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Free AccessAuction Details
The RBI will today sell a total INR 260bn of debt at auction, consisting of:
- INR 30bn 4.26% 2023 bonds (last sold on May 14, yield 4.26%, cover 6.55)
- INR 140bn 5.85% 2030 bonds (last sale on May 14 was cancelled by RBI due to high yields)
- INR 90bn 6.76% 2061 bonds (last sale on May 14, yield 6.874%, cover 2.23)
- Results due after 1030BST/1500IST.
- The auction could struggle today, bonds were lower yesterday after a Bloomberg sources article which said India could have to increase borrowing again this year in order to compensate states for revenue losses due to a shortfall in consumption tax collection nationwide. According to the report the additional borrowing requirement is estimated at INR 1.58tn. A panel is set to meet on Friday to discuss the issue. If there was to be extra borrowing in-line with estimates it would mean total borrowing this fiscal year of INR 13.58tn. The RBI has already had to indulge market participants with various support/liquidity operations such as Operation Twist and the GSAP.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.