Public Debt Management
quarterly report
October-December 2013
Government of India
Ministry of finance
Department of economic affairs
February 2014
www.finmin.nic.in
CONTENTS
Section Page No.
Introduction 1
1 Macroeconomic Developments 2
2 Debt Management - Primary Market Operations 6
3 Cash Management 10
4 Trends in Outstanding Public Debt 13
5 Secondary Market 17
List of Tables and Charts
List of Tables
Table No. Title Page No.
1 Fiscal Outcome - AprilDec 2013-14 7
2 Issuance of Dated Securities 8
3 Issuance by Maturity Buckets, Q3 of 2013-14 8
4 Issuance of Treasury Bills 9
5 Maturity and Yield of Central Government's Market Loans 9
6 Issuance of Cash Management Bills 11
7 Repayments and Issuance of Treasury Bills in Oct-Dec 2013 12
8 Calendar for Issuance of Treasury Bills in Jan-Mar 2014 12
9 Composition of Public Debt 13
10 Maturity Profile of GoI Outstanding Dated Securities 14
11 Ownership Pattern of Government of India Dated Securities 15
12 Transactions in Government Securities 20
13 Top 10 Traded Securities 21
14 Maturity Pattern of Outright Transactions 21
15 Category wise Buying and Selling 23
List of Charts
Chart No. Title Page No.
1 Quarterly Growth Rate in GDP 2
2 Inflation Rate Based on WPI and CPI 3
3 Growth Rate in IIP 3
4 Monthly Exports and Imports 4
5 Foreign Investment Flow and Exchange Rate 5
6 Net LAF outstanding (inclusive of MSF and Term Repo) 10
7 Holding Pattern of Government Securities 16
8 Movement of G-Sec Yields 10-year 17
9 Government Bond Yield Curve 18
10 Treasury Bill Yield Curve 19
11a Secondary Market Transaction Outright 20
11b Secondary Market Transaction Oct-Dec 2013 20
12a Maturity wise Trading Activity Oct-Dec 13 22
12b Maturity wise Trading Activity Oct-Dec 13 22
13 Trading Activity (Buy + Sell) by Category 23
List of Statements
Statement No. Title Page No.
1 Issuance of Dated Securities During FY14 (Apr-Dec 2013) i
2 Treasury Bills Issued During FY14 (Apr-Dec 2013) iv
3 List of Dated Securities Outstanding at end-Dec 2013 vi
4 Maturity Profile of Government Securities at end-Dec 2013 viii
Introduction
The Middle Office was set up in September 2008, in Department of Economic Affairs,
Ministry of Finance, Government of India. With the objective of enhancing transparency of
debt management operations, Middle Office began publishing on its website a quarterly
report titled "Public Debt Management - Quarterly Report" from the first quarter of the
fiscal year 2010-11. The previous reports are available on the website of Ministry of Finance
(http://finmin.nic.in/reports/Public_Debt_Management.asp). This report pertains to the
third quarter of the fiscal year 2013-14, viz., October-December 2013.
The report gives an account of the debt management and cash management operations
during the quarter, and attempts a rationale for major activities. The report also tries to
provide detailed information on various aspects of debt management.
While all attempts have been made to provide authentic and accurate information, it is
possible that some errors might have crept in inadvertently. Readers may inform us of such
errors, as indeed their valuable suggestions, at mo-dea@nic.in.
1
Section 1 Macroeconomic Developments
1.1 The GDP growth rate for the second quarter (July-September) of financial year 2013-14
(FY14) improved to 4.8 per cent per annum from 4.4 per cent in the previous quarter (Q1 of
FY14) (Chart 1). Improvement in growth rates during Q2 was seen across all the major
sectors barring `community, social and personal services', which showed a growth 4.2 per
cent during Q2 as compared with 9.4 per cent growth in previous quarter. Among other
sectors, the significant improvement was manifested by `agriculture, forestry and fishing',
`electricity, gas and water supply', `manufacturing' and `construction' showing a growth
rates of 4.6 per cent, 7.7 per cent, 1.0 per cent and 7.7 per cent during Q2 as compared with
2.7 per cent 3.7 per cent, (-)1.2 per cent and 3.7 per cent, respectively, in the Q1. The first
revised estimates for 2012-13 and advance estimates for 2013-14 placed the GDP growth at
4.5 per cent and 4.9 per cent for full year, respectively.
1.2 The rising trend in inflation rate based on WPI was reversed in December 2013 and
declined to 6.16 per cent (Chart 2). Average inflation rate during the Q3 of FY14 was,
however, higher at 6.98 per cent from 6.63 per cent in the previous quarter. The
moderation in inflation during the month of December 2013 was mainly on account of
moderation in `food articles' and `vegetables' indices. Inflation rate of `fuel & power' group
remained elevated at 10.98 per cent with a major increase in prices of `high speed diesel'.
The inflation rate of `manufactured products' in December 2013 remained sticky at 2.64 per
cent. Build up of WPI inflation rate in the financial year so far was 5.35 per cent compared
2
to a build up rate of 4.84 per cent in the corresponding period of the previous year. CPI
inflation rate at the end of Q3 at 9.9 per cent showed easing trend after seeing some
upward movements in seen October and November months.
1.3 Growth in Index of Industrial Production (IIP) was negative at (-)2.1 per cent in
November 2013 and (-)1.6 per cent in October 2013. The average growth in IIP during the
financial year 2013-14 (Apr-November) was lower (-)0.2 per cent compared to 1.0 per cent
during the same period of the previous year (Chart 3).
3
1.4 Growth rate (y-o-y) of India's exports during October-December 2013 remained buoyant
at 7.5 per cent, though some deceleration was seen over previous quarter growth rate of
11.9 per cent. Growth rates in imports declined further to (-)15.3 per cent from (-)8.7 per
cent in the previous quarter. Trade deficit during Q3 at USD 29.9bn remained almost
unmoved from the level seen in Q2. On a y-o-y basis, however, trade deficit narrowed to by
45.6 per cent during Q3 compared with a decline of 38.6 per cent in Q2. On a monthly basis,
while exports posted a growth of 3.5 per cent in December 2013, imports showed a
negative growth of (-)15.2 per cent. The average monthly trade deficit during Q3 of FY14
remained unchanged at USD 29.9 bn (Chart 4).
1.5 There was a net inflow of foreign investment during October-November 2013 on
account of foreign direct investment while foreign institutional investors (FIIs) continues
experience net outflow (Chart 5). Rupee exchange rate remained broadly stable with some
improvement taking place on October-November 2013 due to improved trade account
balance. Accordingly, Rupee saw an improvement to `61.4 per USD at end-November 2013.
Rupee came under some pressure in December due to rise in domestic inflation and
reduction in bond buying programme by the Federal Reserve of US. Over the quarter,
however, Rupee closed stronger at `61.9 (per USD) at end-December 2013 compared with
`62.8 (per USD) at end-September 2013.
4
Note:- Data on FDI have been revised since April 2011 to expand the coverage.
5
Section 2 Debt Management - Primary Market Operations
A. Government Finances
2.1 The gross fiscal deficit of the Central Government in budget estimates (BE) 2013-14
(FY14) was placed at `5,42,499 crore (4.8 per cent of GDP) as against `5,20,925 crore (5.2
per cent of GDP) in the revised estimates (RE) for 2012-13. The gross and net market
borrowing requirements of the Government in FY14BE were placed at `5,79,000 crore and
`4,84,000 crore, respectively, which were reduced in revised estimates (RE), as per interim
Budget for 2014-15, to `5,63,911 crore and `4,53,902 crore in view of the gains made in
fiscal consolidation by the Government. The gross and net market for 2014-15 are budgeted
to increase moderately to `5,97,000 crore and `4,57,321 crore.
2.2 The key deficit indicators of the Central Government as percentage of BE showed
pressure in fiscal outcome for April-December 2013-14 vis-a-vis their position during the
same period of the previous fiscal year. Lower tax collections coupled with a rise in
expenditure accounted for the increase in deficit indicators during the period under review.
Gross tax collections during the period, showing a growth of 9.2 per cent against a budgeted
growth of 19.1 per cent, at 60.2 per cent of BE were lower than 63.2 per cent a year ago.
Collections from corporation tax, projected to grow at 16.9 per cent, stood at `2,60,447
crore, showing a growth of 9.6 per cent over `2,37,626 crore in the same period of previous
fiscal year. Personal income tax collections at `1,53,662 crore showed a growth rate of 19.8
per cent against 20.2 per cent projected in BE for FY14. Among the major indirect taxes,
collections from customs duties showed a moderate growth of 4.3 per cent during April-
December 2013 (BE 13.6 per cent), while growth in excise duties was negative at (-)6.9 per
cent (BE 14.9 per cent). Service tax collections increased by 19.8 per cent during the period
under discussion against 35.8 per cent in the BE. Total expenditure during April-December
2013 at 69.9 per cent of BE was higher than 66.5 per cent during the same period of
previous year. As a result of lower tax collections and increased expenditure, revenue deficit
and fiscal deficit during April-December 2013 at 97.7 per cent and 95.2 per cent of BE were
higher than 85.1 per cent and 78.8 per cent, respectively, during the same period a year
ago. Primary deficit at 155.9 per cent of BE was also higher than 104.6 per cent during the
corresponding period of the previous fiscal year (Table 1). Non-tax revenue as per cent of BE
6
were higher in April-December 2013 as compared with same period of previous year. It is
expected that revenues from 2G auction would be higher in Q4 of 2013-14. On a review of
government's cash position and funding requirement, an auction for `15000 crore of G-secs
was cancelled in Q4 resulting in decrease in market borrowing to this extent in FY 2014.
Table 1: Fiscal Outcome - AprilDec 2013 (amount in ` crore)
April-Dec April-Dec 2013- April-Dec 2012-
Item 2013-14 BE 2013-14 14 (% of BE) 13 (% of BE)
Revenue Receipts 10,56,330 6,33,933 60.0 61.0
Tax Receipts 8,84,078 5,17,661 58.6 62.8
Non-Tax Receipts 1,72,252 1,16,272 67.5 52.5
Non-debt Receipts 66,468 13,468 20.3 38.1
Total Expenditure 16,65,297 11,63,791 69.9 66.5
Revenue Expenditure 14,36,168 10,05,175 70.0 67.5
Capital Expenditure 2,29,129 1,58,616 69.2 59.8
Revenue Deficit 3,79,838 3,71,242 97.7 85.1
Primary Deficit 1,71,815 2,67,926 155.9 104.6
Gross Fiscal Deficit 5,42,499 5,16,390 95.2 78.8
Financing
Market Loans* 5,03,844 4,93,489 97.9 96.0
External Financing 10,560 1,587 15.0 8.4
Securities against Small 5,798 -889 -15.3 -74.3
Savings
Others 22,297 22,204 99.6 -446.6
*:- Includes borrowings through treasury bills.
Source: Controller General of Accounts (CGA) website; cga.nic.in
B. Issuance Details
2.3 This section discusses the issuance details of market loans during the third quarter (Q3)
of FY14.
2.4 Gross and net market borrowing requirements of the Government for FY14 were
budgeted at `5,79,009 crore and `4,84,000 crore which were higher by 3.8 per cent and 3.6
per cent, respectively, than `5,58,000 crore and `4,67,384 crore in FY13. During Q3 of FY14,
the Government issued dated securities worth `1,65,000 crore taking the gross borrowings
during April-December 2013 to `5,09,000 crore (87.9 per cent of BE), marginally lower than
`5,10,000 crore (89.5 per cent of BE) the corresponding period of the previous year (Table
2). Net market borrowing during April-December 2013 `4,34,629 crore or 89.7 per cent of
BE was higher than 87.6 per cent of BE in the previous year.
7
Table 2: Issuance of Dated Securities
(Amount in `Crore)
Item 2013-14 BE Q3 FY 14 Apr-Dec Apr-Dec 13 Apr-Dec 12
13 % of BE % of BE
Gross Amount 579,009 165,000 509,000 87.9 89.5
Repayments 95,009 - 74,735 78.7 100.0
Net Issuance 484,000 165,000 434,625 89.7 87.6
2.5 Auctions during Q3 of FY14 were largely held in accordance with the pre-announced
calendar (Table 3). During the quarter, emphasis on re-issues was continued with a view to
build up adequate volumes under existing securities imparting greater liquidity in the
secondary market. Two new securities of 10 and 30 year maturities were issued during the
quarter. The amount issued under new securities constituted 5.5 per cent of total issuances,
remaining being re-issues.
Table 3 Issuance by Maturity Buckets, Q3 of 2013-14
(amount in ` crore)
Period 5-9 years 10-14 years 15-19 Years 20-30 Years Total
2012-13 142000 260000 78000 78000 558000
% of Total 25.45 46.59 13.98 13.98 100.00
H1 FY14 (Actual) 87000 135000 61000 61000 344000
% of Total 25.29 39.24 17.73 17.73 100.00
Q3 FY14 33000- 66000- 22000- 22000- 165000
(Projected) 44000 77000 33000 33000 100.00
% of Total 20-26.7 40-46.7 13.3-20 13.3-20 100.00
Q3 FY14 (Actual) 40000 75000 24000 26000 165000
% of Total 24.24 45.45 14.55 15.76 100.00
2.6 The gross amount raised through treasury bills (91, 182 and 364 day treasury bills)
during Q3 of FY14 amounted to `2,31,841 crore while total repayments amounted to
`2,21,666 crore resulting in net issuance of `10,175 crore compared with net issuance of
`10,872 crore in Q2 and `38,086 crore in Q1 (Table 4). A relatively lower net issuance of
treasury bills during Q3 of FY14 was in line with scheduled calendar for issuance of treasury
bills in view of comfortable cash flow outlook during Q3 of FY14. The details of issuance of
bills during April-December 2013 are given in Statement 2.
8
Table 4: Issuance of Treasury Bills*
(Amount in `Crore)
Item 2013-14 Q3 FY 14 Apr-Dec April-Dec 2013 Apr-Dec 2012
BE 2013 ( as % of BE) (as % of BE)
364 DTB
Gross Amount 1,30,474 40,959 1,06,903 81.9 96.2
Repayment 1,30,474 35,060 1,00,456 77.0 73.4
Net Issuance - 5,900 6,447 - 243.5
182 DTB
Gross Amount 1,30,007 36,003 97,105 74.7 95.9
Repayment 1,30,007 30,006 94,202 72.5 82.5
Net Issuance - 5,996 2,903 - -
91 DTB
Gross Amount 5,92,890 1,54,879 4,54,327 76.6 82.2
Repayment 5,73,046 1,56,600 4,04,544 70.6 81.2
Net Issuance 19,844 -1,721 49,783 250.9 -24.3
All T-Bills
Gross Amount 8,53,371 2,31,841 6,58,335 77.1 86.0
Repayment 8,33,527 2,21,666 5,99,202 71.9 80.4
Net Issuance 19,844 10,175 59,133 298.0 539.3
*:- Including amount through non-competitive route.
2.7 As the bond yields remained under pressure during the quarter, the maturity of primary
issuance was marginally reduced during Q3. The weighted average maturity (WAM) of dated
securities issued during Q3 of FY14 at 13.94 years was lower than 14.11 years in Q2 (Table
5). The weighted average maturity of outstanding government securities at end-December
2013 declined to 9.81 years from 9.89 years at the end of previous quarter. Over the same
period, the weighted average coupon of outstanding stock remained unchanged at 7.96 per
cent.
Table 5: Maturity and Yield of Central Government's Market Loans
Issues during the year Outstanding Stock*
Weighted Weighted Weighted Weighted
Year
Average Average Average Average
Yield (%) Maturity (yrs) Coupon (%) Maturity (yrs)
1 2 3 4 5
2010-11 7.92 11.62 7.81 9.64
2011-12 8.52 12.66 7.88 9.60
2012-13 8.36 13.50 7.97 9.66
2013-14 Q2 8.56 14.11 7.96 9.89
2013-14 Q3 8.96 13.94 7.96 9.81
Apr-Dec 2013 8.41 14.34 7.96 9.79
* As at end of period.
9
Section 3 Cash Management
3.1 Government's cash account is maintained with the Reserve Bank. The cash-flow
mismatches of the Government are largely managed through issuance of Treasury Bills and
access to Ways and Means Advances (WMA) facility from the Reserve Bank when in deficit
and through buybacks or investment in Government securities held by the Reserve Bank
when in surplus. The WMA limit for the second half of 2013-14 was fixed at ` 20,000 crore.
3.2 The tight liquidity situation prevailing in the previous quarter eased gradually (Chart 6) in
Q3 on back of calibrated withdrawal of exceptional measures undertaken by RBI. Additional
liquidity through term repos were introduced and the marginal standing facility (MSF) rate
were reduced to normalise liquidity conditions. However, the liquidity tightened from mid-
December onwards owing to advanced tax outflows. The net amount provided under
Liquidity Adjustment Facility (LAF), including of MSF and term repo, touched a low of
` 30,720 crore (on December 4) and reached a high of ` 1,21,148 crore (December24). The
average net LAF outstanding, including of MSF and term repo amount, was at ` 91,083
crore in October, `88,310 crore in November and `74,879 crore in December 2013. Two
OMO purchase auctions (on October 07 and November 18) were conducted during Q3 of
2013-14 resulting in injection of liquidity of ` 16,131 crore into the system. Average net
borrowings under LAF, including of MSF and term repo, during Q3 of FY14 at `84,937 crore
were higher than ` 80,445 crore in previous quarter (Q2 of FY14).
3.3 The Government cash position was generally comfortable during the quarter. It vacated
10
the cash management bills worth `52,000 crore, which were issued in earlier quarter. At end
of the quarter, there were no outstanding cash management bills.
Table 6 : Issuance of Cash Management Bills
(Amount in ` Crore)
Issue Date Maturity Date Amount Cut Off Yield (%)
27-Aug-13 14-Oct-13 11,000 11.89
28-Aug-13 15-Oct-13 11,000 11.89
3-Sep-13 21-Oct-13 11,000 11.74
4-Sep-13 22-Oct-13 11,000 11.50
5-Sep-13 13-Oct-13 8,000 10.68
Outstanding at end of Q2 52,000
Total Issued in Q3 -
Matured in Q3 52,000
Outstanding at end of Q 3 -
3.4 Apart from CMBs, issuance amount under treasury bills was also modulated in view of
the cash position of the Government. The amount of Treasury Bills (net) issued through
competitive route increased to ` 6,537 crore during the quarter from ` 4,171 crore during
the last quarter. A net amount of ` 3,638 crore was received through non-competitive route
during the quarter. Overall, the net amount mobilised through treasury bills (under
competitive and non-competitive routes) during Q3 of FY14 amounted to ` 10,175 crore.
The details of treasury bills issued and matured in Q3 of FY14 are given in Table 7.
11
Table 7: Repayments and Issuance of Treasury Bills in October-December 2013
(Amount in ` Crore)
Date of Repayments Issued Amount
Issue Net Issue
91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB
3-Oct-13 7,000 0 5,000 6,000 0 6,000 0
10-Oct-13 7,000 5,000 0 6,000 6,000 0 0
17-Oct-13 0 0 5,000 6,000 0 6,000 7,000
24-Oct-13 6,364 5,000 0 6,000 6,000 0 636
31-Oct-13 7,000 0 5,000 6,000 0 6,000 0
7-Nov-13 7,000 5,000 0 6,000 6,000 0 0
14-Nov-13 7,000 0 5,000 6,000 0 4,901 -1,099
21-Nov-13 7,000 5,000 0 6,000 6,000 0 0
28-Nov-13 7,000 0 5,000 6,000 0 6,000 0
5-Dec-13 7,000 5,000 0 6,000 6,000 0 0
12-Dec-13 7,000 0 5,000 6,000 0 6,000 0
19-Dec-13 7,000 5,000 0 6,000 6,000 0 0
26-Dec-13 7,000 0 5,000 6,000 0 6,000 0
Total Under Competitive Route
Q3 83,364 30,000 35,000 78,000 36,000 40,901 6,537
Total Under Non-Competitive Route
Q3 73,236 6 60 76,879 3 58 3,638
3.5 The calendar for issuance of treasury bills during Jan-Mar 2014 is given in Table 8.
Table 8: Calendar for Issuance of Treasury Bills in Jan-Mar 2014
(` crore)
Auctions Date 91-Days 182-Days 364-Days Total
3-Jan-14 4000 3000 7000
10-Jan-14 4000 3000 7000
17-Jan-14 4000 3000 7000
24-Jan-14 4000 3000 7000
31-Jan-14 4000 3000 7000
7-Feb-14 7000 6000 13000
14-Feb-14 7000 6000 13000
21-Feb-14 7000 6000 13000
28-Feb-14 7000 6000 13000
7-Mar-14 8000 6000 14000
14-Mar-14 8000 6000 14000
21-Mar-14 8000 6000 14000
28-Mar-14 8000 6000 14000
Total 80000 33000 30000 143000
12
Section 4 Trends in Outstanding Public Debt
4.1 The total public debt (excluding liabilities under the `Public Account') of the Government
increased to ` 4,606,350 crore at end-December 2013 from `4,488,905 crore at end-
September 2013 (Table 9). This represented a quarter-on-quarter (QoQ) increase of 2.6 per
cent (provisional) compared with an increase of 4.6 per cent in the previous quarter (Q2 of
FY14). Internal debt constituted 90.9 per cent of public debt, compared with 90.6 per cent
at the end of the previous quarter. Marketable securities (consisting of Rupee denominated
dated securities and treasury bills/CMBs) accounted for 83.7 per cent of total public debt,
compared with 83.1 per cent end-September 2013. The outstanding internal debt of the
Government at `4,189,929 crore increased marginally to 38.0 per cent of GDP1 from 37.9
per cent at end-September 2013.
Table 9: Composition of Public Debt
Item At end-Dec At end-Sep At end- At end-
2013 2013 Dec 2013 Sep 2013
(` crore) (% of Total)
1 2 3 4 5
Public Debt (1 + 2) 4,606,350 4,488,904 100.00 100.00
1. Internal Debt 4,189,929 4,066,511 90.96 90.59
Marketable 3,854,173 83.67 83.11
(a) Treasury Bills 358,896 400,763 7.79 8.93
(i) Cash Management Bills - 52,000 - 1.16
(ii) 91-days Treasury Bills 154,879 156,646 3.36 3.49
(iii) 182-days Treasury Bills 67,099 61,103 1.46 1.36
(iv) 364-days Treasury Bills 136,918 131,014 2.97 2.92
(b) Dated Securities 3,495,277 3,329,991 75.88 74.18
Non-marketable 335756* 335,756 7.29 7.48
(i) 14-days Treasury Bills 50007* 50,007 1.09 1.11
(ii) Securities Issued to NSSF 216187* 216,187 4.69 4.82
(iii) Compensation and other bonds 36527* 36,527 0.79 0.81
(iv) Securities issued to International 33035* 33,035 0.72 0.74
Financial Institutions
(v) Ways and Means Advances 0* - - -
2. External Debt 416,421 422,394 9.04 9.41
(i) Multilateral 273,872 275,182 5.95 6.13
(ii) Bilateral 103,916 108,252 2.26 2.41
(iii) IMF 37,986 38,313 0.82 0.85
(iv) Rupee debt 647 647 0.01 0.01
1
GDP of four last quarters, assuming that the y-o-y GDP growth in Q2 FY 2014 continues in Q3 of FY 14.
13
*:-These data are not available for December 31, 2013. So they are carried over from previous quarter.
Maturity Pattern for Outstanding Government Debt Stock
4.2 2 The weighted average maturity of outstanding stock of dated securities as at end-
December 2013 was lower at 9.81 years than 9.89 years at end-September 2013. Over the
same period, the weighted average coupon of outstanding stock remained unchanged at
7.96 per cent (see Table 5).
4.3 The proportion of debt (dated securities) maturing in less than one year increased to 5.2
per cent at end-December 2013 from 3.3 per cent a quarter ago, while debt maturing within
1-5 years declined to 25.0 per cent from 28.0 per cent at end-September 2013. Thus, the
proportion of debt maturing in less than 5 years at end-December 2013 was lower at 30.2
per cent from 31.3 per cent of total debt a quarter ago. The proportion of outstanding debt
maturing in less than 10 years was also lower at 63.0 per cent from 63.6 per cent a quarter
ago, while proportion of debt maturing in more than 10 years increased marginally to 37.0
per cent at end-December 2013 from 36.4 per cent a quarter ago. The change in
composition of debt in terms of various maturity buckets reflects the maturity structure of
securities issued during Q3 of FY14 as well as the maturity dynamics of outstanding
securities. Overall, 30.2 per cent of outstanding stock has a residual maturity of upto 5
years, which implies that over the next five years, on an average, 6.0 per cent of outstanding
stock needs to be rolled over every year (Table 10). Thus, the rollover risk in the debt
portfolio continued to be low.
Table 10: Maturity Profile of GoI Outstanding Dated Securities
(Amount in ` Crore)
Maturity Buckets End-Dec 2013 End-sep 2013
Less than 1 Year 181862 109607
(5.20) (3.29)
1-5 Years 874055 933679
(25.01) (28.04)
5-10 Years 1145610 1074942
(32.78) (32.28)
10-20 Years 864400 808400
(24.73) (24.28)
20 Years and above 429350 403350
(12.28) (12.11)
Total 3495277 3329977
14
Note: 1. Figures in parentheses represent per cent to total. 2. Totals may differ from those
given in Table 9 due to different accounting treatment of recapitalisation bonds.
Holding Pattern
4.4 The holding pattern of Government securities is available with a lag of a quarter; the
latest data are available for end-September 2013 (Table 11 and Chart 7). Banks (including
banks that are primary dealers and co-operative banks) continue to dominate as the major
investor category with increase in their share to 47.4 per cent at end-September 2013 from
46.6 per cent as at end-June 2013. Among the long-term investors, the share of holding by
insurance companies improved during the quarter to 19.3 per cent from 19.2 per cent at
end-June 2013, while the share of provident funds was stable at 7.2 per cent as at end-June
2013. Proportion of securities held by the Reserve Bank at end-September 2013 was lower
at 16.8 per cent than 18.2 per cent a quarter ago. While the holding of securities by FIIs and
corporate were lower at end of Q2 of FY14 compared with their position a quarter ago,,
holdings by mutual funds, financial institutions and `others category' showed an increase
over the quarter.
Table 11: Ownership Pattern of Government of India Dated Securities
(Per cent of Outstanding Securities)
Category 2012 2013
Jun Sep Dec Mar Jun Sep
1. Commercial Banks 33.88 33.91 33.98 34.5 34.47 36.34
2. Bank- PDs 10.34 10.63 9.98 9.36 9.38 8.36
3. Non-Bank PDs 0.08 0.1 0.15 0.11 0.08 0.04
4. Insurance Companies 21.19 21.3 19.54 18.56 19.2 19.27
5. Mutual Funds 0.29 0.55 1.2 0.68 1.24 1.61
6. Co-operative Banks 3.07 3.03 2.89 2.81 2.78 2.73
7. Financial Institutions 0.34 0.37 0.64 0.75 0.63 0.71
8. Corporates 1.37 1.61 1.62 1.14 1.2 1.19
9. FIIs 0.89 1.1 1.24 1.61 1.59 1.4
10. Provident Funds 7.31 7.19 7.12 7.37 7.19 7.2
11. RBI 17.62 16.02 15.95 16.99 18.22 16.83
12. Others 3.63 4.2 5.68 6.12 4.02 4.32
Total 100 100 100 100 100 100
Source: RBI Bulletin, Dec 2013; Vol. LXVII No. 12
15
16
Section 5 Secondary Market
A. Government security yields
5.1 Chart 8 depicts movement in Government bond yields (10-year yield taken as
benchmark) during the quarter. Bond yields, which softened initially, hardened since
October 10, 2014 and ended quarter at elevated level after touching a high of 9.11 per
cent in mid-November. 10-year yield traded at 8.79 per cent at the start of the quarter
and softened thereafter to a low of 8.49 per cent (October 10) on back of reduction in
the marginal reduction facility (MSF) rate as well as introduction of term repo auctions
aimed at normalising liquidity conditions. However the tightening liquidity condition
and continued supply pressure abetted by fears of a sooner-than-anticipated Fed
tapering pushed the yield to a high of 9.11 per cent on November 21. Issuance of new
10-year securities (Nov.22) and RBI's decision (on Dec. 18) to keep the policy rates on
hold kept the rising yields in check though announcement of US Federal Reserve
decision to commence tapering exerted pressure on yields. 10-year yield traded in the
range of 8.49-9.11 per cent during Q3 of FY14 and closed at 8.84 per cent at end-
December 2013 as compared with close of 8.83 per cent at end-September 2013.
5.2 Compare to previous quarter, bonds yields marginally moderated over
shorter to medium term. At the longer end, the curve was flat at end quarter. As a
result, the yield curve flattened during the quarter in above 10-year maturities, while
17
steepening in maturities below 10 years. Moreover, yield curve showed inversions at a
few maturity points. The 1yr-10yr spread increased to 13 bps at end-December 2013
from (-)1 bps at end-September 2013, while 10yr-30yr spread declined to 39 bps from
48 bps over the same period. Overall, the 1yr-30yr spread at end of Q3 of FY14
increased to 53 bps from 46 bps at the end of the previous quarter (Chart 9).
5.3 Reduction in MSF rate by RBI and measures taken to normalise liquidity
condition, such as term repos, helped the treasury bills yields curve shift downward
during the quarter with a sharper decrease in shorter maturities. As a result, the
treasury bill yield curve became flatter during the quarter. The 1m-12m spread was 11
bps at end-December 2013 as compared with negative (-)68 bps at end-September
2013. The 1m-3m spread was at (-)10 bps from (-)8 bps, while 3m-6m spread increased
to 22 bps from (-)17 bps over the same period (Chart 10).
18
B. Trading Pattern for domestic securities
5.4 The total volume of Government securities transacted on an outright basis
during Q3 of FY14 stood at `15.6 lakh crores, a decline of 9.7 per cent over volume of
`17.2 lakh crores during the preceding quarter (Table 12). Central Government dated
securities, showing a negative growth of rate of (-)7.8 per cent, contributed to most of
the decline in trading activity during the quarter. While the transactions volumes in
treasury bills decreased by 19.9 per cent during the quarter, trading volumes in state
government securities were lower by 8.7 per cent over the previous quarter. Decline in
volumes was mainly because of fluctuation in yields and uncertainty regarding
macroeconomic and global outlook as well as exchange rates. The annualised outright
turnover ratio2 for Central Government dated securities (G-Secs) for Q3 of FY14
declined to 3.10 from 3.5 during the previous quarter. Including repo transactions, the
annualised total turnover ratio3 for Q3 of FY14 declined to 6.5 from 7.5 during the
previous quarter.
2
Annualised Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)]
3
Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * 4) /
(Average of outstanding stock)]
19
Table 12 : Transactions in Government Securities (volumes in `Crore)
Period Outright Repo
G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total
2010-11 25,52,181 2,75,095 43,677 28,70,952 32,53,965 8,32,632 12,688 40,99,284
2011-12 30,99,107 3,45,237 43,859 34,88,203 21,86,877 15,54,121 22,878 37,63,877
2012-13 59,20,929 5,52,943 1,18,159 65,92,032 29,18,337 24,13,144 71,282 54,02,764
Apr-Jun 13 36,32,422 1,60,909 43,823 38,37,154 11,29,995 8,43,392 7,246 19,80,633
July-Sept.13 14,23,720 2,62,383 36,194 17,22,297 8,25,847 10,21,290 5,148 18,52,285
Oct.-Dec.13 13,12,755 2,10,203 33,062 15,56,020 7,23,963 9,78,151 5,018 17,07,132
5.5 Central Government dated securities continued to account for a dominant portion of
total trading volumes (Chart 11a and 11b). During Q3 of FY14, their share increased to 84.4
per cent of total outright volumes from 82.7 per cent in the previous quarter. Central
government securities accounted for 42.4 per cent of the total repo volumes during Q3 of
FY14 as compared to 44.6 per cent in the previous quarter.
5.6 The top 10 traded securities accounted for 79.8 per cent of the total outright
transaction volume during the quarter as compared with 75.9 per cent during Q2 of
FY14. The share of top three traded securities declined to 57.6 per cent from 59.1 per
cent during Q2 of FY14. List of top 10 traded securities for the current quarter and the
previous quarter are given in Table 13.
20
Table 13 - Top 10 Traded Securities (in `Crore)
Security Jul-Sep 2013 Security Oct-Dec 2013
7.16% G.S. 2023 5,47,113 7.16% G.S. 2023 4,95,956
8.20% G.S. 2025 2,40,351 8.28% G.S. 2027 2,76,229
8.33% G.S. 2026 2,29,833 7.28% GS 2019 1,24,651
8.15% G.S. 2022 77,743 8.12% G.S. 2020 1,18,832
8.07% G.S. 2017 (JUL) 62,284 8.83% G.S. 2023 1,15,253
8.12% G.S. 2020 45,657 8.83% G.S. 2023 38,976
7.28% GS 2019 44,561 8.20% G.S. 2025 28,006
8.28% G.S. 2027 26,005 8.32% G.S. 2032 21,789
7.17% G.S. 2015 18,837 9.20% G.S. 2030 12,168
8.97% G.S. 2030 14,980 8.24% G.S. 2027 9,580
5.7 The trend in outright trading volumes in Government securities under
different maturity buckets is given in Table 14.
Table 14 : Maturity Pattern of Outright Transactions
(in `Crore)
Maturity/Quarter Oct-Dec 13 Jul-Sept 13 Apr-Jun 13 2012-13 2011-12
Less than 3 Years 19,823 30,710 25,109 11,865 35,545
3-7 Years 2,52,627 1,73,284 5,61,392 5,00,159 2,34,437
7-10 Years 6,54,053 6,33,119 10,31,000 23,31,557 17,43,886
above 10 years 3,86,252 5,86,607 20,14,921 30,77,349 10,85,239
Total 13,12,755 14,23,720 36,32,422 59,20,929 30,99,107
5.8 The maturity distribution of Government securities transactions in the
secondary market is represented in Chart 12a and 12b. Reflecting the increased trading
activity in 10-year benchmark securities, `7-10 years' maturity range accounted for the
highest share of trading volumes during Q3 of FY14 (49.8 per cent, higher than 44.5 per
cent in Q2) followed by `10 years and above' maturity range (29.4 per cent, lower than
41.2 per cent in Q2).The transaction volume of securities in the maturity range of 3-7
years during the quarter was higher at 19.2 per cent compared with 12.2 per cent in Q2.
The share of trading volume in the below 3 years maturity bracket declined to 1.5 per
cent from 2.2 per cent a quarter ago.
21
5.9 Foreign banks continued to be the dominant trading category with their
share in total outright trading activity increasing to 31.9 per cent (of total trading
volumes) during Q3 of FY14 from 30.9 per cent during Q2 of FY14 (Chart 13). The share
of public and private sector banks declined to 15.7 per cent and 12.4 per cent,
respectively, from 16 per cent and 13.1 per cent during the previous quarter. The share
of primary dealers increased to 19.9 per cent from with 18.8 per cent in Q2. Ignoring
the primary dealers, foreign banks continued to be the only net sellers category of
government securities (`14,077 crore) during the quarter. Public sector banks
continued to be the largest net buyer (`52,587 crore) in the secondary market followed
by "others" category (`19,250 crore) comprising of FIIs and RBI.
22
5.10 Quarterly share of various categories/participants in the secondary market trading
activity (buy + sell) for government securities is shown in Table 15.
Table 15: Category wise - Buying and Selling (% of total)
Oct-Dec 2013 Jul-Sep 2013 Apr-Jun 2013 Jan-Mar 2013
Category
Buy Sell Buy Sell Buy Sell Buy Sell
Co-operative Banks 2.5 2.1 3.0 2.7 3.3 3.2 3.0 3.0
FIs 0.5 0.1 0.5 0.1 0.2 0.1 0.1 0.1
Foreign Banks 31.4 32.3 29.4 32.4 27.4 29.1 30.6 31.1
Ins. Cos 1.9 1.5 2.5 2.2 1.7 1.6 1.7 1.9
Mutual Funds 14.2 13.6 15.4 12.9 6.9 6.5 7.3 7.8
Primary Dealers 2.6 1.4 2.3 1.1 0.9 0.7 1.8 1.1
Private Sector Banks 17.0 22.7 16.0 21.6 15.8 17.2 12.8 15.0
Public Sector Banks 12.5 12.2 13.2 13.0 19.7 19.2 19.7 19.5
Others 17.4 14.0 17.8 14.2 24.0 22.4 23.0 20.6
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
23
Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-contd
(Amount in ` Crore)
Name of Stock Date of Notified Amount Devolvement Cut off Cut off Date of Residual
Auction amount Raised on PDs price yield Maturity Maturity
(%) (Years)
8.12% GS 2020 $ M 5-Apr-13 4000 4000.0 0.0 101.33 7.88 10-Dec-20 7.7
8.33% GS 2026 $ M 5-Apr-13 6000 6000.0 0.0 102.15 8.06 9-Jul-26 13.3
8.32% GS 2032 $ M 5-Apr-13 2000 2000.0 0.0 100.95 8.22 2-Aug-32 19.3
8.30% GS 2042 $ M 5-Apr-13 3000 3000.0 0.0 100.8 8.23 31-Dec-42 29.7
7.83% GS 2018 $ M 12-Apr-13 3000 3000.0 0.0 100.3 7.76 11-Apr-18 5.0
8.20% GS 2025 $ M 12-Apr-13 6000 6000.0 0.0 102.11 7.93 24-Sep-25 12.4
8.97% GS 2030 $ M 12-Apr-13 3000 3000.0 0.0 107.84 8.12 5-Dec-30 17.6
8.83% GS 2041 $ M 12-Apr-13 3000 3000.0 0.0 107.37 8.16 12-Dec-41 28.7
8.12% GS 2020 $ M 18-Apr-13 3000 3000.0 0.0 103.03 7.59 10-Dec-20 7.6
8.15% GS 2022 $ M 18-Apr-13 6000 6000.0 0.0 102.41 7.77 11-Jun-22 9.1
8.32% GS 2032 $ M 18-Apr-13 3000 3000.0 0.0 103.76 7.93 2-Aug-32 19.3
8.30% GS 2042 $ M 18-Apr-13 3000 3000.0 0.0 103.77 7.97 31-Dec-42 29.7
7.83% GS 2018 $ M 3-May-13 3000 3000.0 0.0 101.12 7.55 11-Apr-18 4.9
8.33% GS 2026 $ M 3-May-13 6000 6000.0 0.0 104.05 7.83 9-Jul-26 13.2
8.97% GS 2030 $ M 3-May-13 3000 3000.0 0.0 109.07 8.00 5-Dec-30 17.6
8.83% GS 2041 $ M 3-May-13 3000 3000.0 0.0 109.03 8.02 12-Dec-41 28.6
8.12% GS 2020 $ M 10-May-13 3000 3000.0 0.0 104.1 7.40 10-Dec-20 7.6
8.15% GS 2022 $ M 10-May-13 7000 7000.0 0.0 103.48 7.61 11-Jun-22 9.1
8.32% GS 2032 $ M 10-May-13 2000 2000.0 0.0 106.56 7.66 2-Aug-32 19.2
8.30% GS 2042 $ M 10-May-13 3000 3000.0 0.0 106.82 7.71 31-Dec-42 29.6
7.83% GS 2018 $ M 17-May-13 3000 3000.0 0.0 102.45 7.22 11-Apr-18 4.9
7.16% GS 2023 # M 17-May-13 7000 7000.0 0.0 100 7.16 20-May-23 10.0
8.97% GS 2030 $ M 17-May-13 2000 2000.0 0.0 115.45 7.38 5-Dec-30 17.5
8.83% GS 2041 $ M 17-May-13 3000 3000.0 0.0 116.75 7.41 12-Dec-41 28.6
8.12% GS 2020 $ M 24-May-13 3000 3000.0 0.0 105.06 7.24 10-Dec-20 7.5
8.20% GS 2025 $ M 24-May-13 6000 6000.0 0.0 106.7 7.36 24-Sep-25 12.3
8.32% GS 2032 $ M 24-May-13 3000 3000.0 0.0 109.1 7.42 2-Aug-32 19.2
8.30% GS 2042 $ M 24-May-13 3000 3000.0 0.0 110.24 7.44 31-Dec-42 29.6
7.28% GS 2019 # M 31-May-13 3000 3000.0 0.0 100 7.28 3-Jun-19 6.0
7.16% GS 2023 $ M 31-May-13 6000 6000.0 0.0 99.17 7.28 20-May-23 10.0
8.97% GS 2030 $ M 31-May-13 3000 3000.0 0.0 114.23 7.50 5-Dec-30 17.5
8.83% GS 2041 $ M 31-May-13 3000 3000.0 0.0 115.09 7.54 12-Dec-41 28.5
1.44% IIGS 2023 # U 4-Jun-13 1000 1000.0 0.0 100 1.44 5-Jun-23 10.0
8.12% GS 2020 $ M 7-Jun-13 3000 3000.0 0.0 104.55 7.32 10-Dec-20 7.5
8.33% GS 2026 $ M 7-Jun-13 6000 6000.0 0.0 107.85 7.38 9-Jul-26 13.1
8.32% GS 2032 $ M 7-Jun-13 2000 2000.0 0.0 108.55 7.47 2-Aug-32 19.1
8.30% GS 2042 $ M 7-Jun-13 3000 3000.0 0.0 109.6 7.49 31-Dec-42 29.6
7.28% GS 2019 $ U 21-Jun-13 3000 3000.0 0.0 98.65 7.56 3-Jun-19 5.9
7.16% GS 2023 $ U 21-Jun-13 6000 6000.0 0.0 98.06 7.44 20-May-23 9.9
8.97% GS 2030 $ U 21-Jun-13 3000 3000.0 0.0 111.77 7.73 5-Dec-30 17.4
8.83% GS 2041 $ U 21-Jun-13 3000 3000.0 0.0 112.47 7.74 12-Dec-41 28.5
1.44% IIGS 2023 $ U 25-Jun-13 1000 1000.0 0.0 95.1 1.99 5-Jun-23 9.9
8.12% GS 2020 $ U 28-Jun-13 3000 3000.0 0.0 102.41 7.69 10-Dec-20 7.4
8.20% GS 2025 $ U 28-Jun-13 6000 6000.0 0.0 104.22 7.66 24-Sep-25 12.2
8.32% GS 2032 $ U 28-Jun-13 3000 3000.0 0.0 104.61 7.85 2-Aug-32 19.1
7.40% GS 2035 $ U 28-Jun-13 2000 2000.0 0.0 95.8 7.80 9-Sep-35 22.2
7.28% GS 2019 $ U 5-Jul-13 3000 3000.0 0.0 98.6 7.58 3-Jun-19 5.9
7.16% GS 2023 $ U 5-Jul-13 6000 6000.0 0.0 97.81 7.48 20-May-23 9.9
i
Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-contd
(Amount in ` Crore)
Name of Stock Date of Notified Amount Devolvement Cut off Cut off Date of Residual
Auction amount Raised on PDs price yield (%) Maturity maturity
8.97% GS 2030 $ U 5-Jul-13 3000 3000.0 0.0 110.73 7.83 5-Dec-30 17.4
8.30% GS 2042 $ U 5-Jul-13 3000 3000.0 0.0 105.06 7.86 31-Dec-42 29.5
8.12% GS 2020 $ U 12-Jul-13 3000 3000.0 0.0 102.33 7.70 10-Dec-20 7.4
8.33% GS 2026 $ U 12-Jul-13 6000 6000.0 0.0 105.9 7.61 9-Jul-26 13.0
8.32% GS 2032 $ U 12-Jul-13 3000 3000.0 0.0 104.61 7.85 2-Aug-32 19.0
7.40% GS 2035 $ U 12-Jul-13 3000 3000.0 0.0 95.9 7.79 9-Sep-35 22.2
7.28% GS 2019 $ U 19-Jul-13 3000 3000.0 0.0 94.45 8.50 3-Jun-19 5.9
7.16% GS 2023 $ U 19-Jul-13 6000 4952.5 1047.5 94 8.05 20-May-23 9.8
8.28% GS 2032 $ U 19-Jul-13 3000 1662.4 1337.7 97.75 8.52 15-Feb-32 18.6
8.30% GS 2042 $ U 19-Jul-13 3000 1857.7 1142.3 97.3 8.55 31-Dec-42 29.4
7.38% GS 2015 $ U 26-Jul-13 2000 2000.0 0.0 96.96 9.00 3-Sep-15 2.1
8.12% GS 2020 $ U 26-Jul-13 3000 2629.0 371.0 97.01 8.67 10-Dec-20 7.4
8.20% GS 2025 $ U 26-Jul-13 7000 7000.0 0.0 98.01 8.46 24-Sep-25 12.2
8.32% GS 2032 $ U 26-Jul-13 3000 2040.8 959.3 97.63 8.57 2-Aug-32 19.0
1.44% IIGS 2023 $ U 29-Jul-13 1000 0.0 0.0 0 0.00 5-Jun-23 9.8
7.28% GS 2019 $ U 2-Aug-13 3000 2484.1 515.9 93.9 8.63 3-Jun-19 5.8
7.16% GS 2023 $ U 2-Aug-13 7000 7000.0 0.0 93 8.21 20-May-23 9.8
8.28% GS 2032 $ U 2-Aug-13 3000 2569.2 430.8 95.9 8.73 15-Feb-32 18.5
7.40% GS 2035 $ U 2-Aug-13 2000 2000.0 0.0 87.07 8.73 9-Sep-35 22.1
8.12% GS 2020 $ U 8-Aug-13 3000 3000.0 0.0 97.09 8.66 10-Dec-20 7.3
8.33% GS 2026 $ U 8-Aug-13 6000 6000.0 0.0 97.35 8.67 9-Jul-26 12.9
8.32% GS 2032 $ U 8-Aug-13 3000 3000.0 0.0 96.11 8.74 2-Aug-32 19.0
8.30% GS 2042 $ U 8-Aug-13 3000 3000.0 0.0 94.97 8.78 31-Dec-42 29.4
7.28% GS 2019 $ U 16-Aug-13 4000 3438.9 561.1 91.49 9.20 3-Jun-19 5.8
7.16% GS 2023 $ U 16-Aug-13 6000 5647.1 352.9 89.73 8.74 20-May-23 9.8
8.28% GS 2032 $ U 16-Aug-13 3000 2836.0 164.0 91.89 9.20 15-Feb-32 18.5
7.40% GS 2035 $ U 16-Aug-13 3000 2633.6 366.4 83.12 9.20 9-Sep-35 22.1
8.12% GS 2020 $ U 23-Aug-13 3000 2461.9 538.1 95.65 8.94 10-Dec-20 7.3
8.20% GS 2025 $ U 23-Aug-13 6000 5343.2 656.8 95.12 8.86 24-Sep-25 12.1
8.32% GS 2032 $ U 23-Aug-13 3000 3000.0 0.0 94.53 8.92 2-Aug-32 18.9
8.30% GS 2042 $ U 23-Aug-13 3000 2466.1 533.9 93.57 8.92 31-Dec-42 29.3
1.44% IIGS 2023 $ U 27-Aug-13 1000 467.6 532.4 83.3 3.47 5-Jun-23 9.8
7.28% GS 2019 $ U 30-Aug-13 4000 3311.9 688.1 90.71 9.40 3-Jun-19 5.8
7.16% GS 2023 $ U 30-Aug-13 7000 7000.0 0.0 89.21 8.83 20-May-23 9.7
8.28% GS 2032 $ U 30-Aug-13 3000 2559.6 440.4 90.77 9.34 15-Feb-32 18.5
8.83% GS 2041 $ U 30-Aug-13 3000 1623.5 1376.5 94.83 9.35 12-Dec-41 28.3
8.12% GS 2020 $ U 6-Sep-13 3000 3000.0 0.0 96.77 8.73 10-Dec-20 7.3
8.28% GS 2027 $ U 6-Sep-13 7000 7000.0 0.0 96.9 8.67 21-Sep-27 14.0
7.28% GS 2019 $ U 23-Sep-13 3000 2482.2 517.8 92.48 8.99 3-Jun-19 5.7
7.16% GS 2023 $ U 23-Sep-13 6000 5007.7 992.3 89.56 8.78 20-May-23 9.7
8.32% GS 2032 $ U 23-Sep-13 3000 1785.7 1214.3 91.75 9.25 2-Aug-32 18.9
8.30% GS 2042 $ U 23-Sep-13 3000 1694.5 1305.5 90.48 9.25 31-Dec-42 29.3
1.44% IIGS 2023 $ U 24-Sep-13 1000 960.0 40.0 82 3.66 5-Jun-23 9.7
8.12% GS 2020 $ U 27-Sep-13 3000 3000.0 0.0 94.98 9.08 10-Dec-20 7.2
8.28% GS 2027 $ U 27-Sep-13 6000 6000.0 0.0 92.95 9.19 21-Sep-27 14.0
9.20% GS 2030 # U 27-Sep-13 2000 1709.3 290.7 100 9.20 30-Sep-30 17.0
8.83% GS 2041 $ U 27-Sep-13 3000 3000.0 0.0 94.38 9.40 12-Dec-41 28.2
7.28% GS 2019 $ U 4-Oct-13 3000 3000.0 0.0 93.96 8.65 3-Jun-19 5.7
ii
Statement 1: Issuance of Dated Securities During FY 14 (April-December 2013)-concld.
(Amount in ` Crore)
Name of Stock Date of Notified Amount Devolvement Cut off Cut off Date of Residual
Auction amount Raised on PDs price yield (%) Maturity maturity
8.32% GS 2032 $ U 4-Oct-13 3000 3000.0 0.0 92.58 9.15 2-Aug-32 18.8
8.30% GS 2042 $ U 4-Oct-13 3000 3000.0 0.0 90.45 9.25 31-Dec-42 29.2
8.12% GS 2020 $ U 11-Oct-13 4000 4000.0 0.0 97.47 8.60 10-Dec-20 7.2
8.28% GS 2027 $ U 11-Oct-13 6000 6000.0 0.0 96.62 8.70 21-Sep-27 13.9
9.20% GS 2030 $ U 11-Oct-13 3000 3000.0 0.0 102.96 8.86 30-Sep-30 17.0
8.83% GS 2041 $ U 11-Oct-13 2000 2000.0 0.0 98.36 8.99 12-Dec-41 28.2
7.28% GS 2019 $ U 18-Oct-13 4000 4000.0 0.0 93.66 8.73 3-Jun-19 5.6
7.16% GS 2023 $ U 18-Oct-13 7000 7000.0 0.0 90.61 8.62 20-May-23 9.6
8.32% GS 2032 $ U 18-Oct-13 2000 2000.0 0.0 93.08 9.09 2-Aug-32 18.8
8.30% GS 2042 $ U 18-Oct-13 2000 2000.0 0.0 91.76 9.11 31-Dec-42 29.2
1.44% IIGS 2023 $ U 30-Oct-13 1000 1000.0 0.0 84.55 3.33 5-Jun-23 9.6
8.12% GS 2020 $ U 1-Nov-13 4000 4000.0 0.0 96.76 8.74 10-Dec-20 7.1
8.28% GS 2027 $ U 1-Nov-13 6000 6000.0 0.0 95.27 8.88 21-Sep-27 13.9
9.20% GS 2030 $ U 1-Nov-13 2000 2000.0 0.0 101.77 8.99 30-Sep-30 16.9
8.83% GS 2041 $ U 1-Nov-13 2000 2000.0 0.0 97.17 9.11 12-Dec-41 28.1
7.28% GS 2019 $ U 8-Nov-13 4000 4000.0 0.0 92.84 8.94 3-Jun-19 5.6
7.16% GS 2023 $ U 8-Nov-13 7000 7000.0 0.0 88.76 8.94 20-May-23 9.5
8.32% GS 2032 $ U 8-Nov-13 2000 2000.0 0.0 91.05 9.34 2-Aug-32 18.7
8.30% GS 2042 $ U 8-Nov-13 2000 2000.0 0.0 89.67 9.34 31-Dec-42 29.1
8.12% GS 2020 $ U 14-Nov-13 4000 3539.5 460.5 95.46 9.00 10-Dec-20 7.1
8.28% GS 2027 $ U 14-Nov-13 7000 7000.0 0.0 93.67 9.09 21-Sep-27 13.8
9.20% GS 2030 $ U 14-Nov-13 2000 2000.0 0.0 100.26 9.17 30-Sep-30 16.9
8.83% GS 2041 $ U 14-Nov-13 2000 2000.0 0.0 95.43 9.29 12-Dec-41 28.1
7.28% GS 2019 $ U 22-Nov-13 3000 3000.0 0.0 92.97 8.92 3-Jun-19 5.5
8.83% GS 2023 # U 22-Nov-13 7000 7000.0 0.0 100 8.83 25-Nov-23 10.0
8.32% GS 2032 $ U 22-Nov-13 2000 2000.0 0.0 91.87 9.24 2-Aug-32 18.7
8.30% GS 2042 $ U 22-Nov-13 3000 3000.0 0.0 90.29 9.27 31-Dec-42 29.1
1.44% IIGS 2023 $ U 26-Nov-13 1000 1000.0 0.0 82.5 3.63 5-Jun-23 9.5
8.12% GS 2020 $ U 29-Nov-13 3000 3000.0 0.0 96.25 8.85 10-Dec-20 7.0
8.24% GS 2027 $ U 29-Nov-13 6000 6000.0 0.0 93.73 9.06 15-Feb-27 13.2
9.20% GS 2030 $ U 29-Nov-13 2000 2000.0 0.0 100.92 9.09 30-Sep-30 16.8
8.83% GS 2041 $ U 29-Nov-13 3000 3000.0 0.0 96.39 9.19 12-Dec-41 28.0
7.28% GS 2019 $ U 6-Dec-13 4000 4000.0 0.0 93.26 8.86 3-Jun-19 5.5
8.83% GS 2023 $ U 6-Dec-13 7000 7000.0 0.0 100 8.83 25-Nov-23 10.0
8.32% GS 2032 $ U 6-Dec-13 2000 2000.0 0.0 91.6 9.27 2-Aug-32 18.6
8.30% GS 2042 $ U 6-Dec-13 2000 2000.0 0.0 90.37 9.26 31-Dec-42 29.1
8.12% GS 2020 $ U 20-Dec-13 4000 4000.0 0.0 95.73 8.96 10-Dec-20 7.0
8.28% GS 2027 $ U 20-Dec-13 7000 7000.0 0.0 92.95 9.19 21-Sep-27 13.7
9.20% GS 2030 $ U 20-Dec-13 2000 2000.0 0.0 99.88 9.21 30-Sep-30 16.8
9.23% GS 2043 # U 20-Dec-13 2000 2000.0 0.0 100 9.23 23-Dec-43 30.0
7.28% GS 2019 $ U 27-Dec-13 3000 2385.3 614.8 92.6 9.03 3-Jun-19 5.4
8.83% GS 2023 $ U 27-Dec-13 7000 7000.0 0.0 99.31 8.93 25-Nov-23 9.9
8.32% GS 2032 $ U 27-Dec-13 2000 2000.0 0.0 91.48 9.29 2-Aug-32 18.6
9.23% GS 2043 $ U 27-Dec-13 3000 3000.0 0.0 99.47 9.28 23-Dec-43 30.0
1.44% IIGS 2023 $ U 31-Dec-13 500 500.0 0.0 82.71 3.62 5-Jun-23 9.4
Gross Nominal Amount Raised 510500 492049 17451
Weighted Average Yield 8.41
Weighted Average Maturity 14.33
$ - Reissues/Price based auctions U - Uniform Price M-Multiple Price
iii
Statement 2: Issuance of Treasury Bills During FY 14 (April-December 2013)-contd
(Amount in ` Crore)
Name of Date of Competitive Non- Gross Cut off
security Issue amount raised Competitive Nominal Yield (%)
amount raised Amount raised
364 DTB 4-Apr-13 5,000 11 5,011 7.75
364 DTB 18-Apr-13 5,000 4 5,004 7.58
364 DTB 2-May-13 5,000 3 5,003 7.48
364 DTB 16-May-13 5,000 1 5,001 7.21
364 DTB 30-May-13 5,000 0 5,000 7.29
364 DTB 13-Jun-13 5,000 0 5,000 7.41
364 DTB 27-Jun-13 5,000 686 5,686 7.50
364 DTB 11-Jul-13 5,000 13 5,013 7.55
364 DTB 25-Jul-13 5,000 7 5,007 10.46
364 DTB 8-Aug-13 5,000 145 5,145 9.88
364 DTB 22-Aug-13 5,000 51 5,051 9.94
364 DTB 5-Sep-13 5,000 7 5,007 9.89
364 DTB 19-Sep-13 5,000 15 5,015 9.46
364 DTB 3-Oct-13 6,000 0 6,000 8.92
364 DTB 17-Oct-13 6,000 0 6,000 8.71
364 DTB 31-Oct-13 6,000 0 6,000 8.58
364 DTB 14-Nov-13 4,901 0 4,901 8.99
364 DTB 28-Nov-13 6,000 0 6,000 8.93
364 DTB 12-Dec-13 6,000 58 6,058 8.85
364 DTB 26-Dec-13 6,000 0 6,000 8.84
182 DTB 12-Apr-13 5,000 1 5,001 7.79
182 DTB 25-Apr-13 5,000 0 5,000 7.64
182 DTB 9-May-13 5,000 2 5,002 7.49
182 DTB 23-May-13 5,000 2 5,002 7.30
182 DTB 6-Jun-13 5,000 1 5,001 7.32
182 DTB 20-Jun-13 5,000 1 5,001 7.40
182 DTB 4-Jul-13 5,000 0 5,000 7.60
182 DTB 18-Jul-13 0 0 0 0.00
182 DTB 1-Aug-13 5,000 114 5,114 10.73
182 DTB 16-Aug-13 5,000 0 5,000 11.00
182 DTB 29-Aug-13 5,000 401 5,401 12.01
182 DTB 12-Sep-13 5,000 2 5,002 10.20
182 DTB 26-Sep-13 5,000 580 5,580 9.47
182 DTB 10-Oct-13 6,000 1 6,001 8.77
182 DTB 24-Oct-13 6,000 0 6,000 8.68
182 DTB 7-Nov-13 6,000 0 6,000 8.77
182 DTB 21-Nov-13 6,000 0 6,000 9.12
182 DTB 5-Dec-13 6,000 2 6,002 8.81
182 DTB 19-Dec-13 6,000 0 6,000 8.84
91 DTB 4-Apr-13 5,000 4,538 9,538 7.85
91 DTB 12-Apr-13 5,000 4,074 9,074 7.81
91 DTB 18-Apr-13 5,000 5,016 10,016 7.73
91 DTB 25-Apr-13 5,000 1,015 6,015 7.64
91 DTB 2-May-13 5,000 1,861 6,861 7.56
91 DTB 9-May-13 5,000 15,518 20,518 7.48
91 DTB 16-May-13 5,000 531 5,531 7.31
91 DTB 23-May-13 5,000 13 5,013 7.27
91 DTB 30-May-13 7,000 10,972 17,972 7.31
iv
Statement 2: Issuance of Treasury Bills During FY 14 (April-December 2013)-concld
(Amount in ` crore)
Name of Date of Competitive Non- Gross Cut off
security Issue amount raised Competitive Nominal Yield (%)
amount raised Amount raised
91 DTB 6-Jun-13 7,000 1,217 8,217 7.35
91 DTB 13-Jun-13 7,000 9,715 16,715 7.48
91 DTB 20-Jun-13 7,000 10,580 17,580 7.44
91 DTB 27-Jun-13 7,000 2,798 9,798 7.48
91 DTB 4-Jul-13 7,000 9,721 16,721 7.52
91 DTB 11-Jul-13 7,000 3,586 10,586 7.48
91 DTB 18-Jul-13 0 0 0 0.00
91 DTB 25-Jul-13 6,364 9,907 16,271 11.00
91 DTB 1-Aug-13 7,000 2,781 9,781 11.26
91 DTB 8-Aug-13 7,000 4,592 11,592 10.92
91 DTB 16-Aug-13 7,000 10,091 17,091 11.43
91 DTB 22-Aug-13 7,000 4,355 11,355 11.05
91 DTB 29-Aug-13 7,000 6,784 13,784 12.02
91 DTB 5-Sep-13 7,000 6,242 13,242 11.26
91 DTB 12-Sep-13 7,000 716 7,716 10.66
91 DTB 19-Sep-13 7,000 4,103 11,103 10.45
91 DTB 26-Sep-13 7,000 10,359 17,359 9.69
91 DTB 3-Oct-13 6,000 6,317 12,317 9.57
91 DTB 10-Oct-13 6,000 5,079 11,079 8.86
91 DTB 17-Oct-13 6,000 0 6,000 8.90
91 DTB 24-Oct-13 6,000 2,907 8,907 8.77
91 DTB 31-Oct-13 6,000 6,554 12,554 8.60
91 DTB 7-Nov-13 6,000 3,510 9,510 8.56
91 DTB 14-Nov-13 6,000 2,806 8,806 8.98
91 DTB 21-Nov-13 6,000 6,806 12,806 8.94
91 DTB 28-Nov-13 6,000 11,260 17,260 8.94
91 DTB 5-Dec-13 6,000 9,903 15,903 8.65
91 DTB 12-Dec-13 6,000 6,703 12,703 8.77
91 DTB 19-Dec-13 6,000 4,102 10,102 8.65
91 DTB 26-Dec-13 6,000 10,932 16,932 8.69
Total 438,265 220,070 658,335
v
Statement 3: List of Dated securities Outstanding at end-Dec 2013-contd
Nomenclature Date of maturity Outstanding Stock of which:
(` Crore) MSS
5.32% GS 2014 16-Feb-14 5,000.0 -
6.72% GS 2014 24-Feb-14 15,273.6 -
7.37 % GS 2014 16-Apr-14 42,000.0 -
6.07% GS 2014 15-May-14 40,000.0 -
FRB, 2014 20-May-14 5,000.0 -
10.00% GS 2014 30-May-14 2,333.3 -
7.32% GS 2014 20-Oct-14 18,000.0 -
10.50% GS 2014 29-Oct-14 1,755.1 -
7.56% 2014 3-Nov-14 41,000.0 -
11.83 % GS 2014 12-Nov-14 11,500.0 -
10.47% GS 2015 12-Feb-15 6,430.0 -
10.79% GS 2015 19-May-15 2,683.5 -
11.50% GS 2015 21-May-15 3,560.5 -
6.49% GS 2015 8-Jun-15 40,000.0 -
7.17% GS 2015 14-Jun-15 56,000.0 -
FRB, 2015 2-Jul-15 6,000.0 -
11.43% GS 2015 7-Aug-15 12,000.0 -
FRB, 2015(II) 10-Aug-15 6,000.0 -
7.38% GS 2015 (conv) 3-Sep-15 63,000.0 -
9.85% GS 2015 16-Oct-15 10,000.0 -
7.59% GS 2016 12-Apr-16 68,000.0 -
10.71% GS 2016 19-Apr-16 9,000.0 -
FRB, 2016 7-May-16 6,000.0 -
5.59% GS 2016 4-Jun-16 6,000.0 -
12.30% GS 2016 2-Jul-16 13,129.9 -
7.02% GS 2016 17-Aug-16 60,000.0 -
8.07% GS 2017 15-Jan-17 69,000.0 -
7.49% GS 2017 (con) 16-Apr-17 58,000.0 -
FRB-2017 2-Jul-17 3,000.0 -
8.07% GS 2017 JUL 3-Jul-17 50,000.0 -
7.99% GS 2017 9-Jul-17 71,000.0 -
7.46% GS 2017 28-Aug-17 57,886.8 -
6.25% GS 2018 (conv) 2-Jan-18 16,886.8 -
7.83% GS 2018 11-Apr-18 73,000.0 -
8.24% GS 2018 22-Apr-18 75,000.0 -
10.45% GS 2018 30-Apr-18 3,716.0 -
5.69 % GS 2018(Conv)] 25-Sep-18 16,130.0 -
12.60 % GS 2018 23-Nov-18 12,631.9 -
5.64 % GS 2019 2-Jan-19 10,000.0 -
6.05% GS 2019 2-Feb-19 53,000.0 -
7.28% GS 2019 3-Jun-19 47,000.0 -
6.05% GS 2019 (con) 12-Jun-19 11,000.0 -
6.90% GS 2019 13-Jul-19 45,000.0 -
10.03 % GS 2019 9-Aug-19 6,000.0 -
6.35% GS 2020 (con) 2-Jan-20 61,000.0 -
8.19% GS 2020 16-Jan-20 74,000.0 -
10.70 % GS 2020 22-Apr-20 6,000.0 -
7.80% GS 2020 3-May-20 60,000.0 -
8.12% GS 2020 10-Dec-20 69,000.0 -
vi
Statement 3: List of Dated securities Outstanding at end-Dec 2013-concld
Nomenclature Date of maturity Outstanding Stock of which:
(` Crore) MSS
FRB - 2020 21-Dec-20 13,000.0 -
11.60 % GS 2020 27-Dec-20 5,000.0 -
7.80% GS 2021 11-Apr-21 68,000.0 -
7.94% GS 2021 24-May-21 49,000.0 -
10.25% GS 2021 30-May-21 26,213.3 -
8.79% GS 2021 8-Nov-21 83,000.0 -
8.20 % GS 2022 15-Feb-22 57,632.3 -
8.35% GS 2022 14-May-22 44,000.0 -
8.15% GS 2022 11-Jun-22 83,000.0 -
8.08% GS 2022 2-Aug-22 61,969.4 -
5.87% GS 2022 (conv) 28-Aug-22 11,000.0 -
8.13% GS 2022 21-Sep-22 70,495.3 -
6.30% GS 2023 9-Apr-23 13,000.0 -
7.16% GS 2023 20-May-23 77,000.0 -
1.44% IIGS 2023 5-Jun-23 6,299.7 -
6.17% GS 2023 (conv) 12-Jun-23 14,000.0 -
8.83% GS 2023 25-Nov-23 21,000.0 -
7.35% GS 2024 22-Jun-24 10,000.0 -
9.15% GS 2024 14-Nov-24 92,000.0 -
8.20% GS 2025 24-Sep-25 90,000.0 -
5.97 % GS 2025 (Conv) 25-Sep-25 16,687.9 -
8.33% GS 2026 9-Jul-26 90,000.0 -
10.18% GS 2026 11-Sep-26 15,000.0 -
8.24 % GS 2027 15-Feb-27 63,388.6 -
8.26 % GS 2027 2-Aug-27 73,427.3 -
8.28 % GS 2027 21-Sep-27 75,252.2 -
6.01% GS GS 2028 (C 25-Mar-28 15,000.0 -
Align)
6.13% GS 2028 4-Jun-28 11,000.0 -
9.20% GS 2030 30-Sep-30 13,000.0 -
8.97% GS 2030 5-Dec-30 90,000.0 -
8.28 % GS 2032 15-Feb-32 90,687.1 -
8.32 % GS 2032 2-Aug-32 58,434.1 -
7.95% GS 2032 28-Aug-32 59,000.0 -
8.33% GS GS 2032 21-Sep-32 1,522.5 -
7.50% GS 2034 10-Aug-34 60,000.0 -
FRB, 2035 25-Jan-35 350.0 -
7.40% GS 2035 9-Sep-35 52,000.0 -
8.33% GS 2036 7-Jun-36 86,000.0 -
6.83% GS 2039 19-Jan-39 13,000.0 -
8.30% GS 2040 2-Jul-40 72,000.0 -
8.83% GS 2041 12-Dec-41 90,000.0 -
8.30% GS 2042 31-Dec-42 51,000.0 -
9.23% GS 2043 23-Dec-43 5,000.0 -
Total 3,495,277
vii
Statement 4:Maturity Profile of Government Securities as on end-December 2013
Year of maturity Outstanding Stock (` crore)
2013-14 20,274
2014-15 168,018
2015-16 199,244
2016-17 231,130
2017-18 256,774
2018-19 243,478
2019-20 244,000
2020-21 153,000
2021-22 283,846
2022-23 270,465
2023-24 131,300
2024-25 102,000
2025-26 106,688
2026-27 168,389
2027-28 163,680
2028-29 11,000
2029-30 -
2030-31 103,000
2031-32 90,687
2032-33 118,957
2033-34 -
2034-35 60,350
2035-36 52,000
2036-37 86,000
2037-38 -
2038-39 13,000
2039-40 -
2040-41 72,000
2041-42 90,000
2042-43 51,000
2043-44 5,000
Total 3,495,277
viii
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