crore and `4,79,000 crore, respectively, in FY13 BE.
During Q2 of FY13, the Government issued dated securities worth `1,82,000 crore taking
the borrowings during first half (H1) of FY13 to `3,55,000 crore (excluding `15,000 crore
borrowings auctioned on September 28 but issued on October 01) constituting 62.3 per
cent of BE FY13 against 59.9 per cent in the H1 of previous fiscal year (Table 2). Taking into
account repayments of `85,616 crore, the net amount raised through dated securities
during H1 of FY13 amounted to `2,69,384 crore, constituting 56.2 per cent of BE as
compared with 55.6 per cent a year ago.




                                                  6
                           Table 2: Issuance of Dated Securities
                                                            (Amount in ` Crore)
                                                             H1 FY 13 (% H1 FY 12 (% of
 Item               2012-13 BE       Q2 FY 13    H1 FY 13         of BE)            BE)
 Gross Amount          5,69,616      1,82,000 3,55,000*             62.3           59.9
 Repayments              90,616        25,042      85,616           94.5           80.0
 Net Issuance          4,79,000      1,56,958    2,69,384           56.2           55.6
*:-Excluding auction of borrowings for `15,000 crore conducted on September 28 but issued on
October 01, 2012.


2.5 Auctions during Q2 of FY13 were held in accordance with the pre-announced calendar
(Table 3). During the quarter, greater emphasis on re-issues was continued with a view to
build up adequate volumes under existing securities imparting greater liquidity in the
secondary market. Two new securities with maturities of 13 years and 14 years were
introduced during the quarter, constituting 7.0 per cent of total issuance amount during Q2
of FY13.
              Table 3 ­ Actual Borrowings versus Calendar for Q2 of FY 13
                                                                 (amount in ` crore)
Maturity range         5-9 years 10-14 years       15-19 Years     20-30 Years            Total
HY1 FY13                96,000-   1,46,000-           50,000-         50,000-          3,70,000
(Projected)            1,20,000    1,70,000            74,000          74,000

 % of Total             25.9-32.4    39.5-45.9     13.5-20.0   13.5-20.0           100.0
 Q2 FY13 (actual)         48,000        78,000       30,000      26,000         1,82,000
 % of Total                  26.4         42.9          16.5        14.3           100.0
 H1 FY 13 actual          95,000      1,63,000       57,000      55,000         3,70,000
 % of Total                  25.7         44.1          15.4        14.9           100.0
*:-Including auction of borrowings for `15,000 crore conducted on September 28 but issued on
October 01, 2012.




2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills)
during Q2 of FY13 amounted to `2,11,876 crore while total repayments amounted to
`2,11,344 crore resulting in net issuance of `532 crore compared with net issuance of
`61,948 crore in Q1 of FY13 (Table 4). The details of issuance of bills during FY13 are given
in Statement 2.




                                               7
                              Table 4: Issuance of Treasury Bills*
                                                             (Amount in ` Crore)
                                                                H1 FY 13% of     H1 FY 12 % of
Item                2012-13 BE     Q2 FY 13       H1 FY 13               BE                BE
                                                  364 DTB
Gross Amount           104,371        30,020        65,396              62.7              72.5
Repayment               90,371        17,958        38,161              42.2              41.1
Net Issuance            14,000        12,062        27,235             194.5             204.6
                                                  182 DTB
Gross Amount            99,353        35,238        65,238              65.7              75.6
Repayment               99,353        28,000        52,001              52.3              43.5
Net Issuance                 -         7,238        13,237                 -             445.6
                                                    91 DTB
Gross Amount          5,32,545     1,46,618       3,12,003              58.6              75.8
Repayment             5,37,547     1,65,386       2,89,996              53.9              61.0
Net Issuance            -5,000       -18,768        22,008            -440.2           9,748.0
                                                 All T-Bills
Gross Amount          7,36,270     2,11,876       4,42,637              60.1              75.3
Repayment             7,27,270     2,11,344       3,80,158              52.3              56.7
Net Issuance             9,000           532        62,479             694.2             576.3
*:- Including amount through non-competitive route.



2.7 The weighted average maturity (WAM) of dated securities issued during Q2 of FY13 at
13.58 years was higher than 13.53 years in the previous quarter (Table 5). The average
maturity of outstanding government securities at end-September 2012 increased to 9.90
years from 9.80 years at end-June 2012. Reflecting the impact of moderation in yields during
the quarter, the weighted average yield (cut-off) of issuance during Q2 of FY13 declined to
8.33 per cent from 8.60 per cent in the previous quarter.

                Table 5: Maturity and Yield of Central Government's Market Loans
                                   Issues during the year             Outstanding Stock*
                              Weighted         Weighted       Weighted         Weighted
       Year                     Average          Average        Average          Average
                               Yield (%) Maturity (yrs)      Coupon (%)     Maturity (yrs)
       1                                2                    3        4                 5
       2010-11                       7.92                 11.62    7.81              9.64
       2011-12                       8.52                 12.66    7.88              9.60
       2012-13 Q1                    8.60                 13.53    7.94              9.80
       2012-13 Q2                    8.33                 13.58    7.95              9.90
       2012-13 H1                    8.46                 13.55    7.95              9.90
       * As at end of period.

                                                      8
2.8      The calendar for issuance of dated securities during the second half of the year
amounting to `2,00,000 crore was announced in end-September 2012 (Table 6).

             Table 6: Proposed Dated Securities Issuance Calendar ­ H2 2012-13
                                                                         (Amount in ` Crore)
Week             Total Amount      Range of Amount Under Different Maturity Buckets
Ending            to be Issued
                                   5-9 Year    10-14 Year     15-19 Year    20-30 Year
5-Oct-12               13,000    3,000-4,000       6,000-7,000             0     2,000-3,000
12-Oct-12              13,000    3,000-4,000       6,000-7,000   2,000-3,000               0
19-Oct-12              13,000    3,000-4,000       6,000-7,000             0     2,000-3,000
2-Nov-12               13,000    3,000-4,000       6,000-7,000   2,000-3,000               0
9-Nov-12               13,000    3,000-4,000       6,000-7,000             0     2,000-3,000
16-Nov-12              13,000    3,000-4,000       6,000-7,000   2,000-3,000               0
23-Nov-12              13,000    3,000-4,000       6,000-7,000             0     2,000-3,000
30-Nov-12              13,000    3,000-4,000       6,000-7,000   2,000-3,000               0
7-Dec-12               12,000    3,000-4,000       6,000-7,000             0     2,000-3,000
21-Dec-12              12,000    3,000-4,000       6,000-7,000   2,000-3,000               0
28-Dec-12              12,000    3,000-4,000       6,000-7,000             0     2,000-3,000
4-Jan-13               12,000    3,000-4,000       6,000-7,000   2,000-3,000               0
18-Jan-13              12,000    3,000-4,000       6,000-7,000             0     2,000-3,000
1-Feb-13               12,000    3,000-4,000       6,000-7,000   2,000-3,000               0
8-Feb-13               12,000    3,000-4,000       6,000-7,000             0     2,000-3,000
15-Feb-13              12,000    3,000-4,000       6,000-7,000   2,000-3,000               0
                                     48,000-           96,000-       16,000-         16,000-
Total                 2,00,000        64,000          1,12,000        24,000          24,000




                                               9
                             Section 3 ­ Cash Management

3.1 Government's cash account is maintained with the Reserve Bank. The cash-flow
mismatches of the Government are largely managed through issuance of Cash Management
Bills, Treasury Bills and access to the Ways and Means Advances (WMA) facility from the
Reserve Bank when in deficit and through buybacks or investment in Government securities
held by the Reserve Bank when in surplus. The WMA limits for 2012-13 were fixed at
`50,000 crore for Q1 of FY13 and; `45,000 crore for Q2 of FY13. WMA for the second half of

FY13 is fixed at `20,000 crore.

3.2 Liquidity conditions in the economy remained generally tight during the quarter, though
the liquidity deficit was within the Reserve Bank's stated comfort zone of about one per
cent of Net Demand and Time Liabilities (NDTL) of scheduled commercial banks. The net
amount provided under Liquidity Adjustment Facility (LAF) operations witnessed some
oscillations during the quarter; in particular a decline was seen in the beginning of each of
three months indicating the impact of beginning of the month expenditure by the
Government (Chart 6). The liquidity impact of CRR cut, effective September 21, 2012
seemed to be muted by the advance tax payments.




                                             10
3.3 The cash position of the Government during Q2 was generally comfortable and
remained in positive territory for a major part of the quarter. The issuances of treasury bills
were modulated with a view to meet higher redemption expenditure scheduled in the
beginning of FY13. The net amount mobilised through treasury bills (under competitive
route) during Q2 of FY13 was negative at (-)`8,742 crore. Under the non-competitive route,
net amount received amounted to `9,274 crore. Details of treasury bills issued and matured
in Q2 of FY13 are given in Table 7.

           Table 7: Repayments and Issuance of Treasury Bills in Jul-Sept 2012
                                                                          (Amount in ` Crore)
    Date of             Repayments                   Issued Amount         Variation in Issued
     Issue                                                                   amount over
                91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB                 Repayments
  6-Jul-12*      6,000     4,000        0       7,000    5,000          0                2,000
  13-Jul-12      9,000       0       3,000      7,000       0       5,000                    0
  20-Jul-12      9,000     4,000        0       7,000    5,000          0               -1,000
  27-Jul-12      9,000       0       3,000      7,000       0       5,000                    0
  3-Aug-12      10,000     4,000        0       7,000    5,000          0               -2,000
  10-Aug-12      9,000       0       3,000      7,000       0       5,000                    0
  16-Aug-12     10,000     4,000        0       7,000    5,000          0               -2,000
  24-Aug-12      9,000       0       3,000      7,000       0       5,000                    0
  31-Aug-12     10,000     4,000        0       7,000    5,000          0               -2,000
   7-Sep-12      9,000       0       2,742      7,000       0       5,000                  258
  14-Sep-12     10,000     4,000        0       7,000    5,000          0               -2,000
  21-Sep-12      9,000       0       3,000      7,000       0       5,000                    0
  28-Sep-12     10,000     4,000        0       7,000    5,000          0               -2,000
                                 Total Under Competitive Route
 Q2            1,19,000    28,000     17,742 91,000       35,000   30,000               -8,742
                             Total Under Non-Competitive Route
 Q2              46,386        0        216 55,618        238           20               9,274
*:- Repayment of 91 DTB was made on 09 July 2012.




                                              11
3.4 The calendar for issuance of treasury bills during October-December 2012 is given in
Table 8.

     Table 8: Calendar for Issuance of Treasury Bills in October-December 2012
                                                                     (` crore)
   Auctions Date             91-Days      182-Days       364-Days         Total
   04-10-2012                  5,000                        5,000        10,000
   11-10-2012                  5,000            5,000                    10,000
   18-10-2012                  5,000                        5,000        10,000
   25-10-2012                  5,000            5,000                    10,000
   01-11-2012                  5,000                        5,000        10,000
   08-11-2012                  5,000            5,000                    10,000
   14-11-2012                  5,000                        5,000        10,000
   22-11-2012                  5,000            5,000                    10,000
   29-11-2012                  5,000                        5,000        10,000
   06-12-2012                  5,000            5,000                    10,000
   13-12-2012                  5,000                        5,000        10,000
   21-12-2012                  5,000            5,000                    10,000
   27-12-2012                  5,000                        5,000        10,000
   Total                      65,000         30,000        35,000      1,30,000




                                           12
                       Section 4 ­ Trends in Outstanding Public Debt

4.1 The total public debt (excluding liabilities that are not classified under public debt) of the
Government increased to `39,00,386 crore at end-September 2012 from `37,63,264 crore
at end-June 2012 (Table 9). This represented a Quarter-on-Quarter (QoQ) increase of 3.6
per cent (provisional) compared with an increase of 5.2 per cent in the previous quarter (Q1
of FY13). Internal debt constituted 90.4 per cent of public debt, compared with 89.6 per
cent at the end of the previous quarter. Marketable securities (consisting of Rupee
denominated dated securities and treasury bills) accounted for 81.8 per cent of total public
debt, compared with 80.6 per cent at end-June 2012. The outstanding internal debt of the
Government at `35,27,405 crore constituted 34.7 per cent of GDP compared with 33.2 per
cent at end-June 2012.

                               Table 9: Composition of Public Debt
 Item                                             At end-     At end-June        At end-     At end-
                                               Sept. 2012#           2012      Sept. 2012 June 2012
                                                                  (`Crore)               (% of Total)
 1                                                      2                3             4           5
 Public Debt (1 + 2)                            39,00,386       37,63,264        100.00      100.00
 1. Internal Debt                               35,27,405       33,69,957         90.44        89.55
 Marketable                                     31,92,186       30,34,738         81.84        80.64
 (a) Treasury Bills                              3,29,472        3,28,982           8.45        8.74
                 (i) 91-days Treasury Bills      1,46,618        1,65,432           3.76        4.40
                (ii) 182-days Treasury Bills       65,238           58,000          1.67        1.54
              (iii) 364-days Treasury Bills      1,17,617        1,05,551           3.02        2.80
 (b) Dated Securities                           28,62,713       27,05,755         73.40        71.90
 Non-marketable                                 3,35,219*        3,35,219           8.59        8.91
 (i) 14-days Treasury Bills                       65,591*           65,591          1.68        1.74
 (ii) Securities Issued to NSSF                 2,07,871*        2,07,871           5.33        5.52
 (iii) Compensation and other bonds               32,694*           32,694          0.84        0.87
 (iv) Securities issued to International          29,063*           29,063          0.75        0.77
 Financial Institutions
 (v) Ways and Means Advances                            -                -              -            -
 2. External Debt                                3,72,981         3,93,307           9.56        10.45
 (i) Multilateral                                2,31,263         2,44,539           5.93         6.50
 (ii) Bilateral                                  1,08,712         1,14,096           2.79         3.03
 (iii) IMF                                         32,331           33,996           0.83         0.90
 (iv) Rupee debt                                      675              676           0.02         0.02
 #:- Data are provisional.
 *:-These data are not available for September 30, 2012. So they are carried over from previous quarter.
 Note:- Foreign Institutional Investors (FII) investment in government securities and treasury bills
 (`58,611 crore at end-June 2012) is included in internal marketable debt.

                                                     13
Maturity Pattern for Outstanding Government Debt Stock

4.2 The average maturity of outstanding stock of dated securities as at end-September 2012
increased to 9.90 years from 9.80 years at end-June 2012. Over the same period, the
weighted average coupon of outstanding stock increased marginally to 7.95 per cent from
7.94 per cent a quarter ago (see Table 5).

4.3 The proportion of debt (dated securities) maturing in less than one year increased to 2.8
per cent at end-September 2012 from 1.6 per cent a quarter ago, while debt maturing
within 1-5 years increased to 29.0 per cent from 27.2 per cent at end-June 2012. Thus, the
proportion of debt maturing in less than 5 years at end-September 2012 rose to 31.8 per
cent from 28.8 per cent a quarter ago. The proportion of outstanding debt maturing in less
than 10 years was also higher at 68.0 per cent from 64.4 per cent a quarter ago. The change
in composition of debt in terms of various maturity buckets reflects the maturity structure
of securities issued during Q2 of FY13 as well as the maturity dynamics of outstanding
securities. Overall, 31.8 per cent of outstanding stock has a residual maturity of upto 5
years, which implies that over the next five years, on an average, slightly more than 6.0 per
cent of outstanding stock needs to be rolled over every year (Table 10). Thus, the rollover
risk in the debt portfolio remained low.

                Table 10: Maturity Profile of GoI Outstanding Dated Securities
                                                           (Amount in `Crore)
       Maturity Buckets                   End-September 2012           End-June 2012
       Less than 1 Year                                79,735                  42,793
                                                        (2.79)                 (1.58)
       1-5 Years                                      8,30,553               7,36,650
                                                       (29.01)                (27.23)
       5-10 Years                                    10,36,675               9,63,097
                                                       (36.21)                (35.59)
       10-20 Years                                    5,98,400               5,95,908
                                                       (20.90)                (22.02)
       20 Years and above                             3,17,350               3,67,307
                                                       (11.09)                (13.58)
       Total                                         28,62,713              27,05,754
       Note: Figures in parentheses represent per cent to total.




                                                14
Holding Pattern

4.4 The holding pattern of Government securities is available with a lag of a quarter; the
latest data are available for end-June 2012 (Table 11 and Chart 7). Banks (including banks
that are primary dealers and co-operative banks) continue to dominate as the major
investor category, though their share in holding of Government securities declined to 47.3
per cent at end-June 2012 from 49.1 per cent as at end-March 2012. Among the long-term
investors, while the share of holding by insurance companies increased marginally to 21.2
per cent at end-June 2012 from 21.1 per cent a quarter ago, the share of provident funds
declined to 7.3 per cent from 7.5 per cent over the same period. Proportion of securities
held by the Reserve Bank at end-June 2012 at 17.6 per cent was higher than 14.4 per cent a
quarter ago, mainly reflecting the impact of OMO purchase of securities to support liquidity.

                Table 11: Ownership Pattern of Government of India Dated Securities
                                                               (Per cent of Outstanding Securities)
 Category                                       2011                                      2012
                                 Mar.            June       Sep.       Dec.        Mar             Jun
 1. Commercial Banks            38.42           37.59      37.22      37.06       36.28          33.88
 2. Bank- PDs                    8.61            9.96      10.67      10.25        9.83          10.34
 3. Non-Bank PDs                 0.11              0.1      0.12       0.09         0.1           0.08
 4. Insurance Companies         22.22           22.47      22.57      22.42       21.08          21.19
 5. Mutual Funds                 0.18            0.41       0.32       0.27        0.17           0.29
 6. Co-operative Banks           3.41            3.31       3.28       3.21        2.98           3.07
 7. Financial Institutions       0.35            0.34       0.35       0.34        0.37           0.34
 8. Corporates                   1.94            1.86       1.64       1.58        1.38           1.37
 9. FIIs                         0.97            0.89       0.97       0.85        0.88           0.89
 10. Provident Funds             7.06            7.01       7.23       7.31        7.45           7.31
 11. RBI                        12.84            12.9      12.52      13.56       14.41          17.62
 12. Others                      3.89            3.15       3.13       3.07        5.07           3.63
 Total                            100             100        100        100        100            100
 Source: RBI Bulletin, September 2012; Vol. LXVI No. 9




                                                15
16
                       Section 5 ­ Secondary Market
A. Government security yields

5.1       Chart 8 depicts the movement in Government bond yields (10-year yield
taken as benchmark) during the quarter. Bond yields during the quarter were
influenced by the global economic outlook, domestic inflation and GDP growth rate,
and RBI's monetary policy. It began the quarter on a positive note as central banks
(China, Euro, UK and Denmark) reduced their policy rates confirming concern regarding
global economic outlook which was re-affirmed by IMF in mid-July. 10-year yield went
up sharply (by 10 bps) to 8.24 per cent on 31 July, as RBI reduced Statutory Liquidity
Ratio (SLR) in its quarterly review of monetary policy to 23 per cent from 24 per cent
earlier. Yields eased thereafter to reach 8.13 per cent on 07 August 2012 due to hopes
of fiscal consolidation and policy rate cut by RBI, disappointing economic data from
Japan, Germany and China, and a lower IIP growth rate. Yields, however, hardened
again due to rise in manufacturing inflation rate to reach 8.25 per cent on 16 August
2012. Subsequently, better than expected GDP growth rate for Q1 announced in end-
August and increase in inflation rate kept yields range bound upto first week of
September. Some softening of yield was seen thereafter due to decline in international
crude oil prices. Yields also moved down in the absence of additional borrowings in the
calendar for issuance of dated securities for the second half of the year. The 10-year
yield, which ranged between 8.04-8.25 per cent during Q2 of FY13, closed the quarter
at 8.14 per cent at end-September 2012 against 8.18 per cent at end-June 2012.




                                        17
5.2       While decline in bond yields during the quarter was seen across the curve, it
was more prominent in the longer ends with 13-year and above maturities showing a
relatively sharper decline. Thus, the yield curve steepened in below 10-year maturity
range while flattening in longer maturity range. The 1yr-10yr spread increased to 25 bps
at end-September 2012 from 14 bps at end-June 2012, 10yr-30yr spread declined to 34
bps from 49 bps over the same period. Introduction of new 10-year benchmark and 13-
year securities, which elicited high demand from investors and traders, pushed these
yields below the curve. Overall, the 1yr-30yr spread at end of Q2 of FY13 narrowed to
59 bps from 63 bps at end of previous quarter (Chart 9).




                                        18
5.3       Treasury Bills yield curve remained slightly inverted, particularly at longer
end, at the end of the quarter, albeit to a lesser degree compared with the end of the
previous quarter (Q1 of FY13). This was partly due to improvement in liquidity
conditions reflected by decline in amount provided under repo window of LAF by RBI.
While the 1m-3m spread remained unchanged at 3 bps, 3m-6m spread increased to (-)
1 bps from (-)7 bps during the quarter. Overall, 1m-12m inversion in treasury yield
curve increased by 9 bps, from (-)18 bps at end-June 2012 to (-)9 bps at end-September
2012 (Chart 10).




                                        19
    B. Trading Pattern for domestic securities

    5.4           The total volume of Government securities transacted on an outright basis
    during Q2 of FY13 stood at `15.09 lakh crores, representing an increase of 16.8 per cent
    over `12.92 lakh crore during the preceding quarter (Table 12). While the transactions
    in treasury bills increased by 32.9 per cent during the quarter, transaction volumes in
    state government securities registered a growth of 20.0 per cent. The transaction
    volumes in the Central Government securities showed a lower growth of 15.1 per cent
    during Q2 of FY13 over Q1 of FY13. The annualised outright turnover ratio1 for the
    Central Government dated securities (G-Secs) for Q2 of FY13 improved to 3.8 from 3.5
    during the previous quarter. Including repo transactions, the annualised total turnover
    ratio2 for Q2 of FY13 was higher at 7.4 than 6.3 during the previous quarter.

                  Table 12 : Transactions in Government Securities (volumes in `Crore)
    Period                             Outright                                      Repo
                     G-Sec       T-Bills    SDL      Total       G-Sec       T-Bills        SDL        Total
    2009-10          24,80,850   3,63,283   69,757   29,13,890   52,33,295    8,12,537      26,996   60,72,828
    2010-11          25,52,181   2,75,095   43,677   28,70,952   32,53,965    8,32,632      12,688   40,99,284
    2011-12          30,99,107   3,45,237   43,859   34,88,203   21,86,877   15,54,121      22,878   37,63,877
    Apr-Jun 12       11,50,531   1,20,055   21,470   12,92,057    4,74,943    6,83,722       4,409   11,63,074
    Jul-Sept 12      13,23,826   1,59,586   25,758   15,09,170    6,34,378    6,41,880      22,655   12,98,914



    5.5           Central Government dated securities continued to account for a dominant
    portion of total trading volumes (Chart 11a and 11b). During Q2 of FY13, it accounted
    for 87.7 per cent of total outright volume, compared to 89.0 per cent in the previous
    quarter and 48.8 per cent of the total repo volume, compared to 40.8 per cent in the
    previous quarter.




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 * 4) /
(Average of outstanding stock)]
                                                     20
5.6       The volume of transactions continued to be skewed towards a few securities.
The top 10 traded securities accounted for 84.4 per cent of the total outright
transaction volume during the quarter as compared with 86.7 per cent during the
previous quarter. The share of top three traded securities, however, declined to 64.1
per cent during Q2 of FY13 from 76.2 per cent in the previous quarter. List of top 10
traded securities for the current quarter and the previous quarter are given in Table 13.

               Table 13 - Top 10 Traded Securities (amount in `Crore)

        Security                Jul-Sept 2012   Security               Apr-Jun 2012
        8.15% G.S. 2022            3,96,041     9.15% G.S. 2024          4,93,579
        8.33% G.S. 2026            3,76,522     8.79% G.S. 2021          4,01,728
        9.15% G.S. 2024            1,95,040     8.19% G.S. 2020           88,623
        8.19% G.S. 2020            1,43,754     8.15% G.S. 2022           43,353
        8.79% G.S. 2021             54,444      8.24% G.S. 2018           23,841
        8.07% G.S. 2017             36,906      8.28% G.S. 2027           22,334
        8.97% G.S. 2030             33,139      8.97% G.S. 2030           20,399
        8.20% G.S. 2025             16,617      8.83% G.S. 2041           14,043
        8.28% G.S. 2027             11,129      8.33% G.S. 2036            6,596
        8.24% G.S. 2018             9,683       7.83% G.S.2018             5,758




                                         21
5.7        Trend in outright trading volumes in Government securities under different
maturity buckets is given in Table 14.

                Table 14 : Maturity Pattern of Outright Transactions
                                                                       (in `Crore)
      Maturity/Quarter    Jul-Sep 2012   Apr-Jun 2012  2011-12           2010-11   2009-10
      Less than 3 Years          2,202          4,836    35,545          1,07,943  2,02,683
      3-7 Years                 62,759         41,965 2,34,437           4,32,297  5,84,202
      7-10 Years              6,01,108       5,41,399 17,43,886          9,71,464 10,81,244
      above 10 years          6,57,758       5,62,332 10,85,239        10,40,477   6,12,721
      Total                  13,23,827      11,50,532 30,99,107        25,52,181 24,80,850


5.8        The maturity distribution of G-secs transactions in the secondary market is
detailed in Chart 12a and 12b. Reflecting the increased trading activity in longer term
securities, `10 years and above' maturity range continue to account for the highest
share of trading volumes during Q2 of FY13 followed by `7-10 years' maturity range
which reflected high liquidity of 10-year benchmark security. The share of trading
volumes in the `above 10-year' segment during Q2 of FY13 increased to 49.7 per cent
from 48.9 per cent in the previous quarter. The 7-10 years maturity bucket accounted
for 45.4 per cent of outright trading volumes during Q2 of FY13, lower than 47.1 per
cent in the previous quarter. The transaction volume of securities in the maturity range
of 3-7 years during the quarter was higher at 4.7 per cent of total volume compared
with 3.6 per cent in the previous quarter. The share of trading volume in the below 3
years maturity bracket remained negligible during the quarter.




                                          22
5.9       Foreign banks continued to be the dominant trading category with further
increase in their share in total outright trading activity to 33.9 per cent during Q2 of
FY13 from 31.7 per cent in the previous quarter, continuing their uptrend for the third
consecutive quarter (Chart 13). The share of all other trading categories, barring
`others', in total trading volume during the quarter showed a decline from the previous
quarter. While primary dealers accounted for 18.0 per cent of total trading volume
during Q2 of FY13 compared with 19.2 per cent during Q1 of FY13, share of public
sector banks and private sector banks showed marginal decline over the previous
quarter. During the quarter, public sector banks were the major net buyers of
government securities in the secondary market (`47,121 crore) followed by `others
category' investors (`14,472 crore, includes the Reserve Bank purchases other than
through OMO auctions), mutual funds (`11,911 crore), private sector banks (`11,004
crore). Insurance companies, foreign Institutional Investors (FIIs) and co-operative
banks were the other net buyer categories during the quarter. Apart from the primary
dealers, foreign banks (`24,415 crore) were the only net seller category during Q2 of
FY13.




5.9       Quarterly share of various categories/participants in the secondary market
trading activity (buy + sell) for government securities is shown in Table 15.

                                          23
            Table 15: Category wise - Buying and Selling (% of total)
                           Jul-Sept 2012            Apr-Jun 2012   Jan-Mar 2012   Oct-Dec 2011
Category
                            Buy       Sell      Buy         Sell   Buy     Sell   Buy     Sell
Co-operative Banks           2.7      2.5        3.2         3.0    3.8     3.8    3.1     2.9
FIs                          0.4      0.2        0.5         0.1    0.2     0.2    0.5     0.1
Foreign Banks              33.1      34.7      31.6         31.8   28.6    29.9   27.3    27.1
Ins. Cos                     1.9      1.7        2.3         1.8    1.6     1.9    1.7     1.5
Mutual Funds                 4.4      3.6        4.4         4.0    4.0     3.8    5.0     4.9
Primary Dealers            15.7      20.2      16.8         21.6   21.9    27.1   25.9    31.0
Private Sector Banks       17.6      16.8      17.2         17.5   17.7    16.4   15.7    15.2
Public Sector Banks        22.2      19.1      21.8         20.2   20.1    16.7   19.5    17.2
Others                       2.0      1.1       2.3         0.1    1.9     0.1    1.2     0.1
Total                       100      100        100         100    100     100    100     100




                                               24
     Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-contd.
                                                                           (Amount in `Crore)
                                             Devolve               Cut off             Residual
                       Date of Notified                 Cut off               Date of
Name of Stock                                ment on                 yield              Maturit
                       Auction amount                     price              Maturity
                                                 PDs                   (%)             y (Years)
8.19% GS 2020 $ U      3-Apr-12      4000       319.2     96.80     8.76    16-Jan-20       7.8
9.15% GS 2024 $ U      3-Apr-12      8000           0    102.31     8.84   14-Nov-24       12.6
8.97% GS 2030 $ U      3-Apr-12      3000      875.96     99.70     9.00     5-Dec-30      18.7
8.83% GS 2041 $ U      3-Apr-12      3000           0     97.65     9.06   12-Dec-41       29.7
8.24% GS 2018 $ U     13-Apr-12      4000           0     98.51     8.56   22-Apr-18        6.0
8.79% GS 2021 $ U     13-Apr-12      7000           0    102.09     8.47    8-Nov-21        9.6
8.28% GS 2027 $ U     13-Apr-12      2000           0     96.16     8.74   21-Sep-27       15.4
8.33% GS 2036 $ U     13-Apr-12      2000           0     95.30     8.80     7-Jun-36      24.1
8.19% GS 2020 $ U     20-Apr-12      4000           0     98.60     8.44    16-Jan-20       7.7
9.15% GS 2024 $ U     20-Apr-12      7000           0    104.97     8.50   14-Nov-24       12.6
8.97% GS 2030 $ U     20-Apr-12      2000           0    101.85     8.76     5-Dec-30      18.6
8.83% GS 2041 $ U     20-Apr-12      3000           0    100.20     8.81   12-Dec-41       29.6
8.24% GS 2018 $ U     27-Apr-12      4000           0     98.16     8.64   22-Apr-18        6.0
8.79% GS 2021 $ U     27-Apr-12      7000           0    101.00     8.63    8-Nov-21        9.5
8.28% GS 2027 $ U     27-Apr-12      2000           0     95.45     8.82   21-Sep-27       15.4
8.33% GS 2036 $ U     27-Apr-12      3000           0     93.82     8.96     7-Jun-36      24.1
8.19% GS 2020 $ U     4-May-12       4000           0     98.05     8.54    16-Jan-20       7.7
9.15% GS 2024 $ U     4-May-12       8000           0    103.25     8.72   14-Nov-24       12.5
8.97% GS 2030 $ U     4-May-12       3000           0    100.45     8.92     5-Dec-30      18.6
8.83% GS 2041 $ U     4-May-12       3000           0     98.31     8.99   12-Dec-41       29.6
8.24% GS 2018 $ U    11-May-12       4000           0     98.52     8.56   22-Apr-18        5.9
8.79% GS 2021 $ U    11-May-12       7000           0    101.43     8.57    8-Nov-21        9.5
8.28% GS 2027 $ U    11-May-12       2000           0     95.09     8.87   21-Sep-27       15.4
8.33% GS 2036 $ U    11-May-12       2000           0     93.94     8.95     7-Jun-36      24.1
8.19% GS 2020 $ U    18-May-12       4000           0     98.60     8.44    16-Jan-20       7.7
9.15% GS 2024 $ U    18-May-12       7000           0    104.67     8.53   14-Nov-24       12.5
8.97% GS 2030 $ U    18-May-12       2000           0    101.35     8.82     5-Dec-30      18.5
8.83% GS 2041 $ U    18-May-12       2000           0     99.01     8.92   12-Dec-41       29.6
8.24% GS 2018 $ U    26-May-12       4000           0     98.94     8.47   22-Apr-18        5.9
8.79% GS 2021 $ U    26-May-12       6000           0    101.70     8.52    8-Nov-21        9.4
8.28% GS 2027 $ U    26-May-12       2000           0     95.83     8.78   21-Sep-27       15.3
8.33% GS 2036 $ U    26-May-12       3000           0     94.35     8.90     7-Jun-36      24.0
8.19% GS 2020 $ U      1-Jun-12      4000           0     99.27     8.32    16-Jan-20       7.6
9.15% GS 2024 $ U      1-Jun-12      7000           0    105.45     8.43   14-Nov-24       12.4
8.28% GS 2032 $ U      1-Jun-12      2000           0     96.52     8.65   15-Feb-32       19.7
8.83% GS 2041 $ U      1-Jun-12      2000           0    101.10     8.73   12-Dec-41       29.5
8.24% GS 2018 $ U      8-Jun-12      3000           0    100.10     8.21   22-Apr-18        5.9
8.15% GS 2022 # U      8-Jun-12      7000           0    100.00     8.15   11-Jun-22       10.0
8.97% GS 2030 $ U      8-Jun-12      3000           0    104.48     8.49     5-Dec-30      18.5


                                              i
     Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-contd.
                                                                           (Amount in `Crore)
                                             Devolve               Cut off             Residual
                       Date of Notified                 Cut off               Date of
Name of Stock                                ment on                 yield              Maturit
                       Auction amount                     price              Maturity
                                                 PDs                   (%)             y (Years)
8.33% GS 2036 $ U     8-Jun-12       2000           0     97.85     8.54     7-Jun-36      24.0
8.19% GS 2020 $ U    22-Jun-12       4000           0    100.10     8.17    16-Jan-20       7.6
9.15% GS 2024 $ U    22-Jun-12       7000           0    105.95     8.37   14-Nov-24       12.4
8.28% GS 2027 $ U    22-Jun-12       2000           0     98.48     8.46   21-Sep-27       15.2
8.83% GS 2041 $ U    22-Jun-12       2000           0    102.13     8.63   12-Dec-41       29.5
8.07% GS 2017 # U    29-Jun-12       4000           0    100.00     8.07      3-Jul-17      5.0
8.15% GS 2022 $ U    29-Jun-12       7000           0     99.85     8.17   11-Jun-22        9.9
8.97% GS 2030 $ U    29-Jun-12       2000           0    103.75     8.56     5-Dec-30      18.4
8.33% GS 2036 $ U    29-Jun-12       2000           0     97.20     8.61     7-Jun-36      23.9
8.19% GS 2020 $ U      6-Jul-12      4000           0     99.90     8.21    16-Jan-20       7.5
8.33% GS 2026 # U      6-Jul-12      6000           0    100.00     8.33      9-Jul-26     14.0
8.28% GS 2032 $ U      6-Jul-12      2000           0     97.45     8.55   15-Feb-32       19.6
8.83% GS 2041 $ U      6-Jul-12      3000           0    101.91     8.65   12-Dec-41       29.4
8.07% GS 2017 $ U     13-Jul-12      4000           0    100.25     8.01      3-Jul-17      5.0
8.15% GS 2022 $ U     13-Jul-12      6000           0    100.30     8.10   11-Jun-22        9.9
8.97% GS 2030 $ U     13-Jul-12      3000           0    104.35     8.50     5-Dec-30      18.4
8.33% GS 2036 $ U     13-Jul-12      3000           0     97.36     8.59     7-Jun-36      23.9
8.19% GS 2020 $ U     20-Jul-12      4000           0    100.34     8.13    16-Jan-20       7.5
8.33% GS 2026 $ U     20-Jul-12      7000           0    101.06     8.20      9-Jul-26     14.0
8.28% GS 2032 $ U     20-Jul-12      2000           0     98.29     8.46   15-Feb-32       19.6
8.83% GS 2041 $ U     20-Jul-12      2000           0    102.77     8.57   12-Dec-41       29.4
8.07% GS 2017 $ U     27-Jul-12      4000           0    100.03     8.06      3-Jul-17      4.9
8.15% GS 2022 $ U     27-Jul-12      6000           0    100.22     8.11   11-Jun-22        9.9
8.97% GS 2030 $ U     27-Jul-12      3000           0    104.70     8.46     5-Dec-30      18.3
8.33% GS 2036 $ U     27-Jul-12      2000           0     97.80     8.55     7-Jun-36      23.9
8.19% GS 2020 $ U     3-Aug-12       4000           0     99.43     8.29    16-Jan-20       7.4
8.33% GS 2026 $ U     3-Aug-12       7000           0     99.52     8.39      9-Jul-26     13.9
8.28% GS 2032 $ U     3-Aug-12       2000           0     97.19     8.58   15-Feb-32       19.5
8.83% GS 2041 $ U     3-Aug-12       2000           0    101.90     8.65   12-Dec-41       29.4
8.07% GS 2017 $ U    10-Aug-12       4000           0     99.75     8.13      3-Jul-17      4.9
8.15% GS 2022 $ U    10-Aug-12       6000           0     99.86     8.17   11-Jun-22        9.8
8.97% GS 2030 $ U    10-Aug-12       3000           0    104.12     8.52     5-Dec-30      18.3
8.33% GS 2036 $ U    10-Aug-12       2000           0     97.47     8.58     7-Jun-36      23.8
8.19% GS 2020 $ U    17-Aug-12       4000           0     99.30     8.32    16-Jan-20       7.4
8.33% GS 2026 $ U    17-Aug-12       7000           0     99.27     8.42      9-Jul-26     13.9
8.28% GS 2032 $ U    17-Aug-12       2000           0     97.05     8.59   15-Feb-32       19.5
8.83% GS 2041 $ U    17-Aug-12       2000           0    101.89     8.65   12-Dec-41       29.3
8.07% GS 2017 $ U    24-Aug-12       4000           0     99.51     8.19      3-Jul-17      4.9

                                              ii
      Statement 1: Issuance of Dated securities During FY13 (April-September 2012)-concld.
                                                                            (Amount in `Crore)
                                              Devolve               Cut off             Residual
                        Date of Notified                  Cut off              Date of
 Name of Stock                                ment on                 yield              Maturit
                        Auction amount                     price              Maturity
                                                  PDs                   (%)             y (Years)
 8.15% GS 2022 $ U      24-Aug-12        6000           0      99.62         8.20   11-Jun-22     9.8
 8.97% GS 2030 $ U      24-Aug-12        3000           0     103.74         8.56    5-Dec-30    18.3
 8.33% GS 2036 $ U      24-Aug-12        2000           0      97.51         8.57    7-Jun-36    23.8
 8.19% GS 2020 $ U      31-Aug-12        4000           0      99.17         8.34   16-Jan-20     7.4
 8.33% GS 2026 $ U      31-Aug-12        7000           0      99.45         8.40     9-Jul-26   13.9
 8.28% GS 2032 $ U      31-Aug-12        2000           0      97.19         8.58   15-Feb-32    19.5
 8.83% GS 2041 $ U      31-Aug-12        2000           0     102.22         8.62   12-Dec-41    29.3
 8.07% GS 2017 $ U       7-Sep-12        4000           0      99.42         8.21     3-Jul-17    4.8
 8.15% GS 2022 $ U       7-Sep-12        7000           0      99.71         8.19   11-Jun-22     9.8
 8.97% GS 2030 $ U       7-Sep-12        3000     633.034     103.50         8.58    5-Dec-30    18.2
 8.33% GS 2036 $ U       7-Sep-12        2000           0      97.87         8.54    7-Jun-36    23.7
 8.19% GS 2020 $ U      21-Sep-12        4000           0      99.66         8.25   16-Jan-20     7.3
 8.20% GS 2025 # U      21-Sep-12        7000           0     100.00         8.20   24-Sep-25    13.0
 8.28% GS 2032 $ U      21-Sep-12        2000           0      97.17         8.58   15-Feb-32    19.4
 8.83% GS 2041 $ U      21-Sep-12        2000           0     103.00         8.55   12-Dec-41    29.2
 8.07% GS 2017 $ U      28-Sep-12        4000           0      99.55         8.18     3-Jul-17    4.8
 8.33% GS 2026 $ U      28-Sep-12        6000           0     100.81         8.23     9-Jul-26   13.8
 8.97% GS 2030 $ U      28-Sep-12        3000           0     105.05         8.42    5-Dec-30    18.2
 8.33% GS 2036 $ U      28-Sep-12        2000           0      98.66         8.46    7-Jun-36    23.7
 Gross Nominal Amount Raised          370000     1828.194
 Weighted Average Yield                   8.45
 Weighted Average Maturity              13.56
#:- New security, yield based auction; $:- Re-issues, price based auctions
U:- Uniform Price




                                                  iii
       Statement 2:Treasury Bills Issued During FY13 (April-Sept 2012)-Contd.
                                                   (Amount in `Crore)
                                                    Non-     Gross
                                   Competitive
                                               Competitive Nominal            Cut off
Name of Security     Date of Issue    amount
                                                  amount amount             Yield (%)
                                       raised
                                                   raised    raised
364 DTB                  9-Apr-12          5000             0      5000         8.34
364 DTB                 20-Apr-12          5000             0      5000         8.17
364 DTB                 4-May-12           5000             0      5000         8.31
364 DTB                18-May-12           5000             0      5000         8.29
364 DTB                  1-Jun-12          5000             0      5000         8.28
364 DTB                 15-Jun-12          5000           376      5376         8.28
364 DTB                 29-Jun-12          5000             0      5000         8.12
364 DTB                  13-Jul-12         5000             7      5007         8.06
364 DTB                  27-Jul-12         5000             0      5000         7.98
364 DTB                10-Aug-12           5000             7      5007         8.06
364 DTB                24-Aug-12           5000             0      5000         8.12
364 DTB                  7-Sep-12          5000             7      5007         8.08
364 DTB                 21-Sep-12          5000             0      5000         8.06
182 DTB                 13-Apr-12          5000             0      5000         8.57
182 DTB                 27-Apr-12          5000             0      5000         8.38
182 DTB                11-May-12           5000             0      5000         8.42
182 DTB                25-May-12           5000             0      5000         8.42
182 DTB                  8-Jun-12          5000             0      5000         8.16
182 DTB                 22-Jun-12          5000             0      5000         8.31
182 DTB                   6-Jul-12         5000             0      5000         8.27
182 DTB                  20-Jul-12         5000             0      5000         8.12
182 DTB                  3-Aug-12          5000             0      5000         8.25
182 DTB                16-Aug-12           5000             0      5000         8.27
182 DTB                31-Aug-12           5000             0      5000         8.25
182 DTB                 14-Sep-12          5000             0      5000         8.14
182 DTB                 28-Sep-12          5000           238      5238         8.14
91 DTB                   9-Apr-12          6000          2520      8520         8.81
91 DTB                  13-Apr-12          9000          2013     11013         8.77
91 DTB                  20-Apr-12          9000           500      9500         8.31
91 DTB                  27-Apr-12          9000          5500     14500         8.39
91 DTB                  4-May-12          10000          7500     17500         8.44
91 DTB                 11-May-12           9000          4500     13500         8.44
91 DTB                 18-May-12          10000          6900     16900         8.39
91 DTB                 25-May-12           9000          8580     17580         8.39
91 DTB                   1-Jun-12         10000           900     10900         8.39
91 DTB                   8-Jun-12          9000           885      9885         8.27


                                              iv
         Statement 2:Treasury Bills Issued During FY13 (April-Sept 2012)-Concld.
                                                     (Amount in `Crore)
                                                      Non-     Gross
                                     Competitive
                                                 Competitive Nominal            Cut off
Name of Security       Date of Issue    amount
                                                    amount amount             Yield (%)
                                         raised
                                                     raised    raised
91 DTB                    15-Jun-12         10000          3720      13720         8.14
91 DTB                    22-Jun-12          9000          1525      10525         8.31
91 DTB                    29-Jun-12         10000          1343      11343         8.31
91 DTB                      6-Jul-12         7000          1000       8000         8.27
91 DTB                     13-Jul-12         7000          4241      11241         8.23
91 DTB                     20-Jul-12         7000          1011       8011         8.19
91 DTB                     27-Jul-12         7000          7721      14721         8.14
91 DTB                     3-Aug-12          7000          1500       8500         8.23
91 DTB                    10-Aug-12          7000         13000      20000         8.23
91 DTB                    16-Aug-12          7000          5000      12000         8.27
91 DTB                    24-Aug-12          7000          4122      11122         8.23
91 DTB                    31-Aug-12          7000          2511       9511         8.23
91 DTB                     7-Sep-12          7000          7886      14886         8.14
91 DTB                    14-Sep-12          7000          2537       9537         8.14
91 DTB                    21-Sep-12          7000          4329      11329         8.10
91 DTB                    28-Sep-12          7000           760       7760         8.14
Total                                      340000        102637     442637




                                                 v
      Statement 3: List of Dated Securities Outstanding at end-Sept 2012-contd.
                                                    Outstanding Stock
Nomenclature                     Date of maturity                        of which: MSS
                                                             (` Crore)
FRB, 2012                             10-Nov-12                5000.0                -
9.00% GS     2013                     24-May-13                1751.3                -
9.81% GS 2013                         30-May-13               11000.0                -
12.40 % GS 2013                       20-Aug-13               11983.9                -
7.27% GS 2013 (conv)                   3-Sep-13               46000.0                -
FRB, 2013                             10-Sep-13                4000.0                -
5.32% GS 2014                         16-Feb-14                5000.0                -
6.72% GS 2014                         24-Feb-14               15273.6                -
7.37 % GS 2014                        16-Apr-14               42000.0                -
6.07% GS 2014                         15-May-14               40000.0                -
FRB, 2014                             20-May-14                5000.0                -
10.00% GS 2014                        30-May-14                2333.3                -
7.32% GS 2014                         20-Oct-14               18000.0                -
10.50% 2014                           29-Oct-14                1755.1                -
7.56% 2014                             3-Nov-14               41000.0                -
11.83 % GS 2014                       12-Nov-14               11500.0                -
10.47% GS 2015                        12-Feb-15                6430.0                -
10.79% GS 2015                        19-May-15                2683.5                -
11.50% GS 2015                        21-May-15                3560.5                -
6.49% GS 2015                           8-Jun-15              40000.0                -
7.17% GS 2015                         14-Jun-15               56000.0                -
FRB, 2015                               2-Jul-15               6000.0                -
11.43% GS 2015                         7-Aug-15               12000.0                -
FRB, 2015(II)                         10-Aug-15                6000.0                -
7.38% GS 2015 (conv)                   3-Sep-15               61000.0                -
9.85% GS 2015                         16-Oct-15               10000.0                -
7.59% GS 2016                         12-Apr-16               68000.0                -
10.71% GS 2016                        19-Apr-16                9000.0                -
FRB, 2016                              7-May-16                6000.0                -
5.59% GS 2016                           4-Jun-16               6000.0                -
12.30% GS 2016                          2-Jul-16              13129.9                -
7.02% GS 2016                         17-Aug-16               60000.0                -
8.07% 2017                            15-Jan-17               69000.0                -
7.49% 2017 (con)                      16-Apr-17               58000.0                -
FRB-2017                                2-Jul-17               3000.0                -
8.07% GS 2017                           3-Jul-17              24000.0                -
7.99% 2017                              9-Jul-17              71000.0                -
7.46% 2017                            28-Aug-17               57886.8                -
6.25% 2018 (conv)                      2-Jan-18               16886.8                -
7.83% GS 2018                         11-Apr-18               64000.0                -

                                          vi
     Statement 3: List of Dated Securities Outstanding at end-Sept 2012-contd.
                                                   Outstanding Stock
Nomenclature                    Date of maturity                        of which: MSS
                                                            (` Crore)
8.24% GS 2018                        22-Apr-18               75000.0                -
10.45% GS 2018                       30-Apr-18                3716.0                -
5.69 % GS 2018(Conv)]                25-Sep-18               16130.0                -
12.60 % GS 2018                      23-Nov-18               12631.9                -
5.64 % GS 2019                         2-Jan-19              10000.0                -
6.05% GS 2019                         2-Feb-19               53000.0                -
6.05% GS 2019 (con)                  12-Jun-19               11000.0                -
6.90% GS 2019                         13-Jul-19              45000.0                -
10.03 % GS 2019                       9-Aug-19                6000.0                -
6.35% GS 2020 (con)                    2-Jan-20              61000.0                -
8.19% GS 2020                        16-Jan-20               62000.0                -
10.70 % GS 2020                      22-Apr-20                6000.0                -
7.80% GS 2020                         3-May-20               60000.0                -
FRB - 2020                           21-Dec-20               13000.0                -
11.60 % GS 2020                      27-Dec-20                5000.0                -
7.80% GS 2021                        11-Apr-21               68000.0                -
7.94% GS 2021                        24-May-21               49000.0                -
10.25% GS 2021                       30-May-21               26213.3                -
8.79% GS 2021                         8-Nov-21               83000.0                -
8.20 % GS 2022                       15-Feb-22               57632.3                -
8.35% GS 2022                        14-May-22               44000.0                -
8.15% GS 2022                        11-Jun-22               45000.0                -
8.08% GS 2022                         2-Aug-22               61969.4                -
5.87% GS 2022 (conv)                 28-Aug-22               11000.0
8.13% GS 2022                        21-Sep-22               70495.3                -
6.30% GS 2023                          9-Apr-23              13000.0                -
6.17% GS 2023 (conv)                 12-Jun-23               14000.0                -
7.35% GS 2024                        22-Jun-24               10000.0                -
9.15% GS 2024                        14-Nov-24               92000.0                -
8.20% GS 2025                        24-Sep-25                7000.0                -
5.97 % GS 2025 (Conv)                25-Sep-25               16687.9                -
8.33% GS 2026                          9-Jul-26              34000.0                -
10.18% GS 2026                       11-Sep-26               15000.0                -
8.24 % GS 2027                       15-Feb-27               57388.6                -
8.26 % GS 2027                        2-Aug-27               73427.3                -
8.28 % GS 2027                       21-Sep-27               36252.2                -
6.01% GS GS 2028 (C Align)           25-Mar-28               15000.0                -
6.13% GS 2028                          4-Jun-28              11000.0                -
8.97% GS 2030                         5-Dec-30               49000.0                -
8.28 % GS 2032                       15-Feb-32               78687.1                -

                                         vii
        Statement 3: List of Dated Securities Outstanding at end-Sept 2012-concld.
                                                       Outstanding Stock
Nomenclature                        Date of maturity                        of which: MSS
                                                                (` Crore)
8.32 % GS 2032                            2-Aug-32              15434.1                 -
7.95% GS 2032                            28-Aug-32              59000.0                 -
8.33% GS GS 2032                         21-Sep-32               1522.5                 -
7.50% GS 2034                            10-Aug-34              60000.0                 -
FRB, 2035                                25-Jan-35                350.0                 -
7.40% GS 2035                             9-Sep-35              42000.0                 -
8.33% GS 2036                              7-Jun-36             84000.0                 -
6.83% GS 2039                            19-Jan-39              13000.0                 -
8.30% GS 2040                              2-Jul-40             72000.0                 -
8.83% GS 2041                            12-Dec-41              46000.0                 -
Total                                                         2862712.5




                                            viii
   Statement 4: Maturity Profile of Government Securities as on End-Sept 2012
Year of maturity                                      Outstanding Stock (` Crore)
2012-13                                                                     5000
2013-14                                                                    95009
2014-15                                                                   168018
2015-16                                                                   197244
2016-17                                                                   231130
2017-18                                                                   230774
2018-19                                                                   234478
2019-20                                                                   185000
2020-21                                                                    84000
2021-22                                                                   283846
2022-23                                                                   232465
2023-24                                                                    27000
2024-25                                                                   102000
2025-26                                                                    23688
2026-27                                                                   106389
2027-28                                                                   124680
2028-29                                                                    11000
2029-30
2030-31                                                                   49000
2031-32                                                                   78687
2032-33                                                                   75957
2033-34
2034-35                                                                   60350
2035-36                                                                   42000
2036-37                                                                   84000
2037-38
2038-39                                                                   13000
2039-40
2040-41                                                                   72000
2041-42                                                                   46000
Total                                                                   2862713




                                             ix
 
 
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