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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