Public Debt Management
quarterly report
January-March 2012
Government of India
Ministry of finance
Department of economic affairs
May 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 - AprilFebruary 2011-12 6
2 Issuance of Dated Securities 6
3 Actual Borrowings versus Calendar for Q4 of FY 12 7
4 Issuance of Treasury Bills 7
5 Maturity and Yield of Central Government's Market Loans 8
6 Proposed Issuance by Maturity Buckets, 2012-13 9
7 Proposed Dated Securities Issuance Calendar-H1 2012-13 9
8 Repayments and Issuance of Treasury Bills in Jan-Mar 2012 11
9 Calendar for Issuance of Treasury Bills in April-June 2012 12
10 Composition of Public Debt 13
11 Maturity Profile of GoI Outstanding Dated Securities 14
12 Ownership Pattern of Government of India Dated Securities 15
13 Transactions in Government Securities 20
14 Top 10 Traded Securities 21
15 Maturity Pattern of Outright Transactions 22
16 Category wise Buying and Selling (% of Total) 23
List of Charts
Chart No. Title Page No.
1 Quarterly Growth Rate in GDP 2
2 Inflation Rate Based on WPI 2
3 Growth Rate in IIP 3
4 Monthly Exports and Imports 3
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 17
9 Government Bond Yield Curve 18
10 Treasury Bill Yield Curve 19
11a Secondary Market Transaction Outright 20
11b Secondary Market Transaction Jan-Mar 2012 20
12a Maturity wise Trading Activity Jan-Mar 2012 22
12b Maturity wise Trading Activity Oct -Dec 2011 22
13 Trading Activity (Buy+Sell) by Category 23
List of Statements
Statement No. Title Page No.
1 Issuance of Dated Securities During FY12 i
2 Treasury Bills Issued During FY12 v
3 List of Dated Securities Outstanding at end-Mar , 2012 viii
4 Maturity Profile of Government Securities at end-Mar, 2012 xi
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
fourth quarter of the fiscal year 2011-12, viz., Jan-Mar., 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 or m.vasudevan@nic.in.
1
Section 1 Macroeconomic Developments
1.1 The GDP growth rate for the third quarter (Oct-Dec) of financial year 2011-12 came at
6.1 per cent per annum as compared with 6.9 per cent in the previous quarter, showing
deceleration for the fourth consecutive quarter beginning Jan-Mar 2011 (Chart 1).
1.2 Inflation rate during March 2012 declined to 6.89 per cent per annum (y-o-y) continuing
a generally declining trend set in after September 2011 (Chart 2). Apart from food articles
and vegetables, the major contribution to inflation during the year was from edible oils,
chemical and chemical products group, basic metal alloy/products group and fuel & power
group. Inflation build-up during financial year 2011-12 at 6.89 per cent was lower than 9.68
per cent in the previous year.
2
1.3 The rate of growth in the Index of Industrial Production (IIP) for February 2012 came at
4.1 per cent, up from 1.1 per cent (revised down from 6.8 per cent) in the previous month.
The average growth in IIP during the financial year 2011-12 (upto February) was lower at 3.6
per cent than 8.1 per cent during the same period of the previous year (Chart 3).
1.4 India's exports during the last quarter (Q4) of FY12, in US Dollars, registered an average
growth of 14.9 per cent over the same period a year ago as compared with 6.9 per cent in
previous quarter. For the comparable period, imports grew at 40.5 per cent vis--vis 22.0
per cent in Q3 leading to a trade deficit of USD 52.8 billion during Q4 of FY12 against USD
46.0 billion in the previous quarter (Chart 4). Trade deficit for FY12 is, thus, estimated at
USD 184.9 billion.
3
1.5 Inflows on account of foreign investment during Jan-Feb 2012 picked up with both
components viz., foreign direct investment (FDI) and portfolio investment by Foreign
Institutional Investors (FIIs), showing increased inflow compared with Q3 of the year (Chart
5). Improved capital inflows enabled appreciation of Rupee from `53.3 (per USD) at end-
December 2011 to `48.9 at end-February 2012, though it lost some gains to close at `51.2
by end-March 2012.
4
Section 2 Debt Management - Primary Market Operations
A. Government Finances
2.1 The revised estimates (RE) for 2011-12 placed the gross fiscal deficit of the Central
Government for FY12 at `5,21,980 crore (5.9 per cent of GDP) as compared with `4,12,817
crore (4.6 per cent of GDP) projected in the budget estimates (BE). The gross and net market
borrowings requirement of the Government for FY12 were accordingly revised upward to
`5,10,000 crore and `4,36,414 crore against the budgeted levels of `4,17,128 crore and
`3,43,000 crore, respectively. The increase in deficit/borrowings was mainly on account of
shortfall in tax collections and disinvestment proceeds as well as increase in expenditure on
subsidies and defence.
2.2 The fiscal outcome during April-February of FY12 indicates that all the key deficit
indicators as percentage of revised estimates (RE) for 2011-12 were higher than their levels
during the corresponding period of the previous year. Gross tax collections during the
period at 78.0 per cent of RE were lower than 79.8 per cent a year ago. In the direct taxes,
corporation tax collections showed a moderate growth of 7.1 per cent while personal
income tax collections increased by 17.0 per cent as against growth rates of 9.7 per cent and
17.3 per cent, respectively, in the RE for FY12. Among the major indirect taxes, while
collections from custom duties and service tax showed healthy growth rates of 13.7 per cent
and 36.5 per cent, respectively, during April-February 2011-12 as against RE growth rates of
12.7 per cent and 33.8 per cent, respectively, collection from excise duties grew at a lower
rate of 5.2 per cent against 9.0 per cent in RE for FY12. Non-tax revenue at 79.6 per cent of
RE was lower than 95.3 per cent in the same period of the previous year. Total expenditure
as per cent of RE at 83.9 per cent during April-February 2011-12 was higher than 80.4 per
cent during the corresponding period of the previous year. Thus, revenue deficit and gross
fiscal deficit during April-February of FY12 at 96.6 per cent and 94.6 per cent of RE, were
higher than those during the corresponding period of the previous fiscal year (Table 1).
5
Table 1: Fiscal Outcome during April -February 2011-12 (amount in ` crore)
Item Apr-Feb Apr-Feb 2011-12 Apr-Feb 2010-
2011-12 RE 2011-12 (% of RE) 11 (% of RE)
Revenue Receipts 766,989 592,929 77.3 85.5
Tax Receipts 642,252 493,594 76.9 81.7
Non-Tax Receipts 124,737 99,335 79.6 95.3
Other Non-debt Receipts 29,751 20,464 68.8 104.7
Total Expenditure 1,318,720 1,106,964 83.9 80.4
Revenue Expenditure 1,161,940 974,395 83.9 82.7
Capital Expenditure 156,780 132,569 84.6 66.1
Revenue Deficit 394,951 381,466 96.6 74.4
Primary Deficit 246,362 257,558 104.5 46.1
Gross Fiscal Deficit 521,980 493,571 94.6 68.6
Financing
Market Loans 552,497 550,398 99.6 92.6
External Assistance 10,311 7,206 69.9 74.6
Securities against Small Savings -10,302 -1,157 11.2 115.8
Others -30,526 -62,877 206.0 -526.9
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 fourth quarter (Q4)
and the cumulative position for financial year 2011-12 (FY12).
2.4 As mentioned above, the gross market borrowings of the Central Government for FY12
were increased to `5,10,000 crore from the budgeted level of `4,17,128 crore due to
revenue shortfall and increased expenditure as well as shortfall in financing through small
savings. During Q4 of FY12, the Government issued dated securities worth `1,16,000 crore
constituting 22.7 per cent of revised borrowings for FY12 (Table 2). Taking into account
repayments of `73,586 crore, the net amount raised through dated securities during FY12
amounted to `4,36,414 crore, which exceeded the budgeted level by 27.2 per cent.
able 2: Issuance of Dated Securities
(Amount in ` Crore)
Apr-Mar Apr-Mar FY12 Apr-Mar FY11
Item 2011-12 RE Q4 FY 12 FY 12 % of RE % of RE
Gross Amount 510000 116,000 510,000 100.0 97.8
Repayments 73586 5 73,586 100.0 100.0
Net Issuance 436414 115,995 436,414 100.0 97.0
6
2.5 Auctions during Q4 of FY12 were held in accordance with the pre-announced calendar
(Table 3). During the quarter, greater emphasis was placed on re-issues with a view to build
up adequate volumes under existing securities imparting greater liquidity in the secondary
market. One new security with a maturity of 8 years was issued during the quarter,
constituting 3.4 per cent of total issuance amount during Q4 of FY12.
Table 3 Actual Borrowings versus Calendar for Q4 FY 12
(` Crore)
Period/Maturity 5-9 years 10-14 years 15-19 Years 20-30 Years Total
12000- 15000-
116,000
As per calendar 30000-39000 50000-59000 16000 20000
Actual Borrowed 31,000 57,000 13,000 15000 116,000
2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills)
during Q4 of FY12 amounted to `1,76,620 crore while total repayments amounted to
`1,22,465 crore resulting in net issuance of `54,155 crore compared with net issuance of
(-)`8,434 in Q3, `18,603 crore in Q2 and `67,842 crore in Q1 . Thus, the net issuance of
treasury bills during FY12 amounted to `1,32,166 crore (Table 4). The details of issuance of
bills during FY12 are given in Statement 2.
Table 4: Issuance of Treasury Bills*
(Amount in ` Crore)
Item 2011-12 Q4 FY 12 FY 12 FY 11 FY 12 as
RE % of RE
364 DTB
Gross Amount 90,371 24,010 90382 42,482 100.0
Repayment 42,482 14,000 42482 41,497 100.0
Net Issuance 47,890 10,010 47,900 984 100.0
182 DTB
Gross Amount 94,001 28,000 93601 43,301 99.6
Repayment 63,601 21,350 63601 42,800 100.0
Net Issuance 30,401 6,650 30,001 501 98.7
91 DTB
Gross Amount 456,577 124,610 446803 257,983 97.9
Repayment 392,538 87,115 392538 259,141 100.0
Net Issuance 64,039 37,495 54,265 -1,158 84.7
All T-Bills
Gross Amount 640,949 176,620 630,786 343,765 98.4
Repayment 498,620 122,465 498,620 343,438 100.0
Net Issuance 142,329 54,155 132,166 327 92.9
*:- Including amount through non-competitive route.
7
2.7 The weighted average maturity (WAM) of dated securities issued during Q4 of FY12 at
13.00 years was lower than 13.20 years in the previous quarter (Table 5). The average
maturity of outstanding government securities at end-March 2012 also declined marginally
to 9.60 years from 9.66 years at end-December 2011. Reflecting the impact of lower
weighted average maturity as well as moderation of yields due to decline in inflation rate
and expectations of policy easing by the Reserve Bank, the weighted average yield (cut-off)
of issuance during Q4 of FY12 declined to 8.35 per cent from 8.87 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 Coupon (%) Maturity (yrs)
(yrs)
1 2 3 4 5
2003-04 5.71 14.94 9.30 9.78
2004-05 6.11 14.13 8.79 9.63
2005-06 7.34 16.90 8.75 9.92
2006-07 7.89 14.72 8.55 9.97
2007-08 8.12 14.90 8.50 10.59
2008-09 7.69 13.81 8.23 10.45
2009-10 7.23 11.16 7.89 9.67
2010-11 7.92 11.62 7.81 9.64
2011-12 Q3 8.87 13.20 7.84 9.66
2011-12 Q4 8.35 13.00 7.88 9.60
2011-12 8.52 12.66 7.88 9.60
* As at end of period.
2.8 The Government announced toward end-March 2012 the calendar for issuance of dated
securities during April-September 2012. The calendar proposes to raise `3,70,000 crore in
the first half of FY13 which constitutes 65.0 per cent of budgeted gross borrowings for the
year. The proposed maturity-wise allocation remains broadly unchanged from FY12 with
moderate increase of issuances under longer maturities (Table 6).
8
Table 6 Proposed Issuance by Maturity Buckets, 2012-13
(amount in `Crore)
Maturity
5-9 years 10-14 years 15-19 Years 20-30 Years Total
range
2011-12 1,39,000 2,36,000 65,000 70,000 5,10,000
% of Total 27.25 46.27 12.75 13.73 100.0
HY1 FY13 96,000-1,20,000 1,46,000-1,70,000 50,000-74,000 50,000-74,000 3,70,000
% of Total 25.9-32.4 39.5-45.9 13.5-20.0 13.5-20.0 100.0
2.9 The detailed calendar proposed for the first half of FY13 is given in Table 7.
Table 7: Proposed Dated Securities Issuance Calendar H1 2012-13
(amount in ` crore)
Week Ending Total Range of Amount Under Different Maturity Buckets
Amount to
be Issued 5-9 Year 10-14 Year 15-19 Year 20-30 Year
6-Apr-12 18000 4000-5000 7000-8000 3000-4000 3000-4000
13-Apr-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
20-Apr-12 16000 4000-5000 6000-7000 2000-3000 2000-3000
27-Apr-12 16000 4000-5000 6000-7000 2000-3000 2000-3000
4-May-12 18000 4000-5000 7000-8000 3000-4000 3000-4000
11-May-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
18-May-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
25-May-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
1-Jun-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
8-Jun-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
22-Jun-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
29-Jun-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
6-Jul-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
13-Jul-12 16000 4000-5000 6000-7000 2000-3000 2000-3000
20-Jul-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
27-Jul-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
3-Aug-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
10-Aug-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
17-Aug-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
24-Aug-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
31-Aug-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
7-Sep-12 16000 4000-5000 6000-7000 2000-3000 2000-3000
21-Sep-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
28-Sep-12 15000 4000-5000 6000-7000 2000-3000 2000-3000
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.
3.2 Liquidity conditions in the economy remained generally tight during the quarter with
liquidity deficit remaining above 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 increased
substantially towards the end of the quarter due to advance tax payments (Chart 6). The
Reserve Bank also conducted open market operations to support liquidity and purchased
securities worth `88,041 crore during the quarter (`1,29,252 crore during FY 12).
10
3.3 The cash position of the Government during Q4, which was in the deficit mode in
January 2012, turned surplus in the second week of February 2012. The issuances of
treasury bills were modulated with a view to build higher cash balance to meet redemption
expenditure scheduled in the beginning of FY13. The net amount mobilised through
treasury bills (under competitive route) during Q4 of FY12 amounted to `63,891 crore.
Under the non-competitive route, net amount received was negative at (-)`9,736 crore.
Details of treasury bills issued and matured in Q4 of FY12 are given in Table 8.
Table 8: Repayments and Issuance Treasury Bills in Jan-Mar 2012
(Amount in ` Crore)
Date of Repayments Issued Amount Variation in Issued
Issue 91 91 amount over
DTB 182 DTB 364 DTB DTB 182 DTB 364 DTB Repayments
6-Jan-12 4,000 3,000 0 6,000 4,000 0 3,000
13-Jan-12 4,000 0 1,000 6,000 0 4,000 5,000
20-Jan-12 4,000 3,000 0 6,000 4,000 0 3,000
27-Jan-12 4,000 0 1,000 6,000 0 4,000 5,000
3-Feb-12 4,000 2,950 0 9,000 4,000 0 6,050
10-Feb-12 4,000 0 3,000 9,000 0 4,000 6,000
17-Feb-12 4,000 3,000 0 9,000 4,000 0 6,000
24-Feb-12 4,000 0 3,000 9,000 0 4,000 6,000
2-Mar-12 4,000 3,000 0 6,841 4,000 0 3,841
9-Mar-12 4,000 0 3,000 8,000 0 4,000 5,000
16-Mar-12 4,000 3,000 0 8,000 4,000 0 5,000
22-Mar-12 4,000 0 3,000 8,000 0 4,000 5,000
30-Mar-12 4,000 3,000 0 8,000 4,000 0 5,000
Total Under Competitive Route
Q4 52,000 20,950 14,000 98,841 28,000 24,000 63,891
Total Under Non-Competitive Route
Q4 35,115 400 0 25,769 0 10 -9,736
11
3.4 The calendar for issuance of treasury bills during April-June 2012 is given in Table 9.
Table 9: Calendar for Issuance of Treasury Bills in April-June 2012
(` crore)
Auctions Date 91-Days 182-Days 364-Days Total
04-04-2012 9,000 5,000 14,000
11-04-2012 9,000 5,000 14,000
18-04-2012 9,000 5,000 14,000
25-04-2012 9,000 5,000 14,000
02-05-2012 10,000 5,000 15,000
09-05-2012 9,000 5,000 14,000
16-05-2012 10,000 5,000 15,000
23-05-2012 9,000 5,000 14,000
30-05-2012 10,000 5,000 15,000
06-06-2012 9,000 5,000 14,000
13-06-2012 10,000 5,000 15,000
20-06-2012 9,000 5,000 14,000
27-06-2012 10,000 5,000 15,000
Total 1,22,000 30,000 35,000 1,87,000
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 `35,98,791 crore at end-March 2012 from `34,13,683 crore at
end-December 2011 (Table 10). This represented a QoQ (Quarter-on-Quarter) increase of
5.4 per cent (provisional) compared with an increase of 4.2 per cent in the previous quarter
(Q3 of FY12). Internal debt constituted 89.7 per cent of public debt, compared with 89.1 per
cent at the end of the previous quarter. Marketable securities (consisting of Rupee
denominated dated securities and treasury bills/cash management bills) accounted for 79.5
per cent of total public debt, compared with 78.4 per cent at end-December 2011. The
outstanding internal debt of the Government at `32,27,288 crore constituted 36.2 per cent
of GDP compared with 34.1 per cent at end-December 2011.
Table 10: Composition of Public Debt
Item At end-Mar At end-Dec At end- At end-
2012 2011 Mar 2012 Dec 2011
(`Crore) (% of Total)
1 2 3 4 5
Public Debt (1 + 2) 35,98,791 34,13,683 100.00 100.00
1. Internal Debt 32,27,288 30,42,180 89.68 89.12
Marketable 28,60,322 26,75,214 79.48 78.37
(a) Treasury Bills 2,66,993 2,12,880 7.42 6.24
(i) 91-days Treasury Bills 1,24,610 87,161 3.46 2.55
(ii) 182-days Treasury Bills 52,001 45,351 1.44 1.33
(iii) 364-days Treasury Bills 90,382 80,367 2.51 2.35
(b) Dated Securities 25,93,329 24,62,334 72.06 72.13
Non-marketable 3,66,966* 3,66,966 10.20 10.75
(i) 14-days Treasury Bills 69,916* 69,916 1.94 2.05
(ii) Securities Issued to NSSF 2,17,596* 2,17,596 6.05 6.37
(iii) Compensation and other bonds 24,220* 24,220 0.67 0.71
(iv) Securities issued to International 30,093* 30,093 0.84 0.88
Financial Institutions
(v) Ways and Means Advances 25,141* 25,141 0.70 0.74
2. External Debt 3,71,503* 3,71,503 10.32 10.88
(i) Multilateral 2,30,958* 2,30,958 6.42 6.77
(ii) Bilateral 1,07,306* 1,07,306 2.98 3.14
(iii) IMF 32,536* 32,536 0.90 0.95
(iv) Rupee debt 703* 703 0.02 0.02
*:-These data are not available for Mar 31, 2012. So they are carried over from previous quarter.
Note:- Foreign Institutional Investors (FII) investment in government securities and treasury bills ( `55,190
crore at end-Dec. 2011) is included in the 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-March 2012
declined to 9.60 years from 9.66 years at end-December 2011. Over the same period, the
weighted average coupon of outstanding stock increased to 7.88 per cent from 7.84 per
cent a quarter ago (see Table 5).
4.3 At end-March 2012, the proportion of debt maturing in less than one year declined to
3.5 per cent from 3.7 per cent a quarter ago, while debt maturing within 1-5 years increased
to 26.7 per cent from 25.3 per cent at end-December 2011. Thus, the proportion of debt
maturing in less than 5 years at end-March 2012 was higher at 30.2 per cent than 29.0 per
cent a quarter ago. The proportion of outstanding debt maturing in less than 10 years, rose
to 64.9 per cent from 63.3 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
Q4 of FY12 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, about 6.0 per cent of outstanding stock needs to be rolled
over every year (Table 11). Thus, the rollover risk in the debt portfolio remained low.
Table 11: Maturity Profile of GoI Outstanding Dated Securities
(Amount in `Crore)
Maturity Buckets End-Mar 2012 End-Dec 2011
Less than 1 Year 90,616 90,621
(3.49) (3.68)
1-5 Years 6,91,401 6,22,401
(26.66) (25.28)
5-10 Years 9,00,097 8,44,465
(34.71) (34.30)
10-20 Years 5,70,908 5,17,853
(22.01) (21.03)
20 Years and above 3,40,307 3,86,994
(13.12) (15.72)
Total 25,93,328 24,62,333
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-December 2011 (Table 12 and Chart 7). Banks (including
banks that are primary dealers and co-operative banks) continue to dominate as the major
investor category. Their share in holding of Government securities declined marginally to
50.5 per cent at end-December 2011 from 51.2 per cent as at end-September 2011. Among
the long-term investors, while the share of holding by insurance companies declined to 22.4
per cent at end-December 2011 from 22.6 per cent a quarter ago, the share of provident
funds increased to 7.3 per cent from 7.2 per cent over the same period. Holding of
securities by the Reserve Bank at end-December 2011 at 13.6 per cent was higher than 12.5
per cent a quarter ago. The increase in holding by the Reserve Bank mainly reflects the
impact of open market operations undertaken to support liquidity in the wake of foreign
exchange interventions.
Table 12: Ownership Pattern of Government of India Dated Securities
(Per cent of Outstanding Securities)
Category 2010 2011
Sep. Dec. Mar. June Sept. Dec.
1. Commercial Banks 38.75 38.63 38.42 37.59 37.22 37.06
2. Bank- PDs 9.73 8.77 8.61 9.96 10.67 10.25
3. Non-Bank PDs 0.29 0.26 0.11 0.1 0.12 0.09
4. Insurance Companies 22.18 22.11 22.22 22.47 22.57 22.42
5. Mutual Funds 0.73 0.88 0.18 0.41 0.32 0.27
6. Co-operative Banks 3.5 3.38 3.41 3.31 3.28 3.21
7. Financial Institutions 0.35 0.33 0.35 0.34 0.35 0.34
8. Corporates 2.57 2.33 1.94 1.86 1.64 1.58
9. FIIs 0.55 0.61 0.97 0.89 0.97 0.85
10. Provident Funds 6.79 6.89 7.06 7.01 7.23 7.31
11. RBI 9.2 10.67 12.84 12.9 12.52 13.56
12. Others 5.36 5.14 3.89 3.15 3.13 3.07
Total 100 100 100 100 100 100
Source: RBI Bulletin, March 2012; Vol. LXVI No. 3
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, up to end-March 2012. The 10-year bond yield
declined in the beginning of the quarter and remained at relatively lower levels during
most of part of Q4 due to Reserve Bank's OMO purchases, moderation in inflation rate,
subdued growth in IIP, and expectations of monetary easing. Yields jumped up on
January 24, 2012 to 8.34 per cent on fears of a halt to OMO purchases. Bonds recovered
subsequently to 8.18 per cent on February 02, 2012 with the announcement of OMO
purchases by the Reserve Bank. Bond yields remained range-bound thereafter until the
announcement of Union Budget 2012-13 on March 16, 2012.The higher borrowings
estimated in the Budget pushed up yields sharply. The 10-year yield, which ranged
between 8.18-8.65 per cent during Q4 of FY12, closed the quarter at 8.63 per cent at
end-March 2012 from 8.54 per cent at end-December 2011.
5.2 The rise in bond yields was noticeable in 5-8 years, 10-12 years and 18-19
years maturities. Thus, the yield curve steepened in the maturities below 10-years and
flattened in the longer maturities. While the 1yr-10yr spread increased to 39 bps at
17
end-March 2012 from 9 bps at end-December 2011, 10yr-30yr spread narrowed to 13
bps from 29bps over the same period. The yield curve got inverted in 5yr-10 yr maturity
range with spread declining to (-)5 bps at end-March 2012 from 3 bps at end of
previous quarter. Overall, the 1yr-30yr spread at end of Q4 of FY12 widened to 52 bps
from 38 bps at end of previous quarter (Chart 9).
5.3 The inversion in Treasury Bills yield curve increased at end of Q4 of FY12 as
short-term yields increased due to tight liquidity conditions while long-end yields eased
due to softening of inflation and expectation of monetary easing. The inversion in curve
was more pronounced in above 3-months maturities. While the 1m-3m spread declined
to (-)6 bps from 3 bps at end of previous quarter, 3m-6m spread declined to (-) 30 bps
from 1 bps over the same period. Overall, the 1m-12m inversion in treasury yield curve
increased by 54 bps, with spread declining from (-) 6 bps at end-December 2011 to
(-) 60 bps at end-March 2012 (Chart 10).
18
B. Trading Pattern for domestic securities
5.4 The total volume of Government securities transacted on an outright basis
during Q4 of FY12 stood at `11.00 lakh crores, representing an increase of 21.3 per cent
over `9.07 lakh crore during the preceding quarter (Table 13). While the transactions in
treasury bills increased by 14.5 per cent during the quarter, transaction volumes in
state government securities registered a growth of 22.6 per cent. The transaction
volumes in the Central Government securities showed a growth of 21.9 per cent during
Q4 of FY12 over Q3. The annualised outright turnover ratio1 for the Central Government
dated securities (G-Secs) for Q4 of FY12 improved to 3.16 from 2.73 during the previous
quarter. Including repo transactions, the annualised total turnover ratio 2 for Q4 of FY12
was higher at 6.18 than 6.13 during the previous quarter. For FY 12, total volume of
outright transactions in the secondary market for Government securities amounted to
`34.88 lakh crores posting a growth of 21.5 per cent over the previous year. The
outright turnover ratio for the G-Secs during FY12 improved to 2.61 from 2.56 in the
previous year.
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)]
19
Table 13 : Transactions in Government Securities (volumes in `Crore)
Period Outright Repo Total
G-Sec T-Bills SDL Total G-Sec T-Bills SDL
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
Oct-Dec 11 8,19,819 74,401 13,001 9,07,221 5,12,088 3,63,477 4,777 8,80,343
Jan-Mar 12 9,99,384 85,209 15,941 11,00,534 4,77,937 2,98,313 5,830 7,82,081
5.5 Central Government dated securities continued to account for a dominant
portion of total trading volumes (Chart 11a and 11b). During Q4 of FY12, it accounted
for 90.8 per cent of total outright volume, compared to 90.4 per cent in the previous
quarter and 61.1 per cent of the total repo volume, compared to 58.2 per cent in the
previous quarter. For FY12, G-secs accounted for 88.9 per cent of outright transactions,
almost similar to that in the previous year.
5.6 The volume of transactions continued to be skewed towards a few securities.
The top 10 traded securities accounted for 86.9 per cent of the total outright
transaction volume during the Q4 of FY12 as compared with 87.6 per cent during the
previous quarter. The share of top three traded securities increased to 80.2 per cent
20
during Q4 from 68.0 per cent in the previous quarter. List of top 10 traded securities for
the current quarter and the previous quarter are given in Table 14.
Table 14 - Top 10 Traded Securities (in `Crore)
Security Jan-Mar 2012 Security Oct-Dec. 2011
8.79% G.S. 2021 4,76,478 8.79% G.S. 2021 2,52,129
9.15% G.S. 2024 3,52,797 9.15% G.S. 2024 1,89,945
7.83% G.S. 2018 53,606 7.80% G.S. 2021 1,74,570
8.19% G.S. 2020 22,913 7.83% G.S.2018 78,269
8.97% G.S. 2030 17,726 8.13% G.S. 2022 35,289
7.80% G.S. 2021 8,510 8.08% G.S. 2022 23,729
8.28% G.S. 2027 7,450 8.97% G.S. 2030 11,830
8.83% G.S. 2041 6,377 FRB 2020 10,425
7.40% G.S. 2012 5,666 8.30% G.S. 2040 9,604
7.99% G.S. 2017 5,321 8.28% G.S. 2027 8,772
5.7 The maturity distribution of G-Secs transactions in the secondary market is
detailed in Chart 12a and 12b. Reflecting the impact of high liquidity of 10-year
benchmark security, maturity range of 7-10 years continued to account for the highest
share of trading volumes followed by above 10-years maturity range which include
another liquid security of 14 years maturity. The 7-10 years maturity bucket accounted
for 51.8 per cent of outright trading volumes during Q4 of FY12, lower than 53.5 per
cent in the previous quarter. The share of trading volumes in the `above 10-year'
segment increased over the quarter to 40.3 per cent from 34.4 per cent. The securities
in the maturity range of 3-7 years accounted for 6.9 per cent of total volume compared
with 11.0 per cent in the previous quarter. The share of trading volume in the below 3
years maturity bracket remained negligible during the quarter.
21
5.8 The share of trading volumes in 7-10 years maturity range at 56.3 per cent of
total outright transactions in G-secs was the highest during FY12 followed by `above 10-
years' maturity range at 35.0 per cent as compared with 38.1 per cent and 40.8 per
cent, respectively, in FY11 (Table 15).
Table 15 : Maturity Pattern of Outright Transactions
(in `Crore)
Maturity/Quarter Jan-Mar 2012 Oct-Dec 2011 2011-12 2010-11 2009-10
Less than 3 Years 10,023 9,076 35,545 1,07,943 2,02,683
3-7 Years 68,933 90,125 2,34,437 4,32,297 5,84,202
7-10 Years 5,17,665 4,38,754 17,43,886 9,71,464 10,81,244
above 10 years 4,02,763 2,81,864 10,85,239 10,40,477 6,12,721
Total 9,99,384 8,19,819 30,99,107 25,52,181 24,80,850
5.9 Foreign banks continued to be the dominant government securities trading
institution, accounting for 28.7 per cent of total outright trading activity as compared
with 27.2 per cent in the previous quarter (Chart 13). While the share of primary
dealers declined to 26.6 per cent during Q4 from 28.5 per cent during Q3, share of
private sector banks improved to 16.1 per cent from 15.5 per cent in previous quarter.
The share of public sector banks was lower at 18.0 per cent from 18.4 per cent during
Q3. During the quarter, public sector banks were the major net buyers (`37,551 crore),
followed by `others category' (which includes the Reserve Bank purchases other than
through OMO auctions) investors (`20,149 crore) and private sector banks
(`13,762 crore). Apart from the primary dealers, foreign banks were the major net
sellers (`13,970 crore) followed by insurance companies (`2,987 crore). Foreign banks
22
were the dominant trading category during FY12 though their share in outright trading
activity declined to 29.3 per cent from 34.1 per cent in the previous year. For FY12,
public sector banks were the largest net buyers (`1,22,901 crore) of government
securities while foreign banks were the only category as net sellers ( `18,717 crore),
apart from primary dealers.
5.9 Quarterly share of various categories/participants in the secondary market
trading activity (buy + sell) for government securities is shown in Table 16.
Table 16: Category wise - Buying and Selling (% of total)
Jan-Mar 2012 Oct-Dec 2011 Jul-Sep 2011 Apr-Jun 2011
Category
Buy Sell Buy Sell Buy Sell Buy Sell
Co-operative Banks 3.8 3.8 3.1 2.9 2.8 2.7 2.3 2.1
FIs 0.2 0.2 0.5 0.1 0.4 0.2 0.9 0.1
Foreign Banks 28.6 29.9 27.3 27.1 30.6 29.9 30.0 32.2
Ins. Cos 1.6 1.9 1.7 1.5 1.6 1.3 2.1 1.6
Mutual Funds 4.0 3.8 5.0 4.9 5.1 4.6 6.9 4.8
Primary Dealers 21.9 27.1 25.9 31.0 24.2 30.4 21.0 29.2
Private Sector Banks 17.7 16.4 15.7 15.2 14.2 14.5 14.0 13.9
Public Sector Banks 20.1 16.7 19.5 17.2 19.7 16.2 21.6 15.8
Others 1.9 0.1 1.2 0.1 1.4 0.1 1.2 0.2
Total 100 100 100 100 100 100 100 100
23
Statement 1: Issuance of Dated securities During FY12 -contd.
(Amount in `Crore)
Cut off Residual
Date of Notified Devolvement Cut off Date of
Name of Stock yield Maturity
auction amount on PDs price Maturity
(%) (Years)
7.83% GS 2018 8-Apr-11 4000 0 100.00 7.83 11-Apr-18 7.0
7.80% GS 2021 8-Apr-11 5000 0 100.00 7.80 11-Apr-21 10.0
8.30% GS 2040 8-Apr-11 3000 0 98.78 8.41 2-Jul-40 29.2
7.59% GS 2016 15-Apr-11 4000 875 97.50 8.21 12-Apr-16 5.0
8.08% GS 2022 15-Apr-11 5000 0 98.74 8.25 2-Aug-22 11.3
8.26% GS 2027 15-Apr-11 3000 0 98.15 8.47 2-Aug-27 16.3
7.83% GS 2018 21-Apr-11 3000 0 98.60 8.10 11-Apr-18 7.0
7.80% GS 2021 21-Apr-11 6000 0 98.26 8.06 11-Apr-21 10.0
8.30% GS 2040 21-Apr-11 3000 0 97.84 8.50 2-Jul-40 29.2
7.59% GS 2016 6-May-11 4000 0 96.78 8.40 12-Apr-16 4.9
8.13% GS 2022 6-May-11 5000 0 98.04 8.40 21-Sep-22 11.4
8.26% GS 2027 6-May-11 3000 0 97.04 8.60 2-Aug-27 16.2
7.83% GS 2018 13-May-11 4000 0 97.05 8.40 11-Apr-18 6.9
7.80% GS 2021 13-May-11 5000 0 96.72 8.29 11-Apr-21 9.9
8.30% GS 2040 13-May-11 3000 0 96.39 8.64 2-Jul-40 29.1
7.59% GS 2016 20-May-11 4000 631.45 96.46 8.49 12-Apr-16 4.9
8.08% GS 2022 20-May-11 5000 0 97.05 8.49 2-Aug-22 11.2
8.26% GS 2027 20-May-11 3000 0 96.71 8.64 2-Aug-27 16.2
7.83% GS 2018 27-May-11 4000 0 96.35 8.54 11-Apr-18 6.9
7.80% GS 2021 27-May-11 5000 0 95.81 8.43 11-Apr-21 9.9
8.30% GS 2040 27-May-11 3000 0 96.20 8.66 2-Jul-40 29.1
7.59% GS 2016 3-Jun-11 3000 0 96.80 8.40 12-Apr-16 4.9
8.13% GS 2022 3-Jun-11 6000 0 97.75 8.44 21-Sep-22 11.3
8.28% GS 2032 3-Jun-11 3000 0 96.90 8.60 15-Feb-32 20.7
7.83% GS 2018 10-Jun-11 3000 0 97.55 8.30 11-Apr-18 6.8
7.80% GS 2021 10-Jun-11 6000 0 97.00 8.25 11-Apr-21 9.8
8.26% GS 2027 10-Jun-11 3000 0 97.13 8.59 2-Aug-27 16.1
7.59% GS 2016 24-Jun-11 3000 0 97.06 8.34 12-Apr-16 4.8
8.08% GS 2022 24-Jun-11 6000 0 98.06 8.35 2-Aug-22 11.1
8.28% GS 2032 24-Jun-11 3000 0 96.92 8.60 15-Feb-32 20.6
7.83% GS 2018 1-Jul-11 3000 0 97.14 8.39 11-Apr-18 6.8
7.80% GS 2021 1-Jul-11 6000 0 96.31 8.36 11-Apr-21 9.8
8.26% GS 2027 1-Jul-11 3000 0 96.75 8.64 2-Aug-27 16.1
8.30% GS 2040 1-Jul-11 3000 0 96.20 8.66 2-Jul-40 29.0
8.07% GS 2017 8-Jul-11 3000 0 98.65 8.38 15-Jan-17 5.5
8.13% GS 2022 8-Jul-11 6000 0 97.47 8.48 21-Sep-22 11.2
8.28% GS2027 8-Jul-11 3000 0 97.00 8.62 21-Sep-27 16.2
7.83% GS 2018 15-Jul-11 3000 0 97.69 8.28 11-Apr-18 6.7
7.80% GS 2021 15-Jul-11 6000 0 97.00 8.25 11-Apr-21 9.7
i
Statement 1: Issuance of Dated securities During FY12-contd.
(Amount in `Crore)
Devolve Cut off Residual
Date of Notified Cut off Date of
Name of Stock ment on yield Maturity
auction amount price Maturity
PDs (%) (Years)
8.30% GS 2040 15-Jul-11 3000 0 96.91 8.59 2-Jul-40 29.0
8.07% GS 2017 22-Jul-11 4000 0 98.87 8.33 15-Jan-17 5.5
8.08% GS 2022 22-Jul-11 5000 0 97.46 8.44 2-Aug-22 11.0
8.28% GS2027 22-Jul-11 3000 0 97.05 8.62 21-Sep-27 16.2
7.83% GS 2018 29-Jul-11 3000 0 96.59 8.50 11-Apr-18 6.7
7.80% GS 2021 29-Jul-11 6000 0 95.60 8.47 11-Apr-21 9.7
8.30% GS 2040 29-Jul-11 3000 0 95.49 8.73 2-Jul-40 28.9
8.07% GS 2017 5-Aug-11 4000 0 99.00 8.30 15-Jan-17 5.4
8.13% GS 2022 5-Aug-11 5000 0 98.12 8.39 21-Sep-22 11.1
8.28% GS2027 5-Aug-11 3000 0 97.21 8.60 21-Sep-27 16.1
7.83% GS 2018 12-Aug-11 3000 0 97.67 8.29 11-Apr-18 6.7
7.80% GS 2021 12-Aug-11 6000 0 96.85 8.28 11-Apr-21 9.7
8.30% GS 2040 12-Aug-11 3000 0 96.92 8.59 2-Jul-40 28.9
8.07% GS 2017 18-Aug-11 3000 0 99.04 8.29 15-Jan-17 5.4
8.08% GS 2022 18-Aug-11 4000 0 97.68 8.41 2-Aug-22 10.9
8.28% GS 2032 18-Aug-11 3000 0 96.95 8.60 15-Feb-32 20.5
7.83% GS 2018 26-Aug-11 3000 0 97.41 8.34 11-Apr-18 6.6
7.80% GS 2021 26-Aug-11 6000 0 96.70 8.30 11-Apr-21 9.6
8.28% GS2027 26-Aug-11 2000 0 97.36 8.58 21-Sep-27 16.1
7.99% GS 2017 2-Sep-11 3000 725.25 98.15 8.39 9-Jul-17 5.8
8.13% GS 2022 2-Sep-11 5000 0 97.66 8.46 21-Sep-22 11.0
8.30% GS 2040 2-Sep-11 3000 0 96.09 8.67 2-Jul-40 28.8
8.07% GS 2017 9-Sep-11 3000 0 98.87 8.33 15-Jan-17 5.3
7.80% GS 2021 9-Sep-11 5000 0 96.71 8.30 11-Apr-21 9.6
8.28% GS2027 9-Sep-11 3000 0 97.49 8.57 21-Sep-27 16.0
8.07% GS 2017 7-Oct-11 3000 0 97.61 8.64 15-Jan-17 5.3
8.08% GS 2022 7-Oct-11 6000 0 95.68 8.70 2-Aug-22 10.8
8.28% GS2027 7-Oct-11 3000 192.53 95.00 8.87 21-Sep-27 15.9
8.30% GS 2040 7-Oct-11 3000 705.83 93.59 8.92 2-Jul-40 28.7
7.83% GS 2018 14-Oct-11 4000 1613.88 95.31 8.79 11-Apr-18 6.5
7.80% GS 2021 14-Oct-11 6000 2424.01 93.75 8.78 11-Apr-21 9.5
8.26% GS 2027 14-Oct-11 3000 0 94.21 8.95 2-Aug-27 15.8
7.99% GS 2017 28-Oct-11 4000 149.25 95.90 8.92 9-Jul-17 5.7
8.13% GS 2022 28-Oct-11 6000 0 94.35 8.95 21-Sep-22 10.9
8.28% GS2027 28-Oct-11 2000 0 94.12 8.98 21-Sep-27 15.9
8.30% GS 2040 28-Oct-11 3000 0 93.03 8.98 2-Jul-40 28.7
7.83% GS 2018 4-Nov-11 4000 0 95.03 8.86 11-Apr-18 6.4
8.79% GS 2021 4-Nov-11 6000 0 100.00 8.79 8-Nov-21 10.0
ii
Statement 1: Issuance of Dated securities During FY12 -contd.
(Amount in `Crore)
Devolvem Cut off Residual
Date of Notified Cut off Date of
Name of Stock ent on yield Maturity
auction amount price Maturity
PDs (%) (Years)
8.26% GS 2027 4-Nov-11 3000 0 93.82 9.00 2-Aug-27 15.7
9.15% GS 2024 11-Nov-11 6000 1505.76 100.00 9.15 14-Nov-24 13.0
8.30% GS 2040 11-Nov-11 3000 861.38 90.45 9.25 2-Jul-40 28.6
7.83% GS 2018 18-Nov-11 4000 0 94.93 8.88 11-Apr-18 6.4
8.79% GS 2021 18-Nov-11 6000 1150.47 99.70 8.83 8-Nov-21 10.0
8.28% GS2027 18-Nov-11 3000 0 92.95 9.13 21-Sep-27 15.8
GOI FRB 2020 25-Nov-11 3000 103.26 93.00 10.01 21-Dec-20 9.1
9.15% GS 2024 25-Nov-11 6000 0 101.18 8.99 14-Nov-24 13.0
8.30% GS 2040 25-Nov-11 4000 0 90.22 9.28 2-Jul-40 28.6
7.83% GS 2018 2-Dec-11 4000 0 95.94 8.67 11-Apr-18 6.4
8.79% GS 2021 2-Dec-11 6000 0 100.49 8.71 8-Nov-21 9.9
8.97% GS 2030 2-Dec-11 3000 0 100.00 8.97 5-Dec-30 19.0
7.99% GS 2017 9-Dec-11 2000 0 97.97 8.45 9-Jul-17 5.6
GOI FRB 2020 9-Dec-11 2000 400 92.75 10.00 21-Dec-20 9.0
9.15% GS 2024 9-Dec-11 6000 0 103.80 8.65 14-Nov-24 12.9
8.83% GS 2041 9-Dec-11 3000 0 100.00 8.83 12-Dec-41 30.0
7.83% GS 2018 23-Dec-11 4000 0 97.09 8.43 11-Apr-18 6.3
8.79% GS 2021 23-Dec-11 5000 0 102.60 8.39 8-Nov-21 9.9
8.97% GS 2030 23-Dec-11 3000 0 102.90 8.65 5-Dec-30 18.9
7.99% GS 2017 30-Dec-11 3000 0 97.57 8.55 9-Jul-17 5.5
9.15% GS 2024 30-Dec-11 6000 0 103.41 8.70 14-Nov-24 12.9
8.28% GS2027 30-Dec-11 3000 0 94.75 8.90 21-Sep-27 15.7
8.83% GS 2041 30-Dec-11 3000 0 100.05 8.82 12-Dec-41 29.9
7.83% GS 2018 $ U 6-Jan-12 4000 0 97.53 8.34 11-Apr-18 6.3
8.79% GS 2021 $ U 6-Jan-12 7000 0 103.01 8.33 8-Nov-21 9.8
8.28% GS 2032 $ U 6-Jan-12 3000 0 96.40 8.66 15-Feb-32 20.1
8.19% GS 2020 # U 13-Jan-12 4000 0 100.00 8.19 16-Jan-20 8.0
9.15% GS 2024 $ U 13-Jan-12 6000 0 106.16 8.36 14-Nov-24 12.8
8.97% GS 2030 $ U 13-Jan-12 4000 0 103.98 8.54 5-Dec-30 18.9
7.83% GS 2018 $ U 20-Jan-12 4000 0 98.35 8.17 11-Apr-18 6.2
8.79% GS 2021 $ U 20-Jan-12 7000 0 104.28 8.14 8-Nov-21 9.8
8.83% GS 2041 $ U 20-Jan-12 3000 0 103.59 8.50 12-Dec-41 29.9
8.19% GS 2020 $ U 27-Jan-12 4000 774.75 98.96 8.37 16-Jan-20 8.0
9.15% GS 2024 $ U 27-Jan-12 6000 0 105.36 8.45 14-Nov-24 12.8
8.97% GS 2030 $ U 27-Jan-12 3000 0 102.84 8.66 5-Dec-30 18.8
7.83% GS 2018 $ U 3-Feb-12 3000 0 98.29 8.18 11-Apr-18 6.2
8.79% GS 2021 $ U 3-Feb-12 7000 0 104.20 8.15 8-Nov-21 9.8
iii
Statement 1: Issuance of Dated securities During FY12 -concld.
(Amount in `Crore)
Devolvem Cut off Residual
Date of Notified Cut off Date of
Name of Stock ent on yield Maturity
auction amount price Maturity
PDs (%) (Years)
8.83% GS 2041 $ U 3-Feb-12 3000 0 103.00 8.55 12-Dec-41 29.9
8.19% GS 2020 $ U 10-Feb-12 3000 0 99.47 8.28 16-Jan-20 7.9
9.15% GS 2024 $ U 10-Feb-12 6000 0 106.41 8.32 14-Nov-24 12.8
8.97% GS 2030 $ U 10-Feb-12 3000 0 103.22 8.62 5-Dec-30 18.8
8.24% GS 2018 $ U 17-Feb-12 3000 0 99.65 8.31 22-Apr-18 6.2
8.79% GS 2021 $ U 17-Feb-12 6000 0 103.85 8.20 8-Nov-21 9.7
8.83% GS 2041 $ U 17-Feb-12 3000 0 102.44 8.60 12-Dec-41 29.8
8.19% GS 2020 $ U 24-Feb-12 3000 0 99.37 8.30 16-Jan-20 7.9
9.15% GS 2024 $ U 24-Feb-12 6000 0 106.52 8.31 14-Nov-24 12.7
8.97% GS 2030 $ U 24-Feb-12 3000 0 103.51 8.59 5-Dec-30 18.8
8.24% GS 2018 $ U 9-Mar-12 3000 0 99.51 8.34 22-Apr-18 6.1
8.79% GS 2021 $ U 9-Mar-12 6000 0 103.42 8.27 8-Nov-21 9.7
8.83% GS 2041 $ U 9-Mar-12 3000 0 102.22 8.62 12-Dec-41 29.8
Gross Nominal Amount Raised 510000 12112.82
Weighted Average Yield 8.52
Weighted Average Maturity 12.66
iv
Statement 2:Treasury Bills Issued During FY12 -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 8-Apr-11 2000 0 2000 7.55
364 DTB 21-Apr-11 3000 0 3000 7.76
364 DTB 6-May-11 3000 0 3000 8.20
364 DTB 20-May-11 3000 0 3000 8.29
364 DTB 3-Jun-11 3000 0 3000 8.32
364 DTB 17-Jun-11 3000 202.8 3202.8 8.34
364 DTB 30-Jun-11 3000 0 3000 8.29
364 DTB 15-Jul-11 3000 0 3000 8.24
364 DTB 29-Jul-11 3000 0 3000 8.49
364 DTB 12-Aug-11 3000 0 3000 8.17
364 DTB 26-Aug-11 3000 0 3000 8.31
364 DTB 9-Sep-11 2742.25 216 2958.25 8.34
364 DTB 23-Sep-11 3000 0 3000 8.46
364 DTB 7-Oct-11 4000 0 4000 8.52
364 DTB 21-Oct-11 4000 5 4005 8.68
364 DTB 4-Nov-11 4000 0 4000 8.74
364 DTB 18-Nov-11 4000 203.3 4203.3 8.85
364 DTB 2-Dec-11 4000 0 4000 8.45
364 DTB 16-Dec-11 4000 0 4000 8.26
364 DTB 30-Dec-11 4000 2 4002 8.35
364 DTB 13-Jan-12 4000 0 4000 8.20
364 DTB 27-Jan-12 4000 0 4000 8.47
364 DTB 10-Feb-12 4000 0 4000 8.51
364 DTB 24-Feb-12 4000 0 4000 8.51
364 DTB 9-Mar-12 4000 0 4000 8.45
182 DTB 15-Apr-11 2000 1500 3500 7.45
182 DTB 29-Apr-11 3000 1250 4250 7.75
182 DTB 13-May-11 3000 0 3000 8.20
182 DTB 27-May-11 3000 500 3500 8.27
182 DTB 10-Jun-11 3000 0 3000 8.23
182 DTB 24-Jun-11 3000 0 3000 8.16
182 DTB 8-Jul-11 3000 0 3000 8.27
182 DTB 22-Jul-11 3000 0 3000 8.18
182 DTB 5-Aug-11 2950 0 2950 8.47
182 DTB 18-Aug-11 3000 0 3000 8.40
182 DTB 2-Sep-11 3000 0 3000 8.40
v
Statement 2:Treasury Bills Issued During FY12 -contd.
(Amount in `Crore)
Non- Gross
Competitive
Competitive Nominal Cut off
Name of Security Date of Issue amount
amount amount Yield (%)
raised
raised raised
182 DTB 16-Sep-11 3000 400 3400 8.40
182 DTB 29-Sep-11 3000 0 3000 8.47
182 DTB 14-Oct-11 4000 0 4000 8.62
182 DTB 28-Oct-11 4000 0 4000 8.70
182 DTB 11-Nov-11 4000 0 4000 8.95
182 DTB 25-Nov-11 4000 1.25 4001.25 8.84
182 DTB 9-Dec-11 4000 0 4000 8.51
182 DTB 23-Dec-11 4000 0 4000 8.27
182 DTB 6-Jan-12 4000 0 4000 8.42
182 DTB 20-Jan-12 4000 0 4000 8.55
182 DTB 3-Feb-12 4000 0 4000 8.66
182 DTB 17-Feb-12 4000 0 4000 8.66
182 DTB 2-Mar-12 4000 0 4000 8.75
182 DTB 16-Mar-12 4000 0 4000 8.66
182 DTB 30-Mar-12 4000 0 4000 8.66
91 DTB 8-Apr-11 4000 0 4000 7.14
91 DTB 15-Apr-11 4000 1000 5000 7.19
91 DTB 21-Apr-11 5000 300 5300 7.44
91 DTB 29-Apr-11 7000 1484.65 8484.65 7.52
91 DTB 6-May-11 8000 2875 10875 7.89
91 DTB 13-May-11 8000 1100 9100 8.06
91 DTB 20-May-11 8000 1250 9250 8.10
91 DTB 27-May-11 8000 7250 15250 8.14
91 DTB 3-Jun-11 8000 1500 9500 8.19
91 DTB 10-Jun-11 8000 2000 10000 8.23
91 DTB 17-Jun-11 8000 3200 11200 8.27
91 DTB 24-Jun-11 8000 1900 9900 8.19
91 DTB 30-Jun-11 6000 4750 10750 8.19
91 DTB 8-Jul-11 7000 250 7250 8.19
91 DTB 15-Jul-11 7000 1500 8500 8.14
91 DTB 22-Jul-11 7000 500 7500 8.10
91 DTB 29-Jul-11 7000 1993.52 8993.52 8.39
91 DTB 5-Aug-11 7000 2575 9575 8.39
91 DTB 12-Aug-11 7000 3100 10100 8.31
91 DTB 18-Aug-11 7000 100 7100 8.35
91 DTB 26-Aug-11 7000 1500 8500 8.35
vi
Statement 2: Treasury Bills Issued During FY12 -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 2-Sep-11 7000 6500 13500 8.39
91 DTB 9-Sep-11 7000 2750 9750 8.39
91 DTB 16-Sep-11 7000 700 7700 8.39
91 DTB 23-Sep-11 7000 2500 9500 8.44
91 DTB 29-Sep-11 7000 1500 8500 8.44
91 DTB 7-Oct-11 4000 1500 5500 8.44
91 DTB 14-Oct-11 4000 1700 5700 8.48
91 DTB 21-Oct-11 4000 1301 5301 8.65
91 DTB 28-Oct-11 4000 503.64 4503.64 8.65
91 DTB 4-Nov-11 4000 2863.91 6863.91 8.65
91 DTB 11-Nov-11 4000 1800 5800 8.86
91 DTB 18-Nov-11 4000 0.72 4000.72 8.90
91 DTB 25-Nov-11 4000 4000 8000 8.86
91 DTB 2-Dec-11 4000 854 4854 8.81
91 DTB 9-Dec-11 4000 6600 10600 8.60
91 DTB 16-Dec-11 4000 1701 5701 8.48
91 DTB 23-Dec-11 4000 2290.8 6290.8 8.39
91 DTB 30-Dec-11 4000 10000 14000 8.48
91 DTB 6-Jan-12 6000 1710 7710 8.52
91 DTB 13-Jan-12 6000 512.65 6512.65 8.56
91 DTB 20-Jan-12 6000 1003.95 7003.95 8.65
91 DTB 27-Jan-12 6000 5602.97 11602.97 8.73
91 DTB 3-Feb-12 9000 2202 11202 8.81
91 DTB 10-Feb-12 9000 4301.2 13301.2 8.90
91 DTB 17-Feb-12 9000 2401.75 11401.75 8.94
91 DTB 24-Feb-12 9000 3142 12142 9.02
91 DTB 2-Mar-12 6841.35 373.6 7214.95 9.06
91 DTB 9-Mar-12 8000 300 8300 9.06
91 DTB 16-Mar-12 8000 1204.95 9204.95 8.98
91 DTB 22-Mar-12 8000 2012.75 10012.75 8.98
91 DTB 30-Mar-12 8000 1000.85 9000.85 9.02
Total 511534 119253 630786
vii
Statement 3: List of Dated Securities Outstanding at end-Mar 12 contd.
Outstanding Stock
Nomenclature Date of maturity of which: MSS
(` Crore)
6.85% GS 2012 5-Apr-12 26000.0 -
7.40% GS 2012 3-May-12 33000.0 -
10.25% GS 2012 1-Jun-12 1574.1 -
6.72% GS 2007/12 18-Jul-12 541.8 -
11.03% GS 2012 18-Jul-12 13500.0 -
9.40% GS 2012 11-Sep-12 11000.0 -
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 -
viii
Statement 3: List of Dated Securities Outstanding at end-March 2012 Contd.
Outstanding Stock
Nomenclature Date of maturity of which: MSS
(` Crore)
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 -
8.24% GS 2018 22-Apr-18 56000.0 -
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 14000.0 -
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 56000.0 -
8.20 % GS 2022 15-Feb-22 57632.3 -
8.35% GS 2022 14-May-22 44000.0 -
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 48000.0 -
5.97 % GS 2025 (Conv) 25-Sep-25 16687.9 -
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 26252.2 -
6.01% GS GS 2028 (C -
Align) 25-Mar-28 15000.0
ix
Statement 3: List of Dated Securities Outstanding at end-March 2012 Concld.
Outstanding Stock
Nomenclature Date of maturity of which: MSS
(` Crore)
6.13% GS 2028 4-Jun-28 11000.0 -
8.97% GS 2030 5-Dec-30 19000.0 -
8.28 % GS 2032 15-Feb-32 64687.1 -
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 59000.0 -
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 18000.0 -
Total 2593328.5
x
Statement 4: Maturity Profile of Government Securities as on End-March 2012
Year of maturity Outstanding Stock (`Crore)
2012-13 90615.94
2013-14 95008.84
2014-15 168018.36
2015-16 197243.95
2016-17 231129.85
2017-18 206773.60
2018-19 215477.88
2019-20 137000.00
2020-21 84000.00
2021-22 256845.65
2022-23 187464.69
2023-24 27000.00
2024-25 58000.00
2025-26 16687.95
2026-27 72388.55
2027-28 114679.57
2028-29 11000.00
2029-30 -
2030-31 19000.00
2031-32 64687.11
2032-33 75956.53
2033-34 -
2034-35 60350.00
2035-36 42000.00
2036-37 59000.00
2037-38 -
2038-39 13000.00
2039-40 -
2040-41 72000.00
2041-42 18000.00
Total 2593328
xi
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