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Public Debt Management Report - Third Quarter (October - December 2014)(2 MB)PDF File Opens in a new window
March, 03rd 2014
Public Debt Management
       quarterly report
     October-December 2013




      Government of India
      Ministry of finance
 Department of economic affairs
        February 2014
        www.finmin.nic.in
                                CONTENTS

Section                                                 Page No.

           Introduction                                    1

1         Macroeconomic Developments                       2

2         Debt Management - Primary Market Operations      6

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 - April­Dec 2013-14                                    7
2             Issuance of Dated Securities                                          8
3             Issuance by Maturity Buckets, Q3 of 2013-14                           8
4             Issuance of Treasury Bills                                            9
5             Maturity and Yield of Central Government's Market Loans               9
6             Issuance of Cash Management Bills                                    11
7             Repayments and Issuance of Treasury Bills in Oct-Dec 2013            12
8             Calendar for Issuance of Treasury Bills in Jan-Mar 2014              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                            21
15            Category wise ­ Buying and Selling                                   23


List of Charts
  Chart No.                                    Title                         Page No.
1                Quarterly Growth Rate in GDP                                       2
2                Inflation Rate Based on WPI and CPI                                3
3                Growth Rate in IIP                                                 3
4                Monthly Exports and Imports                                        4
5                Foreign Investment Flow and Exchange Rate                          5
6                Net LAF outstanding (inclusive of MSF and Term Repo)              10
7                Holding Pattern of Government Securities                          16
8                Movement of G-Sec Yields ­ 10-year                                17
9                Government Bond Yield Curve                                       18
10               Treasury Bill Yield Curve                                         19
11a              Secondary Market Transaction ­ Outright                           20
11b              Secondary Market Transaction ­ Oct-Dec 2013                       20
12a              Maturity wise Trading Activity ­ Oct-Dec 13                       22
12b              Maturity wise Trading Activity ­ Oct-Dec 13                       22
13               Trading Activity (Buy + Sell) by Category                         23

List of Statements
Statement No.                                      Title                    Page No.
1               Issuance of Dated Securities During FY14 (Apr-Dec 2013)              i
2               Treasury Bills Issued During FY14 (Apr-Dec 2013)                   iv
3               List of Dated Securities Outstanding at end-Dec 2013               vi
4               Maturity Profile of Government Securities at end-Dec 2013         viii
                                       Introduction


The Middle Office was set up in September 2008, in Department of Economic Affairs,
Ministry of Finance, Government of India. With the objective of enhancing transparency of
debt management operations, Middle Office began publishing on its website a quarterly
report titled "Public Debt Management - Quarterly Report" from the first quarter of the
fiscal year 2010-11. The previous reports are available on the website of Ministry of Finance
(http://finmin.nic.in/reports/Public_Debt_Management.asp). This report pertains to the
third quarter of the fiscal year 2013-14, viz., October-December 2013.


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 second quarter (July-September) of financial year 2013-14
(FY14) improved to 4.8 per cent per annum from 4.4 per cent in the previous quarter (Q1 of
FY14) (Chart 1). Improvement in growth rates during Q2 was seen across all the major
sectors barring `community, social and personal services', which showed a growth 4.2 per
cent during Q2 as compared with 9.4 per cent growth in previous quarter. Among other
sectors, the significant improvement was manifested by `agriculture, forestry and fishing',
`electricity, gas and water supply', `manufacturing' and `construction' showing a growth
rates of 4.6 per cent, 7.7 per cent, 1.0 per cent and 7.7 per cent during Q2 as compared with
2.7 per cent 3.7 per cent, (-)1.2 per cent and 3.7 per cent, respectively, in the Q1. The first
revised estimates for 2012-13 and advance estimates for 2013-14 placed the GDP growth at
4.5 per cent and 4.9 per cent for full year, respectively.







1.2 The rising trend in inflation rate based on WPI was reversed in December 2013 and
declined to 6.16 per cent (Chart 2). Average inflation rate during the Q3 of FY14 was,
however, higher at 6.98 per cent from 6.63 per cent in the previous quarter. The
moderation in inflation during the month of December 2013 was mainly on account of
moderation in `food articles' and `vegetables' indices. Inflation rate of `fuel & power' group
remained elevated at 10.98 per cent with a major increase in prices of `high speed diesel'.
The inflation rate of `manufactured products' in December 2013 remained sticky at 2.64 per
cent. Build up of WPI inflation rate in the financial year so far was 5.35 per cent compared
                                                2
to a build up rate of 4.84 per cent in the corresponding period of the previous year. CPI
inflation rate at the end of Q3 at 9.9 per cent showed easing trend after seeing some
upward movements in seen October and November months.




1.3 Growth in Index of Industrial Production (IIP) was negative at (-)2.1 per cent in
November 2013 and (-)1.6 per cent in October 2013. The average growth in IIP during the
financial year 2013-14 (Apr-November) was lower (-)0.2 per cent compared to 1.0 per cent
during the same period of the previous year (Chart 3).




                                             3
1.4 Growth rate (y-o-y) of India's exports during October-December 2013 remained buoyant
at 7.5 per cent, though some deceleration was seen over previous quarter growth rate of
11.9 per cent. Growth rates in imports declined further to (-)15.3 per cent from (-)8.7 per
cent in the previous quarter. Trade deficit during Q3 at USD 29.9bn remained almost
unmoved from the level seen in Q2. On a y-o-y basis, however, trade deficit narrowed to by
45.6 per cent during Q3 compared with a decline of 38.6 per cent in Q2. On a monthly basis,
while exports posted a growth of 3.5 per cent in December 2013, imports showed a
negative growth of (-)15.2 per cent. The average monthly trade deficit during Q3 of FY14
remained unchanged at USD 29.9 bn (Chart 4).




1.5 There was a net inflow of foreign investment during October-November 2013 on
account of foreign direct investment while foreign institutional investors (FIIs) continues
experience net outflow (Chart 5). Rupee exchange rate remained broadly stable with some
improvement taking place on October-November 2013 due to improved trade account
balance. Accordingly, Rupee saw an improvement to `61.4 per USD at end-November 2013.
Rupee came under some pressure in December due to rise in domestic inflation and
reduction in bond buying programme by the Federal Reserve of US. Over the quarter,
however, Rupee closed stronger at `61.9 (per USD) at end-December 2013 compared with
`62.8 (per USD) at end-September 2013.

                                            4
Note:- Data on FDI have been revised since April 2011 to expand the coverage.




                                                     5
           Section 2­ Debt Management - Primary Market Operations

A. Government Finances

2.1 The gross fiscal deficit of the Central Government in budget estimates (BE) 2013-14
(FY14) was placed at `5,42,499 crore (4.8 per cent of GDP) as against `5,20,925 crore (5.2
per cent of GDP) in the revised estimates (RE) for 2012-13. The gross and net market
borrowing requirements of the Government in FY14BE were placed at `5,79,000 crore and
`4,84,000 crore, respectively, which were reduced in revised estimates (RE), as per interim
Budget for 2014-15, to `5,63,911 crore and `4,53,902 crore in view of the gains made in
fiscal consolidation by the Government. The gross and net market for 2014-15 are budgeted
to increase moderately to `5,97,000 crore and `4,57,321 crore.

2.2    The key deficit indicators of the Central Government as percentage of BE showed
pressure in fiscal outcome for April-December 2013-14 vis-a-vis their position during the
same period of the previous fiscal year. Lower tax collections coupled with a rise in
expenditure accounted for the increase in deficit indicators during the period under review.
Gross tax collections during the period, showing a growth of 9.2 per cent against a budgeted
growth of 19.1 per cent, at 60.2 per cent of BE were lower than 63.2 per cent a year ago.
Collections from corporation tax, projected to grow at 16.9 per cent, stood at `2,60,447
crore, showing a growth of 9.6 per cent over `2,37,626 crore in the same period of previous
fiscal year. Personal income tax collections at `1,53,662 crore showed a growth rate of 19.8
per cent against 20.2 per cent projected in BE for FY14. Among the major indirect taxes,
collections from customs duties showed a moderate growth of 4.3 per cent during April-
December 2013 (BE 13.6 per cent), while growth in excise duties was negative at (-)6.9 per
cent (BE 14.9 per cent). Service tax collections increased by 19.8 per cent during the period
under discussion against 35.8 per cent in the BE. Total expenditure during April-December
2013 at 69.9 per cent of BE was higher than 66.5 per cent during the same period of
previous year. As a result of lower tax collections and increased expenditure, revenue deficit
and fiscal deficit during April-December 2013 at 97.7 per cent and 95.2 per cent of BE were
higher than 85.1 per cent and 78.8 per cent, respectively, during the same period a year
ago. Primary deficit at 155.9 per cent of BE was also higher than 104.6 per cent during the
corresponding period of the previous fiscal year (Table 1). Non-tax revenue as per cent of BE
                                              6
were higher in April-December 2013 as compared with same period of previous year. It is
expected that revenues from 2G auction would be higher in Q4 of 2013-14. On a review of
government's cash position and funding requirement, an auction for `15000 crore of G-secs
was cancelled in Q4 resulting in decrease in market borrowing to this extent in FY 2014.

                   Table 1: Fiscal Outcome - April­Dec 2013 (amount in ` crore)
                                                   April-Dec   April-Dec 2013-    April-Dec 2012-
 Item                               2013-14 BE      2013-14       14 (% of BE)       13 (% of BE)

 Revenue Receipts                   10,56,330      6,33,933               60.0              61.0
   Tax Receipts                       8,84,078     5,17,661               58.6              62.8
   Non-Tax Receipts                   1,72,252     1,16,272               67.5              52.5
 Non-debt Receipts                      66,468       13,468               20.3              38.1
 Total Expenditure                  16,65,297    11,63,791                69.9              66.5
  Revenue Expenditure               14,36,168    10,05,175                70.0              67.5
  Capital Expenditure                 2,29,129     1,58,616               69.2              59.8
 Revenue Deficit                      3,79,838     3,71,242               97.7              85.1
 Primary Deficit                      1,71,815     2,67,926              155.9             104.6
 Gross Fiscal Deficit                 5,42,499     5,16,390               95.2              78.8
 Financing
  Market Loans*                       5,03,844     4,93,489               97.9               96.0
  External Financing                    10,560        1,587               15.0                8.4
 Securities against Small                5,798          -889             -15.3              -74.3
 Savings
 Others                                 22,297       22,204               99.6            -446.6
 *:- 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 third quarter (Q3)
of FY14.

2.4 Gross and net market borrowing requirements of the Government for FY14 were
budgeted at `5,79,009 crore and `4,84,000 crore which were higher by 3.8 per cent and 3.6
per cent, respectively, than `5,58,000 crore and `4,67,384 crore in FY13. During Q3 of FY14,
the Government issued dated securities worth `1,65,000 crore taking the gross borrowings
during April-December 2013 to `5,09,000 crore (87.9 per cent of BE), marginally lower than
`5,10,000 crore (89.5 per cent of BE) the corresponding period of the previous year (Table
2). Net market borrowing during April-December 2013 `4,34,629 crore or 89.7 per cent of
BE was higher than 87.6 per cent of BE in the previous year.
                                                 7
                                Table 2: Issuance of Dated Securities
                                                                                 (Amount in `Crore)
Item               2013-14 BE      Q3 FY 14      Apr-Dec          Apr-Dec 13           Apr-Dec 12
                                                      13             % of BE                % of BE
Gross Amount         579,009        165,000      509,000                87.9                   89.5
Repayments            95,009              -       74,735                78.7                 100.0
Net Issuance         484,000        165,000      434,625                89.7                   87.6


2.5 Auctions during Q3 of FY14 were largely held in accordance with the pre-announced
calendar (Table 3). During the quarter, 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 of 10 and 30 year maturities were issued during the
quarter. The amount issued under new securities constituted 5.5 per cent of total issuances,
remaining being re-issues.

               Table 3 ­ Issuance by Maturity Buckets, Q3 of 2013-14
                                                                             (amount in ` crore)
 Period                5-9 years       10-14 years     15-19 Years      20-30 Years       Total
2012-13                 142000             260000            78000           78000      558000
% of Total                25.45              46.59           13.98           13.98       100.00
H1 FY14 (Actual)          87000            135000            61000           61000      344000
% of Total                25.29              39.24           17.73           17.73       100.00
Q3 FY14                  33000-             66000-          22000-          22000-      165000
(Projected)               44000              77000           33000           33000       100.00
% of Total              20-26.7            40-46.7         13.3-20         13.3-20       100.00
Q3 FY14 (Actual)          40000              75000           24000           26000      165000
% of Total                24.24              45.45           14.55           15.76      100.00



2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills)
during Q3 of FY14 amounted to `2,31,841 crore while total repayments amounted to
`2,21,666 crore resulting in net issuance of `10,175 crore compared with net issuance of
`10,872 crore in Q2 and `38,086 crore in Q1 (Table 4). A relatively lower net issuance of
treasury bills during Q3 of FY14 was in line with scheduled calendar for issuance of treasury
bills in view of comfortable cash flow outlook during Q3 of FY14. The details of issuance of
bills during April-December 2013 are given in Statement 2.

                                                   8
                                  Table 4: Issuance of Treasury Bills*
                                                                                (Amount in `Crore)
  Item                  2013-14     Q3 FY 14     Apr-Dec        April-Dec 2013      Apr-Dec 2012
                             BE                      2013         ( as % of BE)       (as % of BE)
                                                 364 DTB
  Gross Amount         1,30,474       40,959    1,06,903                  81.9               96.2
  Repayment            1,30,474       35,060    1,00,456                  77.0               73.4
  Net Issuance                -        5,900        6,447                    -              243.5
                                                 182 DTB
  Gross Amount         1,30,007       36,003       97,105                 74.7               95.9
  Repayment            1,30,007       30,006       94,202                 72.5               82.5
  Net Issuance                -        5,996        2,903                    -                  -
                                                  91 DTB
  Gross Amount         5,92,890     1,54,879    4,54,327                  76.6                82.2
  Repayment            5,73,046     1,56,600    4,04,544                  70.6                81.2
  Net Issuance           19,844       -1,721       49,783                250.9               -24.3
                                                All T-Bills
  Gross Amount         8,53,371     2,31,841    6,58,335                  77.1               86.0
  Repayment            8,33,527     2,21,666    5,99,202                  71.9               80.4
  Net Issuance           19,844       10,175       59,133                298.0              539.3
  *:- Including amount through non-competitive route.

2.7 As the bond yields remained under pressure during the quarter, the maturity of primary
issuance was marginally reduced during Q3. The weighted average maturity (WAM) of dated
securities issued during Q3 of FY14 at 13.94 years was lower than 14.11 years in Q2 (Table
5). The weighted average maturity of outstanding government securities at end-December
2013 declined to 9.81 years from 9.89 years at the end of previous quarter. Over the same
period, the weighted average coupon of outstanding stock remained unchanged at 7.96 per
cent.

                  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                        8.36             13.50            7.97               9.66
        2013-14 Q2                     8.56             14.11            7.96               9.89
        2013-14 Q3                     8.96             13.94            7.96               9.81
        Apr-Dec 2013                   8.41             14.34            7.96               9.79
        * As at end of period.

                                                   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 Treasury Bills and
 access to 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 limit for the second half of 2013-14 was fixed at ` 20,000 crore.


 3.2 The tight liquidity situation prevailing in the previous quarter eased gradually (Chart 6) in
 Q3 on back of calibrated withdrawal of exceptional measures undertaken by RBI. Additional
 liquidity through term repos were introduced and the marginal standing facility (MSF) rate
 were reduced to normalise liquidity conditions. However, the liquidity tightened from mid-
 December onwards owing to advanced tax outflows. The net amount provided under
 Liquidity Adjustment Facility (LAF), including of MSF and term repo, touched a low of
 ` 30,720 crore (on December 4) and reached a high of ` 1,21,148 crore (December24). The
 average net LAF outstanding, including of MSF and term repo amount, was at ` 91,083
 crore in October, `88,310 crore in November and `74,879 crore in December 2013. Two
 OMO purchase auctions (on October 07 and November 18) were conducted during Q3 of
 2013-14 resulting in injection of liquidity of ` 16,131 crore into the system. Average net
 borrowings under LAF, including of MSF and term repo, during Q3 of FY14 at `84,937 crore
 were higher than ` 80,445 crore in previous quarter (Q2 of FY14).




3.3 The Government cash position was generally comfortable during the quarter. It vacated

                                                10
the cash management bills worth `52,000 crore, which were issued in earlier quarter. At end
of the quarter, there were no outstanding cash management bills.
                                Table 6 : Issuance of Cash Management Bills
                                                                              (Amount in ` Crore)
Issue Date      Maturity Date                             Amount                   Cut Off Yield (%)
27-Aug-13       14-Oct-13                          11,000                                     11.89
28-Aug-13       15-Oct-13                          11,000                                     11.89
3-Sep-13        21-Oct-13                          11,000                                     11.74
4-Sep-13        22-Oct-13                          11,000                                     11.50
5-Sep-13        13-Oct-13                           8,000                                     10.68
Outstanding at end of Q2                           52,000
Total Issued in Q3                                             -
Matured in Q3                                      52,000
Outstanding at end of Q 3                               -


 3.4 Apart from CMBs, issuance amount under treasury bills was also modulated in view of
 the cash position of the Government. The amount of Treasury Bills (net) issued through
 competitive route increased to ` 6,537 crore during the quarter from ` 4,171 crore during
 the last quarter. A net amount of ` 3,638 crore was received through non-competitive route
 during the quarter. Overall, the net amount mobilised through treasury bills (under
 competitive and non-competitive routes) during Q3 of FY14 amounted to ` 10,175 crore.
 The details of treasury bills issued and matured in Q3 of FY14 are given in Table 7.




                                                    11
          Table 7: Repayments and Issuance of Treasury Bills in October-December 2013
                                                                         (Amount in ` Crore)
   Date of             Repayments                  Issued Amount
    Issue                                                                     Net Issue
               91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB
   3-Oct-13       7,000       0       5,000         6,000     0         6,000                   0
  10-Oct-13       7,000     5,000       0           6,000   6,000           0                   0
  17-Oct-13         0         0       5,000         6,000     0         6,000               7,000
  24-Oct-13       6,364     5,000       0           6,000   6,000           0                 636
  31-Oct-13       7,000       0       5,000         6,000     0         6,000                   0
  7-Nov-13        7,000     5,000       0           6,000   6,000           0                   0
  14-Nov-13       7,000       0       5,000         6,000     0         4,901              -1,099
  21-Nov-13       7,000     5,000       0           6,000   6,000           0                   0
  28-Nov-13       7,000       0       5,000         6,000     0         6,000                   0
   5-Dec-13       7,000     5,000       0           6,000   6,000           0                   0
  12-Dec-13       7,000       0       5,000         6,000     0         6,000                   0
  19-Dec-13       7,000     5,000       0           6,000   6,000           0                   0
  26-Dec-13       7,000       0       5,000         6,000     0         6,000                   0
                                 Total Under Competitive Route
 Q3               83,364    30,000    35,000 78,000       36,000       40,901              6,537
                               Total Under Non-Competitive Route
 Q3               73,236         6        60 76,879           3             58             3,638



3.5 The calendar for issuance of treasury bills during Jan-Mar 2014 is given in Table 8.

             Table 8: Calendar for Issuance of Treasury Bills in Jan-Mar 2014
                                                                             (` crore)
      Auctions Date             91-Days       182-Days         364-Days            Total
      3-Jan-14                     4000           3000                             7000
      10-Jan-14                    4000                             3000           7000
      17-Jan-14                    4000             3000                           7000
      24-Jan-14                    4000                             3000           7000
      31-Jan-14                    4000             3000                           7000
      7-Feb-14                     7000                             6000          13000
      14-Feb-14                    7000             6000                          13000
      21-Feb-14                    7000                             6000          13000
      28-Feb-14                    7000             6000                          13000
      7-Mar-14                     8000                             6000          14000
      14-Mar-14                    8000             6000                          14000
      21-Mar-14                    8000                             6000          14000
      28-Mar-14                    8000           6000                            14000
      Total                      80000           33000              30000        143000




                                               12
                         Section 4 ­ Trends in Outstanding Public Debt

4.1 The total public debt (excluding liabilities under the `Public Account') of the Government
increased to ` 4,606,350 crore at end-December 2013 from `4,488,905 crore at end-
September 2013 (Table 9). This represented a quarter-on-quarter (QoQ) increase of 2.6 per
cent (provisional) compared with an increase of 4.6 per cent in the previous quarter (Q2 of
FY14). Internal debt constituted 90.9 per cent of public debt, compared with 90.6 per cent
at the end of the previous quarter. Marketable securities (consisting of Rupee denominated
dated securities and treasury bills/CMBs) accounted for 83.7 per cent of total public debt,
compared with 83.1 per cent end-September 2013. The outstanding internal debt of the
Government at `4,189,929 crore increased marginally to 38.0 per cent of GDP1 from 37.9
per cent at end-September 2013.

                                        Table 9: Composition of Public Debt
    Item                                                At end-Dec        At end-Sep         At end-      At end-
                                                        2013              2013               Dec 2013 Sep 2013
                                                        (` crore)                            (% of Total)
    1                                                   2                 3                  4            5
    Public Debt (1 + 2)                                 4,606,350         4,488,904          100.00       100.00
    1. Internal Debt                                    4,189,929         4,066,511          90.96        90.59
    Marketable                                          3,854,173                            83.67        83.11
    (a) Treasury Bills                                  358,896           400,763            7.79         8.93
    (i) Cash Management Bills                           -                 52,000             -            1.16
    (ii) 91-days Treasury Bills                         154,879           156,646            3.36         3.49
    (iii) 182-days Treasury Bills                       67,099            61,103             1.46         1.36
    (iv) 364-days Treasury Bills                        136,918           131,014            2.97         2.92
    (b) Dated Securities                                3,495,277         3,329,991          75.88        74.18
    Non-marketable                                      335756*           335,756            7.29         7.48
    (i) 14-days Treasury Bills                          50007*            50,007             1.09         1.11
    (ii) Securities Issued to NSSF                      216187*           216,187            4.69         4.82
    (iii) Compensation and other bonds                  36527*            36,527             0.79         0.81
    (iv) Securities issued to International             33035*            33,035             0.72         0.74
    Financial Institutions
    (v) Ways and Means Advances                         0*                -                  -              -
    2. External Debt                                    416,421           422,394            9.04           9.41
    (i) Multilateral                                    273,872           275,182            5.95           6.13
    (ii) Bilateral                                      103,916           108,252            2.26           2.41
    (iii) IMF                                           37,986            38,313             0.82           0.85
    (iv) Rupee debt                                     647               647                0.01           0.01

1
    GDP of four last quarters, assuming that the y-o-y GDP growth in Q2 FY 2014 continues in Q3 of FY 14.

                                                        13
*:-These data are not available for December 31, 2013. So they are carried over from previous quarter.






Maturity Pattern for Outstanding Government Debt Stock

4.2 2 The weighted average maturity of outstanding stock of dated securities as at end-
December 2013 was lower at 9.81 years than 9.89 years at end-September 2013. Over the
same period, the weighted average coupon of outstanding stock remained unchanged at
7.96 per cent (see Table 5).

4.3 The proportion of debt (dated securities) maturing in less than one year increased to 5.2
per cent at end-December 2013 from 3.3 per cent a quarter ago, while debt maturing within
1-5 years declined to 25.0 per cent from 28.0 per cent at end-September 2013. Thus, the
proportion of debt maturing in less than 5 years at end-December 2013 was lower at 30.2
per cent from 31.3 per cent of total debt a quarter ago. The proportion of outstanding debt
maturing in less than 10 years was also lower at 63.0 per cent from 63.6 per cent a quarter
ago, while proportion of debt maturing in more than 10 years increased marginally to 37.0
per cent at end-December 2013 from 36.4 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 Q3 of FY14 as well as the maturity dynamics of outstanding
securities. Overall, 30.2 per cent of outstanding stock has a residual maturity of upto 5
years, which implies that over the next five years, on an average, 6.0 per cent of outstanding
stock needs to be rolled over every year (Table 10). Thus, the rollover risk in the debt
portfolio continued to be low.
                    Table 10: Maturity Profile of GoI Outstanding Dated Securities
                                                                   (Amount in ` Crore)
        Maturity Buckets                         End-Dec 2013                 End-sep 2013
        Less than 1 Year                               181862                      109607
                                                        (5.20)                      (3.29)
        1-5 Years                                      874055                      933679
                                                       (25.01)                     (28.04)
        5-10 Years                                    1145610                     1074942
                                                       (32.78)                     (32.28)
        10-20 Years                                    864400                      808400
                                                       (24.73)                     (24.28)
        20 Years and above                             429350                      403350
                                                       (12.28)                     (12.11)
        Total                                         3495277                     3329977


                                                14
                Note: 1. Figures in parentheses represent per cent to total. 2. Totals may differ from those
                given in Table 9 due to different accounting treatment of recapitalisation bonds.



       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-September 2013 (Table 11 and Chart 7). Banks (including
       banks that are primary dealers and co-operative banks) continue to dominate as the major
       investor category with increase in their share to 47.4 per cent at end-September 2013 from
       46.6 per cent as at end-June 2013. Among the long-term investors, the share of holding by
       insurance companies improved during the quarter to 19.3 per cent from 19.2 per cent at
       end-June 2013, while the share of provident funds was stable at 7.2 per cent as at end-June
       2013. Proportion of securities held by the Reserve Bank at end-September 2013 was lower
       at 16.8 per cent than 18.2 per cent a quarter ago. While the holding of securities by FIIs and
       corporate were lower at end of Q2 of FY14 compared with their position a quarter ago,,
       holdings by mutual funds, financial institutions and `others category' showed an increase
       over the quarter.

                       Table 11: Ownership Pattern of Government of India Dated Securities
                                                                             (Per cent of Outstanding Securities)
Category                                                            2012                                   2013
                                                         Jun                Sep       Dec         Mar         Jun       Sep
1. Commercial Banks                                   33.88                33.91    33.98        34.5          34.47   36.34
2. Bank- PDs                                          10.34                10.63     9.98        9.36           9.38    8.36
3. Non-Bank PDs                                        0.08                  0.1     0.15        0.11           0.08    0.04
4. Insurance Companies                                21.19                 21.3    19.54       18.56           19.2   19.27
5. Mutual Funds                                        0.29                 0.55      1.2        0.68           1.24    1.61
6. Co-operative Banks                                  3.07                 3.03     2.89        2.81           2.78    2.73
7. Financial Institutions                              0.34                 0.37     0.64        0.75           0.63    0.71
8. Corporates                                          1.37                 1.61     1.62        1.14            1.2    1.19
9. FIIs                                                0.89                  1.1     1.24        1.61           1.59     1.4
10. Provident Funds                                    7.31                 7.19     7.12        7.37           7.19     7.2
11. RBI                                               17.62                16.02    15.95       16.99          18.22   16.83
12. Others                                             3.63                  4.2     5.68        6.12           4.02    4.32
Total                                                   100                 100       100         100           100     100
Source: RBI Bulletin, Dec 2013; Vol. LXVII No. 12




                                                               15
16
                        Section 5 ­ Secondary Market
A. Government security yields

5.1       Chart 8 depicts movement in Government bond yields (10-year yield taken as
benchmark) during the quarter. Bond yields, which softened initially, hardened since
October 10, 2014 and ended quarter at elevated level after touching a high of 9.11 per
cent in mid-November. 10-year yield traded at 8.79 per cent at the start of the quarter
and softened thereafter to a low of 8.49 per cent (October 10) on back of reduction in
the marginal reduction facility (MSF) rate as well as introduction of term repo auctions
aimed at normalising liquidity conditions. However the tightening liquidity condition
and continued supply pressure abetted by fears of a sooner-than-anticipated Fed
tapering pushed the yield to a high of 9.11 per cent on November 21. Issuance of new
10-year securities (Nov.22) and RBI's decision (on Dec. 18) to keep the policy rates on
hold kept the rising yields in check though announcement of US Federal Reserve
decision to commence tapering exerted pressure on yields. 10-year yield traded in the
range of 8.49-9.11 per cent during Q3 of FY14 and closed at 8.84 per cent at end-
December 2013 as compared with close of 8.83 per cent at end-September 2013.




5.2       Compare to previous quarter, bonds yields marginally moderated over
shorter to medium term. At the longer end, the curve was flat at end quarter. As a
result, the yield curve flattened during the quarter in above 10-year maturities, while

                                        17
steepening in maturities below 10 years. Moreover, yield curve showed inversions at a
few maturity points. The 1yr-10yr spread increased to 13 bps at end-December 2013
from (-)1 bps at end-September 2013, while 10yr-30yr spread declined to 39 bps from
48 bps over the same period. Overall, the 1yr-30yr spread at end of Q3 of FY14
increased to 53 bps from 46 bps at the end of the previous quarter (Chart 9).




5.3       Reduction in MSF rate by RBI and measures taken to normalise liquidity
condition, such as term repos, helped the treasury bills yields curve shift downward
during the quarter with a sharper decrease in shorter maturities. As a result, the
treasury bill yield curve became flatter during the quarter. The 1m-12m spread was 11
bps at end-December 2013 as compared with negative (-)68 bps at end-September
2013. The 1m-3m spread was at (-)10 bps from (-)8 bps, while 3m-6m spread increased
to 22 bps from (-)17 bps over the same period (Chart 10).




                                         18
    B. Trading Pattern for domestic securities

    5.4         The total volume of Government securities transacted on an outright basis
    during Q3 of FY14 stood at `15.6 lakh crores, a decline of 9.7 per cent over volume of
    `17.2 lakh crores during the preceding quarter (Table 12). Central Government dated
    securities, showing a negative growth of rate of (-)7.8 per cent, contributed to most of
    the decline in trading activity during the quarter. While the transactions volumes in
    treasury bills decreased by 19.9 per cent during the quarter, trading volumes in state
    government securities were lower by 8.7 per cent over the previous quarter. Decline in
    volumes was mainly because of fluctuation in yields and uncertainty regarding
    macroeconomic and global outlook as well as exchange rates. The annualised outright
    turnover ratio2 for Central Government dated securities (G-Secs) for Q3 of FY14
    declined to 3.10 from 3.5 during the previous quarter. Including repo transactions, the
    annualised total turnover ratio3 for Q3 of FY14 declined to 6.5 from 7.5 during the
    previous quarter.




2
 Annualised Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)]
3
  Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * 4) /
(Average of outstanding stock)]
                                                 19
                Table 12 : Transactions in Government Securities (volumes in `Crore)
 Period                              Outright                                         Repo
                 G-Sec        T-Bills     SDL        Total        G-Sec       T-Bills        SDL       Total
 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
 2012-13         59,20,929    5,52,943 1,18,159       65,92,032   29,18,337   24,13,144      71,282   54,02,764
 Apr-Jun 13      36,32,422    1,60,909      43,823    38,37,154   11,29,995     8,43,392      7,246   19,80,633
 July-Sept.13    14,23,720    2,62,383      36,194    17,22,297    8,25,847   10,21,290       5,148   18,52,285
 Oct.-Dec.13     13,12,755    2,10,203      33,062    15,56,020    7,23,963     9,78,151      5,018   17,07,132



5.5       Central Government dated securities continued to account for a dominant portion of
total trading volumes (Chart 11a and 11b). During Q3 of FY14, their share increased to 84.4
per cent of total outright volumes from 82.7 per cent in the previous quarter. Central
government securities accounted for 42.4 per cent of the total repo volumes during Q3 of
FY14 as compared to 44.6 per cent in the previous quarter.




      5.6        The top 10 traded securities accounted for 79.8 per cent of the total outright
      transaction volume during the quarter as compared with 75.9 per cent during Q2 of
      FY14. The share of top three traded securities declined to 57.6 per cent from 59.1 per
      cent during Q2 of FY14. List of top 10 traded securities for the current quarter and the
      previous quarter are given in Table 13.



                                                     20
                Table 13 - Top 10 Traded Securities (in `Crore)

        Security                   Jul-Sep 2013 Security                 Oct-Dec 2013
        7.16% G.S. 2023                  5,47,113   7.16% G.S. 2023               4,95,956
        8.20% G.S. 2025                  2,40,351   8.28% G.S. 2027               2,76,229
        8.33% G.S. 2026                  2,29,833   7.28% GS 2019                 1,24,651
        8.15% G.S. 2022                   77,743    8.12% G.S. 2020               1,18,832
        8.07% G.S. 2017 (JUL)             62,284    8.83% G.S. 2023               1,15,253
        8.12% G.S. 2020                   45,657    8.83% G.S. 2023                38,976
        7.28% GS 2019                     44,561    8.20% G.S. 2025                28,006
        8.28% G.S. 2027                   26,005    8.32% G.S. 2032                21,789
        7.17% G.S. 2015                   18,837    9.20% G.S. 2030                12,168
        8.97% G.S. 2030                   14,980    8.24% G.S. 2027                 9,580



5.7       The 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        Oct-Dec 13     Jul-Sept 13 Apr-Jun 13        2012-13      2011-12
  Less than 3 Years           19,823          30,710        25,109       11,865       35,545
  3-7 Years                 2,52,627        1,73,284      5,61,392     5,00,159     2,34,437
  7-10 Years                6,54,053        6,33,119     10,31,000 23,31,557       17,43,886
  above 10 years            3,86,252        5,86,607     20,14,921 30,77,349       10,85,239
  Total                    13,12,755      14,23,720      36,32,422 59,20,929       30,99,107


5.8       The maturity distribution of Government securities transactions in the
secondary market is represented in Chart 12a and 12b. Reflecting the increased trading
activity in 10-year benchmark securities, `7-10 years' maturity range accounted for the
highest share of trading volumes during Q3 of FY14 (49.8 per cent, higher than 44.5 per
cent in Q2) followed by `10 years and above' maturity range (29.4 per cent, lower than
41.2 per cent in Q2).The transaction volume of securities in the maturity range of 3-7
years during the quarter was higher at 19.2 per cent compared with 12.2 per cent in Q2.
The share of trading volume in the below 3 years maturity bracket declined to 1.5 per
cent from 2.2 per cent a quarter ago.




                                           21
5.9       Foreign banks continued to be the dominant trading category with their
share in total outright trading activity increasing to 31.9 per cent (of total trading
volumes) during Q3 of FY14 from 30.9 per cent during Q2 of FY14 (Chart 13). The share
of public and private sector banks declined to 15.7 per cent and 12.4 per cent,
respectively, from 16 per cent and 13.1 per cent during the previous quarter. The share
of primary dealers increased to 19.9 per cent from with 18.8 per cent in Q2. Ignoring
the primary dealers, foreign banks continued to be the only net sellers category of
government securities (`14,077 crore) during the quarter. Public sector banks
continued to be the largest net buyer (`52,587 crore) in the secondary market followed
by "others" category (`19,250 crore) comprising of FIIs and RBI.




                                         22
5.10   Quarterly share of various categories/participants in the secondary market trading
activity (buy + sell) for government securities is shown in Table 15.

            Table 15: Category wise - Buying and Selling (% of total)
                            Oct-Dec 2013        Jul-Sep 2013 Apr-Jun 2013 Jan-Mar 2013
 Category
                           Buy Sell          Buy       Sell      Buy Sell    Buy    Sell
 Co-operative Banks          2.5       2.1       3.0       2.7      3.3  3.2    3.0   3.0
 FIs                         0.5       0.1       0.5       0.1      0.2  0.1    0.1   0.1
 Foreign Banks              31.4      32.3      29.4      32.4 27.4     29.1   30.6 31.1
 Ins. Cos                    1.9       1.5       2.5       2.2      1.7  1.6    1.7   1.9
 Mutual Funds               14.2      13.6      15.4      12.9      6.9  6.5    7.3   7.8
 Primary Dealers             2.6       1.4       2.3       1.1      0.9  0.7    1.8   1.1
 Private Sector Banks       17.0      22.7      16.0      21.6    15.8  17.2   12.8  15.0
 Public Sector Banks        12.5      12.2      13.2      13.0 19.7     19.2   19.7 19.5
 Others                     17.4      14.0      17.8      14.2 24.0     22.4   23.0 20.6
 Total                     100.0     100.0     100.0 100.0 100.0 100.0        100.0 100.0




                                              23
            Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-contd
                                                                                              (Amount in ` Crore)
  Name of Stock         Date of     Notified   Amount       Devolvement   Cut off   Cut off    Date of    Residual
                        Auction     amount     Raised         on PDs       price     yield    Maturity    Maturity
                                                                                     (%)                   (Years)
8.12% GS 2020 $ M       5-Apr-13     4000      4000.0           0.0       101.33     7.88     10-Dec-20     7.7
8.33% GS 2026 $ M       5-Apr-13     6000      6000.0           0.0       102.15     8.06      9-Jul-26    13.3
8.32% GS 2032 $ M       5-Apr-13     2000      2000.0           0.0       100.95     8.22      2-Aug-32    19.3
8.30% GS 2042 $ M       5-Apr-13     3000      3000.0           0.0       100.8      8.23     31-Dec-42    29.7
7.83% GS 2018 $ M      12-Apr-13     3000      3000.0           0.0       100.3      7.76     11-Apr-18     5.0
8.20% GS 2025 $ M      12-Apr-13     6000      6000.0           0.0       102.11     7.93     24-Sep-25    12.4
8.97% GS 2030 $ M      12-Apr-13     3000      3000.0           0.0       107.84     8.12      5-Dec-30    17.6
8.83% GS 2041 $ M      12-Apr-13     3000      3000.0           0.0       107.37     8.16     12-Dec-41    28.7
8.12% GS 2020 $ M      18-Apr-13     3000      3000.0           0.0       103.03     7.59     10-Dec-20     7.6
8.15% GS 2022 $ M      18-Apr-13     6000      6000.0           0.0       102.41     7.77     11-Jun-22     9.1
8.32% GS 2032 $ M      18-Apr-13     3000      3000.0           0.0       103.76     7.93      2-Aug-32    19.3
8.30% GS 2042 $ M      18-Apr-13     3000      3000.0           0.0       103.77     7.97     31-Dec-42    29.7
7.83% GS 2018 $ M       3-May-13     3000      3000.0           0.0       101.12     7.55     11-Apr-18     4.9
8.33% GS 2026 $ M       3-May-13     6000      6000.0           0.0       104.05     7.83      9-Jul-26    13.2
8.97% GS 2030 $ M       3-May-13     3000      3000.0           0.0       109.07     8.00      5-Dec-30    17.6
8.83% GS 2041 $ M       3-May-13     3000      3000.0           0.0       109.03     8.02     12-Dec-41    28.6
8.12% GS 2020 $ M      10-May-13     3000      3000.0           0.0       104.1      7.40     10-Dec-20     7.6
8.15% GS 2022 $ M      10-May-13     7000      7000.0           0.0       103.48     7.61     11-Jun-22     9.1
8.32% GS 2032 $ M      10-May-13     2000      2000.0           0.0       106.56     7.66      2-Aug-32    19.2
8.30% GS 2042 $ M      10-May-13     3000      3000.0           0.0       106.82     7.71     31-Dec-42    29.6
7.83% GS 2018 $ M      17-May-13     3000      3000.0           0.0       102.45     7.22     11-Apr-18     4.9
7.16% GS 2023 # M      17-May-13     7000      7000.0           0.0        100       7.16     20-May-23    10.0
8.97% GS 2030 $ M      17-May-13     2000      2000.0           0.0       115.45     7.38      5-Dec-30    17.5
8.83% GS 2041 $ M      17-May-13     3000      3000.0           0.0       116.75     7.41     12-Dec-41    28.6
8.12% GS 2020 $ M      24-May-13     3000      3000.0           0.0       105.06     7.24     10-Dec-20     7.5
8.20% GS 2025 $ M      24-May-13     6000      6000.0           0.0       106.7      7.36     24-Sep-25    12.3
8.32% GS 2032 $ M      24-May-13     3000      3000.0           0.0       109.1      7.42      2-Aug-32    19.2
8.30% GS 2042 $ M      24-May-13     3000      3000.0           0.0       110.24     7.44     31-Dec-42    29.6
7.28% GS 2019 # M      31-May-13     3000      3000.0           0.0        100       7.28      3-Jun-19     6.0
7.16% GS 2023 $ M      31-May-13     6000      6000.0           0.0       99.17      7.28     20-May-23    10.0
8.97% GS 2030 $ M      31-May-13     3000      3000.0           0.0       114.23     7.50      5-Dec-30    17.5
8.83% GS 2041 $ M      31-May-13     3000      3000.0           0.0       115.09     7.54     12-Dec-41    28.5
1.44% IIGS 2023 # U     4-Jun-13     1000      1000.0           0.0        100       1.44      5-Jun-23    10.0
8.12% GS 2020 $ M       7-Jun-13     3000      3000.0           0.0       104.55     7.32     10-Dec-20     7.5
8.33% GS 2026 $ M       7-Jun-13     6000      6000.0           0.0       107.85     7.38      9-Jul-26    13.1
8.32% GS 2032 $ M       7-Jun-13     2000      2000.0           0.0       108.55     7.47      2-Aug-32    19.1
8.30% GS 2042 $ M       7-Jun-13     3000      3000.0           0.0       109.6      7.49     31-Dec-42    29.6
7.28% GS 2019 $ U      21-Jun-13     3000      3000.0           0.0       98.65      7.56      3-Jun-19     5.9
7.16% GS 2023 $ U      21-Jun-13     6000      6000.0           0.0       98.06      7.44     20-May-23     9.9
8.97% GS 2030 $ U      21-Jun-13     3000      3000.0           0.0       111.77     7.73      5-Dec-30    17.4
8.83% GS 2041 $ U      21-Jun-13     3000      3000.0           0.0       112.47     7.74     12-Dec-41    28.5
1.44% IIGS 2023 $ U    25-Jun-13     1000      1000.0           0.0        95.1      1.99      5-Jun-23     9.9
8.12% GS 2020 $ U      28-Jun-13     3000      3000.0           0.0       102.41     7.69     10-Dec-20     7.4
8.20% GS 2025 $ U      28-Jun-13     6000      6000.0           0.0       104.22     7.66     24-Sep-25    12.2
8.32% GS 2032 $ U      28-Jun-13     3000      3000.0           0.0       104.61     7.85      2-Aug-32    19.1
7.40% GS 2035 $ U      28-Jun-13     2000      2000.0           0.0        95.8      7.80      9-Sep-35    22.2
7.28% GS 2019 $ U        5-Jul-13    3000      3000.0           0.0        98.6      7.58      3-Jun-19     5.9
7.16% GS 2023 $ U        5-Jul-13    6000      6000.0           0.0       97.81      7.48     20-May-23     9.9

                                                        i
            Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-contd
                                                                                                  (Amount in ` Crore)
Name of Stock           Date of    Notified   Amount        Devolvement   Cut off    Cut off     Date of    Residual
                        Auction    amount     Raised          on PDs       price    yield (%)    Maturity    maturity
8.97% GS 2030 $ U       5-Jul-13    3000      3000.0            0.0       110.73       7.83      5-Dec-30     17.4
8.30% GS 2042 $ U       5-Jul-13    3000      3000.0            0.0       105.06       7.86     31-Dec-42     29.5
8.12% GS 2020 $ U      12-Jul-13    3000      3000.0            0.0       102.33       7.70     10-Dec-20      7.4
8.33% GS 2026 $ U      12-Jul-13    6000      6000.0            0.0       105.9        7.61      9-Jul-26     13.0
8.32% GS 2032 $ U      12-Jul-13    3000      3000.0            0.0       104.61       7.85      2-Aug-32     19.0
7.40% GS 2035 $ U      12-Jul-13    3000      3000.0            0.0        95.9        7.79      9-Sep-35     22.2
7.28% GS 2019 $ U      19-Jul-13    3000      3000.0            0.0       94.45        8.50      3-Jun-19      5.9
7.16% GS 2023 $ U      19-Jul-13    6000      4952.5          1047.5        94         8.05     20-May-23      9.8
8.28% GS 2032 $ U      19-Jul-13    3000      1662.4          1337.7      97.75        8.52     15-Feb-32     18.6
8.30% GS 2042 $ U      19-Jul-13    3000      1857.7          1142.3       97.3        8.55     31-Dec-42     29.4
7.38% GS 2015 $ U      26-Jul-13    2000      2000.0            0.0       96.96        9.00      3-Sep-15      2.1
8.12% GS 2020 $ U      26-Jul-13    3000      2629.0          371.0       97.01        8.67     10-Dec-20      7.4
8.20% GS 2025 $ U      26-Jul-13    7000      7000.0            0.0       98.01        8.46     24-Sep-25     12.2
8.32% GS 2032 $ U      26-Jul-13    3000      2040.8          959.3       97.63        8.57      2-Aug-32     19.0
1.44% IIGS 2023 $ U    29-Jul-13    1000        0.0             0.0          0         0.00      5-Jun-23      9.8
7.28% GS 2019 $ U       2-Aug-13    3000      2484.1          515.9        93.9        8.63      3-Jun-19      5.8
7.16% GS 2023 $ U       2-Aug-13    7000      7000.0            0.0         93         8.21     20-May-23      9.8
8.28% GS 2032 $ U       2-Aug-13    3000      2569.2          430.8        95.9        8.73     15-Feb-32     18.5
7.40% GS 2035 $ U       2-Aug-13    2000      2000.0            0.0       87.07        8.73      9-Sep-35     22.1
8.12% GS 2020 $ U       8-Aug-13    3000      3000.0            0.0       97.09        8.66     10-Dec-20      7.3
8.33% GS 2026 $ U       8-Aug-13    6000      6000.0            0.0       97.35        8.67      9-Jul-26     12.9
8.32% GS 2032 $ U       8-Aug-13    3000      3000.0            0.0       96.11        8.74      2-Aug-32     19.0
8.30% GS 2042 $ U       8-Aug-13    3000      3000.0            0.0       94.97        8.78     31-Dec-42     29.4
7.28% GS 2019 $ U      16-Aug-13    4000      3438.9          561.1       91.49        9.20      3-Jun-19      5.8
7.16% GS 2023 $ U      16-Aug-13    6000      5647.1          352.9       89.73        8.74     20-May-23      9.8
8.28% GS 2032 $ U      16-Aug-13    3000      2836.0          164.0       91.89        9.20     15-Feb-32     18.5
7.40% GS 2035 $ U      16-Aug-13    3000      2633.6          366.4       83.12        9.20      9-Sep-35     22.1
8.12% GS 2020 $ U      23-Aug-13    3000      2461.9          538.1       95.65        8.94     10-Dec-20      7.3
8.20% GS 2025 $ U      23-Aug-13    6000      5343.2          656.8       95.12        8.86     24-Sep-25     12.1
8.32% GS 2032 $ U      23-Aug-13    3000      3000.0            0.0       94.53        8.92      2-Aug-32     18.9
8.30% GS 2042 $ U      23-Aug-13    3000      2466.1          533.9       93.57        8.92     31-Dec-42     29.3
1.44% IIGS 2023 $ U    27-Aug-13    1000       467.6          532.4        83.3        3.47      5-Jun-23      9.8
7.28% GS 2019 $ U      30-Aug-13    4000      3311.9          688.1       90.71        9.40      3-Jun-19      5.8
7.16% GS 2023 $ U      30-Aug-13    7000      7000.0            0.0       89.21        8.83     20-May-23      9.7
8.28% GS 2032 $ U      30-Aug-13    3000      2559.6          440.4       90.77        9.34     15-Feb-32     18.5
8.83% GS 2041 $ U      30-Aug-13    3000      1623.5          1376.5      94.83        9.35     12-Dec-41     28.3
8.12% GS 2020 $ U       6-Sep-13    3000      3000.0            0.0       96.77        8.73     10-Dec-20      7.3
8.28% GS 2027 $ U       6-Sep-13    7000      7000.0            0.0        96.9        8.67     21-Sep-27     14.0
7.28% GS 2019 $ U      23-Sep-13    3000      2482.2          517.8       92.48        8.99      3-Jun-19      5.7
7.16% GS 2023 $ U      23-Sep-13    6000      5007.7          992.3       89.56        8.78     20-May-23      9.7
8.32% GS 2032 $ U      23-Sep-13    3000      1785.7          1214.3      91.75        9.25      2-Aug-32     18.9
8.30% GS 2042 $ U      23-Sep-13    3000      1694.5          1305.5      90.48        9.25     31-Dec-42     29.3
1.44% IIGS 2023 $ U    24-Sep-13    1000       960.0           40.0         82         3.66      5-Jun-23      9.7
8.12% GS 2020 $ U      27-Sep-13    3000      3000.0            0.0       94.98        9.08     10-Dec-20      7.2
8.28% GS 2027 $ U      27-Sep-13    6000      6000.0            0.0       92.95        9.19     21-Sep-27     14.0
9.20% GS 2030 # U      27-Sep-13    2000      1709.3          290.7        100         9.20     30-Sep-30     17.0
8.83% GS 2041 $ U      27-Sep-13    3000      3000.0            0.0       94.38        9.40     12-Dec-41     28.2
7.28% GS 2019 $ U       4-Oct-13    3000      3000.0            0.0       93.96        8.65      3-Jun-19      5.7



                                                       ii
             Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-concld.
                                                                                                             (Amount in ` Crore)
  Name of Stock             Date of        Notified     Amount        Devolvement   Cut off    Cut off      Date of    Residual
                            Auction        amount       Raised          on PDs       price    yield (%)     Maturity    maturity
  8.32% GS 2032 $ U        4-Oct-13         3000        3000.0            0.0       92.58        9.15      2-Aug-32       18.8
  8.30% GS 2042 $ U        4-Oct-13         3000        3000.0            0.0       90.45        9.25     31-Dec-42       29.2
  8.12% GS 2020 $ U       11-Oct-13         4000        4000.0            0.0       97.47        8.60     10-Dec-20        7.2
  8.28% GS 2027 $ U       11-Oct-13         6000        6000.0            0.0       96.62        8.70     21-Sep-27       13.9
  9.20% GS 2030 $ U       11-Oct-13         3000        3000.0            0.0       102.96       8.86     30-Sep-30       17.0
  8.83% GS 2041 $ U       11-Oct-13         2000        2000.0            0.0       98.36        8.99     12-Dec-41       28.2
  7.28% GS 2019 $ U       18-Oct-13         4000        4000.0            0.0       93.66        8.73      3-Jun-19        5.6
  7.16% GS 2023 $ U       18-Oct-13         7000        7000.0            0.0       90.61        8.62     20-May-23        9.6
  8.32% GS 2032 $ U       18-Oct-13         2000        2000.0            0.0       93.08        9.09      2-Aug-32       18.8
  8.30% GS 2042 $ U       18-Oct-13         2000        2000.0            0.0       91.76        9.11     31-Dec-42       29.2
  1.44% IIGS 2023 $ U     30-Oct-13         1000        1000.0            0.0       84.55        3.33      5-Jun-23        9.6
  8.12% GS 2020 $ U        1-Nov-13         4000        4000.0            0.0       96.76        8.74     10-Dec-20        7.1
  8.28% GS 2027 $ U        1-Nov-13         6000        6000.0            0.0       95.27        8.88     21-Sep-27       13.9
  9.20% GS 2030 $ U        1-Nov-13         2000        2000.0            0.0       101.77       8.99     30-Sep-30       16.9
  8.83% GS 2041 $ U        1-Nov-13         2000        2000.0            0.0       97.17        9.11     12-Dec-41       28.1
  7.28% GS 2019 $ U        8-Nov-13         4000        4000.0            0.0       92.84        8.94      3-Jun-19        5.6
  7.16% GS 2023 $ U        8-Nov-13         7000        7000.0            0.0       88.76        8.94     20-May-23        9.5
  8.32% GS 2032 $ U        8-Nov-13         2000        2000.0            0.0       91.05        9.34      2-Aug-32       18.7
  8.30% GS 2042 $ U        8-Nov-13         2000        2000.0            0.0       89.67        9.34     31-Dec-42       29.1
  8.12% GS 2020 $ U       14-Nov-13         4000        3539.5           460.5      95.46        9.00     10-Dec-20        7.1
  8.28% GS 2027 $ U       14-Nov-13         7000        7000.0            0.0       93.67        9.09     21-Sep-27       13.8
  9.20% GS 2030 $ U       14-Nov-13         2000        2000.0            0.0       100.26       9.17     30-Sep-30       16.9
  8.83% GS 2041 $ U       14-Nov-13         2000        2000.0            0.0       95.43        9.29     12-Dec-41       28.1
  7.28% GS 2019 $ U       22-Nov-13         3000        3000.0            0.0       92.97        8.92      3-Jun-19        5.5
  8.83% GS 2023 # U       22-Nov-13         7000        7000.0            0.0        100         8.83     25-Nov-23       10.0
  8.32% GS 2032 $ U       22-Nov-13         2000        2000.0            0.0       91.87        9.24      2-Aug-32       18.7
  8.30% GS 2042 $ U       22-Nov-13         3000        3000.0            0.0       90.29        9.27     31-Dec-42       29.1
  1.44% IIGS 2023 $ U     26-Nov-13         1000        1000.0            0.0        82.5        3.63      5-Jun-23        9.5
  8.12% GS 2020 $ U       29-Nov-13         3000        3000.0            0.0       96.25        8.85     10-Dec-20        7.0
  8.24% GS 2027 $ U       29-Nov-13         6000        6000.0            0.0       93.73        9.06     15-Feb-27       13.2
  9.20% GS 2030 $ U       29-Nov-13         2000        2000.0            0.0       100.92       9.09     30-Sep-30       16.8
  8.83% GS 2041 $ U       29-Nov-13         3000        3000.0            0.0       96.39        9.19     12-Dec-41       28.0
  7.28% GS 2019 $ U        6-Dec-13         4000        4000.0            0.0       93.26        8.86      3-Jun-19        5.5
  8.83% GS 2023 $ U        6-Dec-13         7000        7000.0            0.0        100         8.83     25-Nov-23       10.0
  8.32% GS 2032 $ U        6-Dec-13         2000        2000.0            0.0        91.6        9.27      2-Aug-32       18.6
  8.30% GS 2042 $ U        6-Dec-13         2000        2000.0            0.0       90.37        9.26     31-Dec-42       29.1
  8.12% GS 2020 $ U       20-Dec-13         4000        4000.0            0.0       95.73        8.96     10-Dec-20        7.0
  8.28% GS 2027 $ U       20-Dec-13         7000        7000.0            0.0       92.95        9.19     21-Sep-27       13.7
  9.20% GS 2030 $ U       20-Dec-13         2000        2000.0            0.0       99.88        9.21     30-Sep-30       16.8
  9.23% GS 2043 # U       20-Dec-13         2000        2000.0            0.0        100         9.23     23-Dec-43       30.0
  7.28% GS 2019 $ U       27-Dec-13         3000        2385.3           614.8       92.6        9.03      3-Jun-19        5.4
  8.83% GS 2023 $ U       27-Dec-13         7000        7000.0            0.0       99.31        8.93     25-Nov-23        9.9
  8.32% GS 2032 $ U       27-Dec-13         2000        2000.0            0.0       91.48        9.29      2-Aug-32       18.6
  9.23% GS 2043 $ U       27-Dec-13         3000        3000.0            0.0       99.47        9.28     23-Dec-43       30.0
  1.44% IIGS 2023 $ U     31-Dec-13          500         500.0            0.0       82.71        3.62      5-Jun-23        9.4
Gross Nominal Amount Raised                510500       492049           17451
Weighted Average Yield                        8.41
Weighted Average Maturity                     14.33
            $ - Reissues/Price based auctions U - Uniform Price M-Multiple Price


                                                                iii
Statement 2: Issuance of Treasury Bills During FY 14 (April-December 2013)-contd
                                                                 (Amount in ` Crore)
Name of      Date of      Competitive       Non-            Gross         Cut off
security      Issue      amount raised    Competitive      Nominal       Yield (%)
                                         amount raised   Amount raised
364 DTB     4-Apr-13        5,000               11          5,011           7.75
364 DTB    18-Apr-13        5,000                4          5,004           7.58
364 DTB     2-May-13        5,000                3          5,003           7.48
364 DTB    16-May-13        5,000                1          5,001           7.21
364 DTB    30-May-13        5,000                0          5,000           7.29
364 DTB    13-Jun-13        5,000                0          5,000           7.41
364 DTB    27-Jun-13        5,000              686          5,686           7.50
364 DTB     11-Jul-13       5,000               13          5,013           7.55
364 DTB     25-Jul-13       5,000                7          5,007          10.46
364 DTB     8-Aug-13        5,000              145          5,145           9.88
364 DTB    22-Aug-13        5,000               51          5,051           9.94
364 DTB     5-Sep-13        5,000                7          5,007           9.89
364 DTB    19-Sep-13        5,000               15          5,015           9.46
364 DTB     3-Oct-13        6,000                0          6,000           8.92
364 DTB    17-Oct-13        6,000                0          6,000           8.71
364 DTB    31-Oct-13        6,000                0          6,000           8.58
364 DTB    14-Nov-13        4,901                0          4,901           8.99
364 DTB    28-Nov-13        6,000                0          6,000           8.93
364 DTB    12-Dec-13        6,000               58          6,058           8.85
364 DTB    26-Dec-13        6,000                0          6,000           8.84
182 DTB    12-Apr-13        5,000                1          5,001           7.79
182 DTB    25-Apr-13        5,000                0          5,000           7.64
182 DTB     9-May-13        5,000                2          5,002           7.49
182 DTB    23-May-13        5,000                2          5,002           7.30
182 DTB     6-Jun-13        5,000                1          5,001           7.32
182 DTB    20-Jun-13        5,000                1          5,001           7.40
182 DTB      4-Jul-13       5,000                0          5,000           7.60
182 DTB     18-Jul-13         0                  0             0            0.00
182 DTB     1-Aug-13        5,000              114          5,114          10.73
182 DTB    16-Aug-13        5,000                0          5,000          11.00
182 DTB    29-Aug-13        5,000              401          5,401          12.01
182 DTB    12-Sep-13        5,000                2          5,002          10.20
182 DTB    26-Sep-13        5,000              580          5,580           9.47
182 DTB    10-Oct-13        6,000                1          6,001           8.77
182 DTB    24-Oct-13        6,000                0          6,000           8.68
182 DTB     7-Nov-13        6,000                0          6,000           8.77
182 DTB    21-Nov-13        6,000                0          6,000           9.12
182 DTB     5-Dec-13        6,000                2          6,002           8.81
182 DTB    19-Dec-13        6,000                0          6,000           8.84
 91 DTB     4-Apr-13        5,000             4,538         9,538           7.85
 91 DTB    12-Apr-13        5,000             4,074         9,074           7.81
 91 DTB    18-Apr-13        5,000             5,016         10,016          7.73
 91 DTB    25-Apr-13        5,000             1,015         6,015           7.64
 91 DTB     2-May-13        5,000             1,861         6,861           7.56
 91 DTB     9-May-13        5,000             15,518        20,518          7.48
 91 DTB    16-May-13        5,000              531          5,531           7.31
 91 DTB    23-May-13        5,000               13          5,013           7.27
 91 DTB    30-May-13        7,000             10,972        17,972          7.31

                                         iv
Statement 2: Issuance of Treasury Bills During FY 14 (April-December 2013)-concld
                                                                 (Amount in ` crore)

Name of      Date of      Competitive       Non-            Gross         Cut off
security      Issue      amount raised    Competitive      Nominal       Yield (%)
                                         amount raised   Amount raised

91 DTB       6-Jun-13        7,000             1,217        8,217           7.35
91 DTB      13-Jun-13        7,000             9,715       16,715           7.48
91 DTB      20-Jun-13        7,000            10,580       17,580           7.44
91 DTB      27-Jun-13        7,000             2,798        9,798           7.48
91 DTB       4-Jul-13        7,000             9,721       16,721           7.52
91 DTB      11-Jul-13        7,000             3,586       10,586           7.48
91 DTB      18-Jul-13          0                 0            0             0.00
91 DTB      25-Jul-13        6,364             9,907       16,271          11.00
91 DTB       1-Aug-13        7,000             2,781        9,781          11.26
91 DTB       8-Aug-13        7,000             4,592       11,592          10.92
91 DTB      16-Aug-13        7,000            10,091       17,091          11.43
91 DTB      22-Aug-13        7,000             4,355       11,355          11.05
91 DTB      29-Aug-13        7,000             6,784       13,784          12.02
91 DTB       5-Sep-13        7,000             6,242       13,242          11.26
91 DTB      12-Sep-13        7,000              716         7,716          10.66
91 DTB      19-Sep-13        7,000             4,103       11,103          10.45
91 DTB      26-Sep-13        7,000            10,359       17,359           9.69
91 DTB       3-Oct-13        6,000             6,317       12,317           9.57
91 DTB      10-Oct-13        6,000             5,079       11,079           8.86
91 DTB      17-Oct-13        6,000               0          6,000           8.90
91 DTB      24-Oct-13        6,000             2,907        8,907           8.77
91 DTB      31-Oct-13        6,000             6,554       12,554           8.60
91 DTB       7-Nov-13        6,000             3,510        9,510           8.56
91 DTB      14-Nov-13        6,000             2,806        8,806           8.98
91 DTB      21-Nov-13        6,000             6,806       12,806           8.94
91 DTB      28-Nov-13        6,000            11,260       17,260           8.94
91 DTB       5-Dec-13        6,000             9,903       15,903           8.65
91 DTB      12-Dec-13        6,000             6,703       12,703           8.77
91 DTB      19-Dec-13        6,000             4,102       10,102           8.65
91 DTB      26-Dec-13        6,000            10,932       16,932           8.69
 Total                      438,265           220,070      658,335




                                          v
     Statement 3: List of Dated securities Outstanding at end-Dec 2013-contd

Nomenclature                Date of maturity     Outstanding Stock    of which:
                                                     (` Crore)           MSS

5.32% GS 2014                  16-Feb-14             5,000.0              -
6.72% GS 2014                  24-Feb-14             15,273.6             -
7.37 % GS 2014                 16-Apr-14             42,000.0             -
6.07% GS 2014                  15-May-14             40,000.0             -
FRB, 2014                      20-May-14             5,000.0              -
10.00% GS 2014                 30-May-14             2,333.3              -
7.32% GS 2014                  20-Oct-14             18,000.0             -
10.50% GS 2014                 29-Oct-14             1,755.1              -
7.56% 2014                      3-Nov-14             41,000.0             -
11.83 % GS 2014                12-Nov-14             11,500.0             -
10.47% GS 2015                 12-Feb-15             6,430.0              -
10.79% GS 2015                 19-May-15             2,683.5              -
11.50% GS 2015                 21-May-15             3,560.5              -
6.49% GS 2015                   8-Jun-15             40,000.0             -
7.17% GS 2015                  14-Jun-15             56,000.0             -
FRB, 2015                        2-Jul-15            6,000.0              -
11.43% GS 2015                  7-Aug-15             12,000.0             -
FRB, 2015(II)                  10-Aug-15             6,000.0              -
7.38% GS 2015 (conv)            3-Sep-15             63,000.0             -
9.85% GS 2015                  16-Oct-15             10,000.0             -
7.59% GS 2016                  12-Apr-16             68,000.0             -
10.71% GS 2016                 19-Apr-16             9,000.0              -
FRB, 2016                       7-May-16             6,000.0              -
5.59% GS 2016                   4-Jun-16             6,000.0              -
12.30% GS 2016                   2-Jul-16            13,129.9             -
7.02% GS 2016                  17-Aug-16             60,000.0             -
8.07% GS 2017                  15-Jan-17             69,000.0             -
7.49% GS 2017 (con)            16-Apr-17             58,000.0             -
FRB-2017                         2-Jul-17            3,000.0              -
8.07% GS 2017 JUL                3-Jul-17            50,000.0             -
7.99% GS 2017                    9-Jul-17            71,000.0             -
7.46% GS 2017                  28-Aug-17             57,886.8             -
6.25% GS 2018 (conv)            2-Jan-18             16,886.8             -
7.83% GS 2018                  11-Apr-18             73,000.0             -
8.24% GS 2018                  22-Apr-18             75,000.0             -
10.45% GS 2018                 30-Apr-18             3,716.0              -
5.69 % GS 2018(Conv)]          25-Sep-18             16,130.0             -
12.60 % GS 2018                23-Nov-18             12,631.9             -
5.64 % GS 2019                  2-Jan-19             10,000.0             -
6.05% GS 2019                   2-Feb-19             53,000.0             -
7.28% GS 2019                   3-Jun-19             47,000.0             -
6.05% GS 2019 (con)            12-Jun-19             11,000.0             -
6.90% GS 2019                   13-Jul-19            45,000.0             -
10.03 % GS 2019                 9-Aug-19             6,000.0              -
6.35% GS 2020 (con)             2-Jan-20             61,000.0             -
8.19% GS 2020                  16-Jan-20             74,000.0             -
10.70 % GS 2020                22-Apr-20             6,000.0              -
7.80% GS 2020                   3-May-20             60,000.0             -
8.12% GS 2020                  10-Dec-20             69,000.0             -
                                            vi
    Statement 3: List of Dated securities Outstanding at end-Dec 2013-concld

Nomenclature               Date of maturity     Outstanding Stock     of which:
                                                    (` Crore)            MSS
FRB - 2020                    21-Dec-20              13,000.0             -
11.60 % GS 2020               27-Dec-20              5,000.0              -
7.80% GS 2021                 11-Apr-21              68,000.0             -
7.94% GS 2021                 24-May-21              49,000.0             -
10.25% GS 2021                30-May-21              26,213.3             -
8.79% GS 2021                  8-Nov-21              83,000.0             -
8.20 % GS 2022                15-Feb-22              57,632.3             -
8.35% GS 2022                 14-May-22              44,000.0             -
8.15% GS 2022                 11-Jun-22              83,000.0             -
8.08% GS 2022                  2-Aug-22              61,969.4             -
5.87% GS 2022 (conv)          28-Aug-22              11,000.0             -
8.13% GS 2022                 21-Sep-22              70,495.3             -
6.30% GS 2023                  9-Apr-23              13,000.0             -
7.16% GS 2023                 20-May-23              77,000.0             -
1.44% IIGS 2023                5-Jun-23              6,299.7              -
6.17% GS 2023 (conv)          12-Jun-23              14,000.0             -
8.83% GS 2023                 25-Nov-23              21,000.0             -
7.35% GS 2024                 22-Jun-24              10,000.0             -
9.15% GS 2024                 14-Nov-24              92,000.0             -
8.20% GS 2025                 24-Sep-25              90,000.0             -
5.97 % GS 2025 (Conv)         25-Sep-25              16,687.9             -
8.33% GS 2026                  9-Jul-26              90,000.0             -
10.18% GS 2026                11-Sep-26              15,000.0             -
8.24 % GS 2027                15-Feb-27              63,388.6             -
8.26 % GS 2027                 2-Aug-27              73,427.3             -
8.28 % GS 2027                21-Sep-27              75,252.2             -
6.01% GS GS 2028 (C           25-Mar-28              15,000.0             -
Align)
6.13% GS 2028                  4-Jun-28             11,000.0              -
9.20% GS 2030                 30-Sep-30             13,000.0              -
8.97% GS 2030                  5-Dec-30             90,000.0              -
8.28 % GS 2032                15-Feb-32             90,687.1              -
8.32 % GS 2032                 2-Aug-32             58,434.1              -
7.95% GS 2032                 28-Aug-32             59,000.0              -
8.33% GS GS 2032              21-Sep-32              1,522.5              -
7.50% GS 2034                 10-Aug-34             60,000.0              -
FRB, 2035                     25-Jan-35               350.0               -
7.40% GS 2035                  9-Sep-35             52,000.0              -
8.33% GS 2036                  7-Jun-36             86,000.0              -
6.83% GS 2039                 19-Jan-39             13,000.0              -
8.30% GS 2040                  2-Jul-40             72,000.0              -
8.83% GS 2041                 12-Dec-41             90,000.0              -
8.30% GS 2042                 31-Dec-42             51,000.0              -
9.23% GS 2043                 23-Dec-43              5,000.0              -
Total                                               3,495,277




                                          vii
  Statement 4:Maturity Profile of Government Securities as on end-December 2013

Year of maturity                                        Outstanding Stock (` crore)

2013-14                                                         20,274
2014-15                                                        168,018
2015-16                                                        199,244
2016-17                                                        231,130
2017-18                                                        256,774
2018-19                                                        243,478
2019-20                                                        244,000
2020-21                                                        153,000
2021-22                                                        283,846
2022-23                                                        270,465
2023-24                                                        131,300
2024-25                                                        102,000
2025-26                                                        106,688
2026-27                                                        168,389
2027-28                                                        163,680
2028-29                                                         11,000
2029-30                                                             -
2030-31                                                        103,000
2031-32                                                         90,687
2032-33                                                        118,957
2033-34                                                             -
2034-35                                                         60,350
2035-36                                                         52,000
2036-37                                                         86,000
2037-38                                                             -
2038-39                                                         13,000
2039-40                                                             -
2040-41                                                         72,000
2041-42                                                         90,000
2042-43                                                         51,000
2043-44                                                          5,000
Total                                                        3,495,277




                                       viii

 
 
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