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Public Debt Management Report - Fourth Quarter (January - March 2012)
May, 03rd 2012
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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