PUBLIC DEBT MANAGEMENT

QUARTERLY REPORT
JANUARY-MARCH 2018

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
BUDGET DIVISION
DEPARTMENT OF ECONOMIC AFFAIRS
JUNE 2018
www.dea.gov.in
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 CONTENTS
Section Page No.
Introduction
1 Macroeconomic Developments 1
2 Debt Management-Primary Market Operations 4
3 Cash Management 8
4 Trends in Outstanding Public Debt 10
5 Secondary Market 14

iii
 Introduction
The Public Debt Management Cell (PDMC), Budget Division, Department of
Economic Affairs, Government of India has been publishing on its website a
quarterly report, titled “Public Debt Management-Quarterly Report” from the
third quarter of the fiscal year 2016-17. The previous reports were brought out by
the Middle Office for Public Debt management from the fiscal year 2010-11. All
the earlier reports are available on the website of Ministry of Finance
(http://finmin.nic.in/reports/Public_Debt_Management.asp). This report pertains
to the Q4 of the fiscal year, viz., Jan-March 2018.

The report gives an account of the public 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, if any, and provide their valuable
suggestions to improve the contents of this report at pdmc-dea@nic.in.

iv
 List of Tables, Charts and Statements
List of Tables
Table No. Title Page No.

1.1 Provisional estimates of National income: Growth Rates (%) 1

1.2 CPI and WPI Inflation (Per cent) 1
1.3 Merchandise trade during 2015-16 to 2017-18 2
1.4 Foreign Investment Inflows into India 3
2.1 Fiscal Outcome during April-March 2017-18 (Provisional) 4
2.2 Issuance of Dated Securities 5
2.3 Primary issuances of Dated securities by Maturity Buckets during 2016-17 to 6
2017-18
2.4 Issuance of Treasury Bills 6
3.1 Repayment and Issuance of treasury Bills during Jan-March 2018 9
4.1 Total Liabilities of the Central government 10
4.2 Yield and Maturity of Dated securities of the Central government 11
4.3 Maturity Profile of Outstanding Dated Securities of Central Government 12
4.4 Ownership Pattern of Government of India Dated Securities 13
5.1 Yield Spreads 15
5.2 Transactions in Government securities 16
5.3 Top-10 Traded Securities 17
5.4 Maturity-wise Outright Trading Volume in G-Secs 17
5.5 Category-wise Share of Total Outright Trading Activity in G-Secs 18

List of Charts
Chart No. Title Page No.
Chart 3.1 Outstanding Amount under Liquidity Adjustment Facility 9
Chart 5.1 Yield on 10-year Benchmark Security 14
Chart 5.2 Comparative G-Sec Yield Curve 15
Chart 5.3 Comparative Yields on T-Bills 16

List of Statements
1 Issuance of Dated Securities Q4 of FY 18 19
2 Treasury Bills issued during Q4 of FY 18 20
3 List of Dated Securities Outstanding at end-March 2018 21
4 Maturity Profile of Government Securities at end-March 2018 23
5 Calendar for Auction of Treasury Bills during April-June 2018 24
6 Calendar for Auction of G-Secs during April-September 2018 25

v
 Section 1 – Macroeconomic Developments
1.1 India’s real GDP at 2011-12 prices in the Q4 of 2017-18 registered a growth rate of 7.7
per cent, while the growth rate of GVA was 6.5 per cent in same period, as per data released by
the Central Statistics Office. The growth rate of GDP at 2011-12 prices for 2017-18, as per the
provisional estimates, is estimated at 6.7 per cent, lower than 7.1 per cent in 2016-17. Real
GVA growth rate was lower in 2017-18, driven by deceleration in growth rates of agriculture
and industrial sectors (Table 1.1).
Table 1.1: Provisional Estimates of National Income: Growth Rates (%)
Item At 2011-12 Prices At Current Prices
2016-17 2017-18 2016-17 2017-18
GVA at basic prices 7.1 6.5 10.1 9.7
GDP 7.1 6.7 10.8 10.0
Private Final Consumption Expenditure 7.3 6.6 11.3 10.1
Government Final Consumption 12.2 10.9 16.5 14.7
Expenditure
Gross Fixed Capital Formation 10.1 7.6 11.1 9.8

1.2 Headline CPI inflation moderated during the quarter to 4.28 per cent (March 2018) as
compared to 5.21 per cent for the month of December 2017. A similar trend was seen in the
movement of Consumer Food Price Inflation (CFPI), as evident from the data in Table 1.2.
Notwithstanding the moderation in CPI-based inflation during Q4 of FY 18, the retail inflation
rates were higher than those in the corresponding period of 2017. The WPI inflation also eased
to 2.47 per cent in March 2018 from 3.58 per cent in December 2017. However, both CPI and
WPI inflation rates moved up in April 2018.
Table 1.2: CPI and WPI Inflation (Per Cent)
Month CPI CFPI WPI (All Commodities)
2018 2017 2018 2017 2018 2017
January 5.07 3.17 4.70 0.61 3.02 4.26
February 4.44 3.65 3.26 2.01 2.74 5.51
March 4.28 3.89 2.81 2.01 2.47 5.11
April 4.58 2.99 2.80 0.61 3.18 3.85

1
1.3 Industrial growth, as measured by the index of industrial production (IIP), recorded a
marginally lower rate of growth at 4.3 per cent in 2017-18 as compared to 4.6 per cent in 2016-
17. While there was a sharp deceleration in the rate of growth of mining sector (to 2.3 per cent
in 2017-18), electricity generation growth slowed down to 5.4 per cent in 2017-18 (5.8 per cent
in 2016-17). Manufacturing sector growth was marginally higher at 4.5 per cent in 2017-18 (4.4
per cent in 2016-17). The use-based classification reveals higher rates of growth in production
of capital goods, infrastructure/construction goods and consumer non-durables in 2017-18,
while primary goods, intermediate goods and consumer durables recorded deceleration in
their growth rates during the year.

1.4 Merchandise exports from India touched US$ 302.84 billion in 2017-18, registering a
growth rate (y-o-y) of 9.78 per cent, while imports expanded by 19.59 per cent to US$ 459.67
billion during the year. Trade deficit widened to US$ 156.83 billion in 2017-18 from US$ 108.50
billion in 2016-17. Exports at US$ 25.91 billion in April 2018 were up by 5.17 per cent while
imports valued at US$ 39.63 billion registered a growth rate (y-o-y) of 4.6 per cent, resulting in
a trade deficit of US$ 13.72 billion. There was a sharp rise of 41.5 per cent in oil imports to US$
10.41 billion in April 2018, reflecting the impact of an increase of 35.2 per cent in the global
Brent prices in the month. The current account deficit (CAD) expanded to US$ 13.0 billion (1.9
per cent of GDP) in Q4 from US$ 2.6 billion or 0.4 per cent of GDP in Q4 of 2016-17. However, it
was lower than US$ 13.7 billion or 2.1 per cent of GDP in Q3 of 2017-18. During 2017-18, the
CAD was higher at 1.9 per cent of GDP as compared with 0.6 per cent of GDP in 2016-17.
Table 1.3: Merchandise Trade during 2015-16 to 2017-18
Amount in US $ billion
Financial Exports Imports Trade
Year Balance
Amount Growth Rate Amount Growth Rate
(%) (%)
2015-16 262.30 -15.48 381.01 -14.96 -118.72
2016-17 275.85 5.17 384.36 0.88 -108.50
2017-18 302.84 9.78 459.67 19.59 -156.83
April 2018 25.91 5.17 39.63 4.60 -13.72

2
1.5 Net foreign direct investment inflows into India moderated to US$ 39.43 billion in 2017-
18 from US$ 42.22 billion in 2016-17. Net FII investment inflows both in equity and debt
instruments dipped to US$ 2.38 billion in Q4 of FY 18 from US$ 5.43 billion in Q3. However, net
FII investment in India was higher at US$ 22.2 billion during 2017-18 as compared to US$ 7.8
billion in 2016-17, even as these inflows remained volatile from the second quarter of 2017-18.

Table 1.4: Foreign Investment Inflows into India

Amount in US$ billion
Item 2014-15 2015-16 2016-17 2017-18
Foreign Direct 35.28 44.90 42.22 39.43
Investment in to
India
FII Investment in 40.93 -4.02 7.77 22.17
India

1.6 India’s foreign exchange reserves stood at USD 424.54 billion on March 31, 2018. The
average nominal exchange rate of Rupee at ₹ 64.45 per dollar appreciated by 4.07 per cent in
2017-18 over the corresponding nominal average exchange rate of ₹ 67.07 in 2016-17.

3
 Section 2– Debt Management - Primary Market Operations
A. Government Finances

2.1 The gross fiscal deficit (GFD) of the Central Government for 2017-18 was revised
upwards to ₹5,94,849 crore (3.5 per cent of GDP) from the budgeted level of ₹ 5,46,531 crore or
3.2 per cent of GDP for the year. During 2016-17, the actual GFD of the Central Government
was ₹ 5,35,618 crore or 3.5 per cent of GDP.
2.2 As per the provisional estimates, the GFD of the Central Government at ₹ 5,91,663
crore was almost close to the revised estimate for the FY 18. This was notwithstanding the fact
that there was a shortfall in revenue receipts relative to the revised estimate of ₹ 15,05,428
crore for 2017-18. The details are given in Table 2.1.

Table 2.1: Fiscal Outcome during April –March 2017-18 (Provisional)

(Amount in ₹ crore)
Item 2017-18 April-Mar April-Mar April-Mar
RE 2017-18 2017-18 2016-17
(% of RE) (% of RE)
Revenue Receipts 1505428 1435185 95.30 96.70
Tax Receipts 1269454 1242662 97.90 101.20
Non-Tax Receipts 235974 192523 81.60 82.00
Other Non-debt Receipts 117473 115819 98.60 115.80
Total Expenditure 2217750 2142667 96.60 98.30
Revenue Expenditure 1944999 1878963 96.60 97.60
Capital Expenditure 272751 263704 96.70 102.50
Revenue Deficit 439571 443778 101.00 101.70
Primary Deficit 64006 62420 97.50 111.50
Gross Fiscal Deficit 594849 591663 99.50 100.70
Financing
Market Loans* 479864 471738 98.00 87.00
External Assistance 2418 9084 376.00 121.00
Securities against Small Savings 102628 46083 45.00 6.00
Others 9939 64758 651.55 118.73
*:- 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 borrowings during Q4 of FY 18 and
also during April-March 2017-18.

4
2.4 Gross and net market borrowings of the Central Government for FY18 were budgeted
at ₹ 5,80,000 crore and ₹ 3,48,226.40 crore. On December 27, 2017, the Government made an
announcement to raise additional market borrowing of ₹ 50,000 crore through dated
Government securities in 2017-18. However, based on a review of revenue receipts and
expenditure pattern, it was decided around mid-January 2018 to raise additional borrowing of
only ₹20,000 during Q4 of FY 18. The gross and net borrowings were subsequently revised to ₹
5,99,000 crore and ₹ 402,394 crore, when the Union Budget for 2018-19 was presented. During
Q4 of FY18, the Government issued dated securities worth ₹ 67,000 crore taking the gross
borrowings during FY 18 to ₹ 5,88,000 crore (98.2 per cent of RE) as compared to ₹ 5,82,000
crore (100.0 per cent of RE) in the corresponding period of FY 17 (Table 2.2).

Table 2.2: Issuance of Dated Securities

Amount in ₹ crore
April- As % of RE
2017-18 Q4 FY
Item March
RE 18 FY 18 FY 17
2017-18
Gross Amount 599,000 67,000 588,000 98.2 100.0
Repayments 139,590 16,887 156,606 112.2 99.15
Switches 42,984 15,968 42,984 100.00 100.00
Buyback 57,016 13,788 39,218 68.90 100.28
Net Issuance 402,394 36,325 3,92,176 97.50 100.37

2.5 Auctions held during Q4 of FY 18 were broadly in accordance with the pre-announced
calendar (Table 2.3). During Q4 FY 18, 6 tranches of auctions were held for issuances of dated
securities worth ₹67,000 crore. Around 61.2 per cent of total securities issued during the
quarter were in the maturity bucket of 10-14 years. There was no devolvement on PDs during
Q4 FY 18. The Government also repurchased two securities (7.83% GS 2019 and 8.24% GS
2018), aggregating to ₹13,788.19 crore on March 15, 2018. There were two conversions during
the month of March 2018; the first conversion was on March 8, 2018 of a security maturing in
2018-19 having total face value of ₹ 15,968 crore to longer tenor securities maturing in 2028-
29 and 2031-32; and the second conversion was on March 22, 2018 of a security maturing in
2018-19 having total face value of ₹ 15,091 crore to a longer tenor security maturing in 2042-
43.

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 Table 2.3 – Primary Issuances of dated securities by Maturity Buckets
during 2016-17 to 2017-18
Amount in ₹ crore

5-9 years 10-14 years 15-19 Years 20-30 Years Total

2016-17 108000 303000 82,000 89000 582000
% of Total 18.6 52.1 14.1 15.3 100.0
H1 FY18 (Projected) 72000-96000 152000-176000 48000-772000 51000-75000 372000.00
% of Total 19.4-25.9 41.2-47.7 13.0-19.4 13.7-20.2 100.00
H1 FY18 (Actual) 70,000 177,000 50,000 60,000 357,000
% of Total 19.6 49.6 14.0 16.8 100.0
Q4 FY 18 (Actual) 18,000 41,000 4,000 4,000 67,000
% of Total 26.9 61.2 6.0 6.0 100.0
H2 FY18 (Actual) 51000 130000 24000 26000 231000
% of Total 22.08 56.28 10.39 11.26 100.00
FY 2017-18 (Actual) 121,000 307,000 74,000 86,000 588,000
% of Total 20.6 52.2 12.6 14.6 100.0
* Till H1 FY 18, the proposed borrowing amount in the half-yearly calendar was indicated as a range for a
particular maturity bucket.
# From Oct 2017 onwards, the practice of indicating a range for borrowing through issuance of securities in
different maturity buckets was discontinued and the Government introduced the right to exercise the
green-shoe option of up to ₹ 1,000 crore in each maturity bucket, being indicated in the auction
notification itself.

2.6 The gross amount raised through treasury bills (91-day, 182-day and 364-day treasury bills)
during Q4 of FY 18 amounted to ₹ 2,48,561 crore while total repayments were ₹ 2,79,576
crore, resulting in net issuance of (-)₹ 31,015 crore as compared with (-)₹ 59,763 crore in Q3 of
FY 18 (Table 2.4). The details of issuance of treasury bills during Q4 of FY18 are given in
Statement 2.
Table 2.4: Issuance of Treasury Bills* (₹ crore)
FY 18
Item 2017-18 RE Q4 FY 18 FY 18 FY 17 As % of RE
364 DTB
Gross Amount 149989 52700 159685 142526 112.0
Repayment 142526 28004 142526 154033 95.0
Net Issuance 7463 24696 17159 -11507 -229.9
182 DTB
Gross Amount 176397 57135 185417 174035 107.8
Repayment 183981 44108 183981 166406 110.6
Net Issuance -7584 11176 1436 7629 25.4
91 DTB
Gross Amount 849764 138726 774060 664567 109.9
Repayment 742174 207464 742174 690582 109.1
Net Issuance 107590 -68738 31886 -26015 130.2
All T-Bills
Gross Amount 1176151 248561 1119162 981128 95.2
Repayment 1068681 279576 1068681 1011021 100.0
Net Issuance 107470 -31015 50481 -29893 47.0
*:- Including amount raised through non-competitive route.

6
2.7 The tenor of new issuances is a function of acceptable rollover risk as well as market
appetite for various maturity segments. During Q4 FY 18, the weighted average maturity
(WAM) of new issuances moderated to 10.93 years as compared to 14.09 years in Q3 of FY18.
The decline in the WAM was due to more than 80 per cent of issuances being in the 1-5 years
and 10-14 years maturity buckets. The weighted average yield (WAY) of issuances during Q4 of
FY 18 was 7.34 per cent as against 7.04 per cent in Q3 of FY 18, reflecting hardening of yields
during the quarter. During FY 18, WAY and WAM were 6.98 per cent and 14.13 years as
compared to 7.16 per cent and 14.76 years in FY 17.

7
 Section 3-Cash Management

3.1 Government’s cash account is maintained with the RBI. The cash flow mismatches of
the Central Government are largely managed through issuance of Treasury Bills, issuance of
Cash Management Bills and access to the Ways and Means Advances whenever there is a cash
deficit and auction of cash balances in the market (through RBI) and buy-back of securities from
the market whenever there are cash surpluses. Further, the Reserve Bank conducts
purchase/sale of G-Secs under Open Market Operations, whenever required, based on an
assessment of prevailing and evolving liquidity conditions.
3.2 During Q4 of FY 18, the cash position of the Central Government remained comfortable
and the Central Government did not resort to WMA during the quarter.
3.3 Liquidity conditions in the economy were comfortable in January 2018 but tightened
during February-March 2018 (Chart 6). The net average liquidity absorption by the Reserve
Bank under Liquidity Adjustment Facility (LAF) including MSF was ₹ 29,652 crore in January
2018. However, there was net average liquidity injection to the tune of ₹ 13,468 crore in
February 2018 and ₹ 34,465 crore in March 2018. The Reserve Bank conducted additional
variable rate repo operations for longer tenors on a weekly basis aggregating to ₹100,000 crore
during March 2018. These were aimed at addressing additional liquidity demand and providing
flexibility to the banking system in its liquidity management towards the end of March. On the
policy front, the RBI decided to maintain status quo in the sixth Bi-Monthly monetary Policy
statement for FY 18 keeping the policy Repo rate unchanged at 6.0 per cent while maintaining
a neutral stance in consonance with the objective of achieving the medium-term target for
consumer price index (CPI) inflation of 4 per cent within a band of +/-2 per cent, while
supporting growth. Consequently, the repo rate under LAF continued to stand at 6.0 per cent,
with both MSF and Bank rates remaining unchanged at 6.25 per cent.

8
 Chart 3.1: Outstanding Amount under Liquidity Adjustment Facility
(in ₹ crore)
150000
100000
50000
0
-50000
-100000
-150000
1-Jan-18 15-Jan-18 29-Jan-18 12-Feb-18 26-Feb-18 12-Mar-18 26-Mar-18

3.4 The net amount mobilised through treasury bills (under competitive and non-
competitive routes) during Q4 of FY 18 turned negative, following the redemption amount
being higher than that raised through the issuance of Treasury Bills during the quarter. Details
of treasury bills, which were issued and matured in Q4 of FY 18, are given in Table 3.1.
Table 3.1: Repayments and Issuance of Treasury Bills during Jan –Mar 2018
(Amount in ₹ crore)
Date of Variation in Issued
Issue amount over
Repayments (Competitive) Issued Amount (Competitive) Repayments
91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB
4-Jan-18 7000 0 3998 7000 4000 3000 -3002
11-Jan-18 7000 7000 0 7000 3000 4000 0
17-Jan-18 7000 0 0 0 0 0 -7000
18-Jan-18 0 0 3998 7000 4000 3000 10002
25-Jan-18 7000 7000 0 7000 3000 4000 0
1-Feb-18 7000 0 3998 7000 4000 3000 3002
8-Feb-18 7000 7000 0 7000 3000 4000 0
15-Feb-18 7000 0 4000 7000 4000 3000 3000
22-Feb-18 7000 7000 0 7000 3000 4000 0
1-Mar-18 7000 0 4000 7000 4000 3000 3000
8-Mar-18 7000 7000 0 7000 3000 4000 0
15-Mar-18 7000 0 4000 7000 4000 3000 3000
22-Mar-18 7000 7000 0 7000 3000 3000 -1000
28-Mar-18 0 0 0 7000 3000 2000 12000
29-Mar-18 7000 0 4000 0 0 0 -11000
Total Under Competitive Route
Q4 91,000 42,000 27,994 91,000 45,000 43,000 18006.00
Total Under Non-Competitive Route
Q4 1,16,463.61 2,108.06 10.0 47,725.92 12,135.11 9,700.00 -49,021.00

9
 Section 4 – Trends in Outstanding Debt

4.1 The total liabilities (including liabilities under the ‘Public Account’) of the Government, as
per provisional data, increased to ₹ 76,94,940 crore at end-March 2018 from ₹ 75,66,215 crore
at end-December 2017 (Table 4.1). This represented a quarter-on-quarter increase of 1.7 per
cent (provisional) in Q4 FY 18 as compared with an increase of 2.4 per cent in Q3 of FY 18. At
this level, the ratio of outstanding liabilities of the Central government to GDP worked out to
45.9 per cent at end-March 2018. Public debt accounted for 88.7 per cent of total outstanding
liabilities at end-March 2018, with internal debt and external debt having shares of 82.5 per
cent and 6.3 per cent, respectively.

Table 4.1: Total Liabilities of the Central Government (Amount in ₹ crore)

Item At end-March At end-Dec Percentage variation

2018# 2017 in March 2018 over
December 2017
1 2 3 4
Public Debt (1 + 2) 68,27,729 67,16,267 1.7
1. Internal Debt 63,44,730 62,59,601 1.4
(i) Cash Management Bills 5,327
(ii) 91-days Treasury Bills 1,38,726 2,07,464 -33.1
(iii) 182-days Treasury Bills 86,872 73,845 17.6
(iv) 364-days Treasury Bills 1,59,685 1,34,989 18.3
(v) 14-days Treasury Bills 1,51,038 1,49,602 1.0
(vi) Market Loans 50,70,745 50,25,476 0.9
(vii)Marketable securities issued in 53,818 59,818 -10.0
conversion of special securities
(viii) Special Securities issued to 80,000 0
PSBs
(ix) Compensation and other 65,439 61,840 5.8
bonds1
(x) Sovereign Gold Bonds 6,664 6,548 1.8
(xi) Securities against small savings 4,27,375 4,30,568 -0.7
(xii) Securities issued to 1,04,370 1,04,124 0.2
International Financial Institutions
2. External Debt 4,82,998 4,56,665 5.8
3. Public Account Liabilities 8,67,211 8,49,950 2.0
4. Total Debt/liabilities (1+2+3) 76,94,940 75,66,215 1.7

1
Includes special securities issued against securitisation of balances under POLIF.

10
Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market Loans

4.2 The weighted average yield of primary issuances during Q4 FY 18 increased to 7.34 per
cent from 7.04 per cent in Q3, indicating further hardening of G-Sec yields in Q4 (Table 4.2).
The weighted average coupon of outstanding government debt stock was slightly lower at 7.85
per cent at end-March 2018 (7.87 per cent at end-December 2017). The weighted maturity of
issuances during Q4 of FY 18 was 10.93 years as there were fewer issuances of longer tenor
securities during the quarter. The weighted average maturity of outstanding stock of dated
securities was 10.62 years as at end-March 2018 (10.70 years at end-December 2017).

Table 4.2: Yield and Maturity of Dated Securities of Central Government

Year Issues during the year Outstanding Stock*
Weighted Weighted Average Weighted Weighted
Average Maturity (years) Average Average
Yield (%) Coupon (%) Maturity
(years)
1 2 3 4 5
2010-11 7.92 11.62 7.81 9.64
2011-12 8.52 12.66 7.88 9.6
2012-13 8.36 13.5 7.97 9.66
2013-14 8.48 14.28 7.98 10.00
2014-15 8.51 14.66 8.09 10.23
2015-16 7.89 16.07 8.08 10.50
2016-17 7.16 14.76 7.99 10.65
2017-18 Q1 7.01 14.92 7.95 10.67
2017-18 Q2 6.77 14.58 7.91 10.76
2017-18 Q3 7.04 14.09 7.87 10.70
2017-18 Q4 7.34 10.93 7.85 10.36
2017-18 6.98 14.13 7.85 10.62
*As at end of period.

4.3 The proportion of debt (dated securities) maturing in less than one year at 3.18 per cent
at end-March 2018 was almost close to its previous quarter level. However, the proportion of
debt maturing within 1-5 years was lower at 22.98 per cent at end-March 2018 (24.22 per cent
at end-December 2017). Accordingly, debt maturing in next five years accounted for 26.16 per
cent of total outstanding debt at end-March 2018. The proportion of outstanding debt
maturing in less than 10 years, however, was marginally higher at 32.14 per cent while the
share of debt maturing in more than 10 years was almost close to its previous quarter’s level.
11
The change in composition of debt in terms of various maturity buckets reflects the maturity
structure of securities issued during Q4 of FY18 as well as the maturity dynamics of outstanding
securities. Overall, 26.2 per cent of outstanding stock has a residual maturity of up to 5 years at
end-March 2018, which implies that over the next five years, on an average, 5.2 per cent of
outstanding stock needs to be repaid every year (Table 4.3). Thus, the rollover risk in debt
portfolio continues to be low.

Table 4.3: Maturity Profile of Outstanding Dated Securities of Central

Government
(Amount in ₹ crore)

Maturity Buckets End-Dec 2017 End-March 2018

(Residual Maturity)

Less than 1 Year 1,59,597.8 1,63,200

(3.14) (3.18)
1-5 Years 12,31,735.3 11,77,735
(24.22) (22.98)
5-10 Years 15,89,827.7 16,46,828
(31.26) (32.14)
10-20 Years 14,39,549.1 14,53,688
(28.31) (28.57)
20 Years and above 6,64,472.3 6,83,002
(13.07) (13.33)

Total 50,85,182.3 52,61,706.69

Note: 1. Figures in parentheses represent per cent to total.

12
Holding Pattern

4.4 The holding pattern of Central Government securities indicates an improvement in the
share of commercial banks from 39.7 per cent in end-June 2017 to 40.4 per cent in end-
September 2017 and further to 42.7 per cent in end-March 2018. The share of provident funds
also improved during the quarter ended March 2018 (Table 4.4).

Table 4.4: Ownership Pattern of Government of India Dated Securities

(Per Cent of Outstanding Dated Securities)
Category 2016 2017 2018
Sep. Dec. March Jun Sep Dec March
1. Commercial Banks 40.0 40.9 40.5 39.7 40.4 41.4 42.7
2. Non-Bank PDs 0.1 0.3 0.2 0.3 0.3 0.3 0.3
3. Insurance 22.7 22.5 22.9 23.1 23.5 23.6 23.5
Companies
4. Mutual Funds 2.1 2.0 1.5 1.4 1.9 1.3 1.0
5. Co-operative Banks 2.5 2.6 2.7 2.7 2.6 2.7 2.6
6. Financial Institutions 0.8 0.9 0.8 0.7 0.8 0.8 0.9
7. Corporates 1.1 1.1 1.1 1.3 1.0 1.1 0.9
8. FPIs 3.8 3.1 3.5 4.3 4.6 4.5 4.4
9. Provident Funds 6.3 6.2 6.3 6.1 6.0 5.3 5.9
10. RBI 14.8 14.6 14.7 14.3 12.8 11.9 11.6
11. Others 5.8 5.8 6.0 6.1 6.1 6.9 6.3
Total 100 100 100 100 100 100 100

13
 Section 5 – Secondary Market

A. Government security yields

5.1 G-Sec yields generally showed a hardening trend during Jan-Feb 2018, attributable to an
increase in CPI for December 2017 to 5.21 per cent (4.88 per cent for November 2018),
subdued buying interest on the part of banks (to reduce valuation losses) and also of insurance
companies (reduced issuances of long-term bonds by the Government during Q4), and up-
trend in the US bond yields. However, the G-Sec yields softened somewhat during March 2018,
following decline in both CPI and WPI for February 2018, buy-back of G-Secs by the
Government , which provided some support to the market. The market response was positive
to the issuance of borrowing calendar for H1 of 2018-19 with features like lower level of
borrowing during H1, tilt towards issuance of short-tenor securities/floating rate
bonds/inflation-indexed bonds on the one hand and long-term securities in the maturity bucket
of 15-19 years and longer than 20 years on the other and expected increase in the contribution
of NSSF collections to financing of gross fiscal deficit (GFD) during the current fiscal year.

The yield on new 10-year benchmark G-Sec (7.17% GS 2028), which was auctioned for the first
time on January 8, 2018, closed higher at 7.40 per cent on March 28, 2018 (Chart 5.1).

Chart 5.1: Yield on 10-year Benchmark G-Security

7.90
7.80
7.70
7.60
Yield (%)

7.50
7.40
7.30
7.20
7.10
7.00

5.2 G-Sec yields were broadly higher up to 18 years tenors at end-March 2018. The yield
spreads, however, narrowed down in Q4 (Table 5.1 and Chart 5.2).

14
 Table 5.1: Yield Spreads (bps)

Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018

10 years-1 year 74 100 89

30 years-10 years 32 18 12

30 years-1 year 106 118 102

Chart 5.2: Comparative G-Sec Yield Curves

7.82%

7.32%
Yield (%)

6.82%

6.32%

5.82%
15.25

27.75
10.25
11.50
12.75
14.00

16.50
17.75
19.00
20.25
21.50
22.75
24.00
25.25
26.50

29.00
30.25
31.50
32.75
34.00
35.25
36.50
37.75
4.00
0.25
1.50
2.75

5.25
6.50
7.75
9.00

Tenor (yrs)

YTM Mar 31, 2017 YTM Dec 31, 2017 YTM Mar 31, 2018

5.3 The liquidity in the system was in deficit mode during February-March 2018. However,
there was an improvement in market sentiments towards the close of the month, which
contributed to softening of yields. The yield on 91-day T-Bills softened by 9 bps to 6.11 per cent
on Mar 28, 2018 from 6.20 per cent on Dec 31, 2017 while yields on 182 and 364-day T-Bills
hardened marginally by 2 bps and 1 bps, respectively. The trend was also reflected in the yield
spreads between T-bills of different maturities as at end-March 2018 as compared to those
prevailing at end-December 2017 (Chart 5.3).

15
 Chart 5.3: Comparative Yields on T-Bills

6.32%

6.12%
Yield (%)

5.92%

5.72%

5.52%

5.32%
0 50 100 150 200 250 300 350 400
Tenor (days)

Mar 31, 2017 YTM (%) Dec 31, 2017 YTM (%) Mar 31, 2018 YTM (%)

B. Trading Pattern of Government Securities

5.4 The total outright volume of trading in G-Secs during Q4 of FY 18 at ₹ 21.69 lakh crore
recorded a fall of 19.4 per cent over that of ₹ 26.90 lakh crore during Q3 (Table 5.2). The
trading volumes in Central G-Secs and T-Bills were lower by 20.8 per cent and 21.4 per cent,
respectively while there was an improvement in trading activity in SDLs by 18.3 per cent during
the quarter ended Mar 2018. The annualised outright turnover ratio 2 for G-Sec for Q4 of FY 18
fell to 2.95 in Q4 from 3.77 during Q3. The annualised total turnover ratio 3 (outright plus the
repo transactions) also fell to 10.12 during Q4 of FY18 from 11.29 in the previous quarter.
Table 5.2: Transactions in Government Securities (Volume in ₹ Crore)
Outright Repo
Period G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total
Jan-Mar 17 25,72,437 3,00,402 1,58,807 30,31,646 23,09,653 6,61,235 99,290 30,70,178

Share(%) 85% 10% 5% 73% 21% 6%

Apr-June 17 26,64,380 2,94,369 1,53,174 31,11,923 21,86,206 6,37,634 1,96,874 30,20,714
Share (%) 86% 9% 5% 72% 21% 7%
Jul-Sep 17 28,98,617 3,38,696 1,92,116 34,29,429 22,84,487 7,91,658 2,26,218 33,02,363
Share (%) 85% 10% 6% 69% 24% 7%
Oct-Dec 17 23,80,951 2,08,817 1,00,075 26,89,843 23,72,830 6,58,436 2,74,428 33,05,694

Share (%) 89% 8% 4% 72% 20% 8%

Jan-Mar 18 18,86,169 1,64,173 1,18,345 21,68,686 22,88,259 5,97,170 2,66,089 31,51,518
Share (%) 87% 8% 5% 73% 19% 8%

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)]

16
5.5 Central Government dated securities continued to account for a major share of total
trading volumes, with a share of 87 per cent and 72.6 per cent in total outright trading and
repo volumes in value terms, respectively during Q4 of FY 18.

5.6 The top-10 traded securities accounted for 86.2 per cent of the total outright trading
volume during Q4 (78.1 per cent during Q3 FY 18), reflecting continued concentration of
trading in a few securities. The share of top-3 traded securities increased to 77.3 per cent
during Q4 from 70.7 per cent during Q3 (Table 5.3).

Table 5.3 – Top-10 Traded Securities (in ₹ Crore)

Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018
Security Volume Security Volume Security Volume
6.97% G.S. 6,67,408 6.79% GS 10,03,783 6.79% GS 5,43,769
7.59%
2026 G.S. 6,36,179 6.68%
2027 GS 6,53,853 6.68%
2027 GS 4,86,268
7.61%
2026 G.S. 4,82,754 6.79%
2031 GS 2,43,909 7.17%
2031 GS 4,27,057
7.68%
2030 G.S. 1,10,568 7.16%
2029 GS 42,659 6.84%
2028 GS 46,298
8.27%
2023 G.S. 64,285 7.72%
2023 GS 35,561 8.20%
2022 GS 30,240
6.79%
2020 G.S. 62,528 6.84%
2025 GS 35,223 8.15%
2022 GS 27,739
7.59%
2029 G.S. 44,650 7.35%
2022 GS 29,226 6.05%
2022 GS 19,388
6.35%
2029 G.S 31,958 7.73%
2024 GS 19,782 8.40%
2019 GS 16,883
7.80%
2020 G.S. 30,700 7.68%
2034 GS 19,219 8.27%
2024 GS 14,649
7.72%
2021 G.S. 26,605 8.08%
2023 GS 17,034 7.16%
2020 GS 14,040
TOTAL
2025 21,57,633 Total
2022 21,00,249 2023 16,26,330

5.7 The trend in outright trading volumes in G-Secs under different maturity buckets is
given in Table 5.4.

Table 5.4: Maturity–wise Outright Trading Volumes in G-Secs (in ₹ Crore)

Maturity Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018 2017-18

<3 Years 91,827 70,399 84,535 2,14,722

3-7 Years 3,55,658 2,56,256 2,29,192 12,36,930
7-10 Years 14,06,383 10,55,539 10,14,881 45,33,623
> 10 Years 7,18,569 9,98,757 5,57,561 38,44,842
Total 25,72,437 23,80,951 18,86,169 98,30,117

5.8 The maturity distribution of secondary market transactions in G-Secs as presented

above shows that trading improved in short (less than 3 years and 3-7 years) and medium term
17
(7-10 years) maturity buckets during Q4 vis-à-vis that in Q3. The share of ‘10 years and above’
maturity buckets saw a sharp decline in trading volumes to 30 per cent during Q4 of FY 18 from
42 per cent in Q3. The share of below 3-year maturity bucket continued to remain the lowest at
4.48 per cent of the total trading volume in Q4 (2.96 per cent in Q3 of FY 18).

5.9 Foreign banks were the dominant trading players in the secondary market during
January-March 2018 with a share of 26.7 per cent in the total outright trading activity in G-Secs
(Table 5.5), closely followed by private sector banks (20.3 per cent). On a net basis, private
sector banks, insurance companies, foreign banks, cooperative banks and ‘Others’ were the net
buyers while Financial Institutions, Mutual Funds, PDs and PSBs were the net sellers in the
secondary market.
Table 5.5: Category-wise Share of Total Outright Trading Activity in G-Secs (in %)
Oct-Dec 2017 Jan-March 17 Jan-Mar 18

Category Buy Sell Buy Sell Buy Sell

Co-op Banks 3.57 3.31 3.84 3.48 3.15 3.05
FIs 0.38 0.19 0.44 0.36 0.23 0.24
Foreign Banks 20.74 22.36 28.67 28.59 26.72 25.27
Ins. Cos 2.73 2.61 2.08 1.66 3.23 2.66
MFs 12.28 12.73 12.19 10.64 11.20 12.29
Others 3.2 2.02 1.82 0.9 5.05 2.78
Primary 14.85 17.21 12.19 13.56 13.73 16.66
Dealers
Pvt Banks 21.48 21.07 13.17 14.46 20.29 19.12
PSBs 20.77 18.5 25.6 26.35 16.41 17.93
Total 100 100 100 100 100 100

18
 Statement 1: Issuance of Dated securities During Q4 FY 17-18
(Amount in Rs Crore)
Devolve Cut off Residual
Date of Date of Amount Cut off Date of
Name of Stock ment on yield Maturity
Auction Issue Raised price Maturity
PDs (%) (Years)
6.57% GS 2033 $ 29-Dec- 01-Jan-18 2000.000 0.0000 90.830 7.5697 05-Dec-33 15.93
7.06%
M GS 2046 $ 29-Dec-
17 01-Jan-18 2000.0000 0.0000 0
92.940 7.6702 10-Oct-46 28.78
6.84%
M GS 2022 $ 05-Jan-1817 08-Jan-18 6000.0000 0.0000 0
98.400 7.2290 19-Dec-22 4.95
7.17%
M GS 2028 # 05-Jan-18 08-Jan-18 9000.0000 0.0000 0
100.00 7.1700 08-Jan-28 10.00
6.18%
M FRB 2024 $ 12-Jan-18 15-Jan-18 3000.0000 0.0000 00
96.510 6.9995 07-Nov-24 6.81
6.68%
M GS 2031 $ 12-Jan-18 15-Jan-18 8000.0000 0.0000 0
92.420 7.5783 17-Sep-31 13.67
6.57%
M GS 2033 $ 12-Jan-18 15-Jan-18 2000.0000 0.0000 0
90.150 7.6505 05-Dec-33 15.89
6.62%
M GS 2051 $ 12-Jan-18 15-Jan-18 2000.0000 0.0000 0
87.370 7.6698 28-Nov-51 33.87
6.84%
M GS 2022 $ 19-Jan-18 22-Jan-18 3000.0000 0.0000 0
98.260 7.2656 19-Dec-22 4.91
7.17%
M GS 2028 $ 19-Jan-18 22-Jan-18 8000.0000 0.0000 0
99.120 7.2952 08-Jan-28 9.96
6.18%
M FRB 2024 $ 25-Jan-18 29-Jan-18 3000.0000 0.0000 0
96.600 7.0554 07-Nov-24 6.77
7.17%
M GS 2028 $ 25-Jan-18 29-Jan-18 8000.0000 0.0000 0
98.830 7.3369 08-Jan-28 9.94
6.18%
M FRB 2024 $ 09-Feb-18 12-Feb-18 3000.0000 0.0000 0
96.850 7.0740 07-Nov-24 6.74
7.17%
M GS 2028 $ 09-Feb-18 12-Feb-18 8000.0000 0.0000 0
97.850 7.4797 08-Jan-28 9.91
Gross
M Nominal Amount Raised 0
67000.0 0
Weighted Average Yield 7.34
Weighted Average Maturity 10.93
$ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction

19
 Statement 2: Treasury Bills Issued During Q4 FY 17-18
(Amount in Rs crore)
Name of Date of Date of Competitive Non-Competitive Gross Nominal Cut off
Security Auction Issue amount raised amount raised amount raised Yield (%)
364 DTB 3-Jan-18 4-Jan-18 3000 0 3000 6.49
364 DTB 10-Jan-18 11-Jan-18 4000 0 4000 6.53
364 DTB 17-Jan-18 18-Jan-18 3000 0 3000 6.55
364 DTB 24-Jan-18 25-Jan-18 4000 0 4000 6.55
364 DTB 31-Jan-18 1-Feb-18 3000 9700 12700 6.58
364 DTB 7-Feb-18 8-Feb-18 4000 0 4000 6.65
364 DTB 14-Feb-18 15-Feb-18 3000 0 3000 6.58
364 DTB 21-Feb-18 22-Feb-18 4000 0 4000 6.64
364 DTB 28-Feb-18 1-Mar-18 3000 0 3000 6.66
364 DTB 7-Mar-18 8-Mar-18 4000 0 4000 6.66
364 DTB 14-Mar-18 15-Mar-18 3000 0 3000 6.59
364 DTB 21-Mar-18 22-Mar-18 3000 0 3000 6.54
364 DTB 27-Mar-18 28-Mar-18 2000 0 2000 6.49
182 DTB 3-Jan-18 4-Jan-18 4000 8 4008 6.35
182 DTB 10-Jan-18 11-Jan-18 3000 0 3000 6.39
182 DTB 17-Jan-18 18-Jan-18 4000 2000 6000 6.44
182 DTB 24-Jan-18 25-Jan-18 3000 2 3002 6.46
182 DTB 31-Jan-18 1-Feb-18 4000 2600 6600 6.5
182 DTB 7-Feb-18 8-Feb-18 3000 1000 4000 6.52
182 DTB 14-Feb-18 15-Feb-18 4000 0 4000 6.48
182 DTB 21-Feb-18 22-Feb-18 3000 1851 3000 6.48
182 DTB 28-Feb-18 1-Mar-18 4000 4000 8000 6.5
182 DTB 7-Mar-18 8-Mar-18 3000 1 3001 6.5
182 DTB 14-Mar-18 15-Mar-18 4000 0 4000 6.44
182 DTB 21-Mar-18 22-Mar-18 3000 626 3626 6.33
182 DTB 27-Mar-18 28-Mar-18 3000 48 3048 6.33
91 DTB 3-Jan-18 4-Jan-18 7000 14065 21065 6.27
91 DTB 10-Jan-18 11-Jan-18 7000 1803 8803 6.31
91 DTB 17-Jan-18 18-Jan-18 7000 1003 8003 6.36
91 DTB 24-Jan-18 25-Jan-18 7000 857 7857 6.4
91 DTB 31-Jan-18 1-Feb-18 7000 6818 13818 6.4
91 DTB 7-Feb-18 8-Feb-18 7000 1554 8554 6.4
91 DTB 14-Feb-18 15-Feb-18 7000 500 7500 6.36
91 DTB 21-Feb-18 22-Feb-18 7000 1665 8665 6.36
91 DTB 28-Feb-18 1-Mar-18 7000 4001 11001 6.36
91 DTB 7-Mar-18 8-Mar-18 7000 1201 8201 6.31
91 DTB 14-Mar-18 15-Mar-18 7000 4612 11612 6.23
91 DTB 21-Mar-18 22-Mar-18 7000 5652 12652 6.15
91 DTB 27-Mar-18 28-Mar-18 7000 3996 10996 6.11
179000 69561 246710

20
 Statement 3: List of Dated Securities Outstanding at end-March 2018
Nomenclature Date of maturity Outstanding Stock (Rs Cr.) of which: MSS
7.83% GS 2018 11-Apr-18 40518.30 -
8.24% GS 2018 22-Apr-18 27203.80 -
10.45% GS 2018 30-Apr-18 3716.00 -
5.69 % GS 2018(Conv)] 25-Sep-18 16130.00 -
12.60% GS 2018 23-Nov-18 12631.88 -
5.64% GS 2019 02-Jan-19 10000.00 -
6.05% GS 2019 02-Feb-19 53000.00 -
7.28% GS 2019 03-Jun-19 53000.00 -
6.05% GS 2019 (con) 12-Jun-19 11000.00 -
6.90% GS 2019 13-Jul-19 45000.00 -
10.03% GS 2019 09-Aug-19 6000.00 -
6.35% GS 2020 (con) 02-Jan-20 61000.00 -
8.19% GS 2020 16-Jan-20 74000.00 -
10.70% GS 2020 22-Apr-20 6000.00 -
7.80% GS 2020 03-May-20 75000.00 -
8.27% GS 2020 09-Jun-20 73000.00 -
8.12% GS 2020 10-Dec-20 76000.00 -
FRB 2020 21-Dec-20 13000.00 -
11.60% GS 2020 27-Dec-20 5000.00 -
7.80% GS 2021 11-Apr-21 66000.00 -
7.94% GS 2021 24-May-21 49425.00 -
10.25% GS 2021 30-May-21 26213.32 -
8.79% GS 2021 08-Nov-21 83000.00 -
8.20% GS 2022 15-Feb-22 57632.33 -
8.35% GS 2022 14-May-22 77000.00 -
8.15% GS 2022 11-Jun-22 83000.00 -
8.08% GS 2022 02-Aug-22 68969.41 -
5.87% GS 2022 (conv) 28-Aug-22 11000.00 -
8.13% GS 2022 21-Sep-22 70495.28 -
6.84% GS 2022 19-Dec-22 87000.00 -
6.30% GS 2023 09-Apr-23 13000.00 -
7.16% GS 2023 20-May-23 77100.00 -
1.44% II GS 2023 05-Jun-23 1152.55 -
6.17% GS 2023 (conv) 12-Jun-23 14000.00 -
8.83% GS 2023 25-Nov-23 83000.00 -
7.68% GS 2023 15-Dec-23 88132.01 -
IINSS -Cumulative 1.5% GS 25-Dec-23 64.84 -
7.35%
2023 GS 2024 22-Jun-24 90168.02 -
8.40% GS 2024 28-Jul-24 90000.00 -
FRB 2024 07-Nov-24 110965.028 -
9.15% GS 2024 14-Nov-24 92000.00 -
7.72% GS 2025 25-May-25 86000.00 -
8.20% GS 2025 24-Sep-25 90.000.00 -
5.97 % GS 2025 (Conv) 25-Sep-25 16687.95 -
7.59% GS 2026 11-Jan-26 87000.00 -
8.33% GS 2026 09-Jul-26 90000.00 -
6.97% GS 2026 06-Sep-26 91000.00 -
10.18% GS 2026 11-Sep-26 15000.00 -
8.15% GS 2026 24-Nov-26 86489.21 -
8.24% GS 2027 15-Feb-27 93388.55 -
6.79% GS 2027 15-May-27 121000.00 -
8.26% GS 2027 02-Aug-27 73427.33 -
8.28% GS 2027 21-Sep-27 89252.24 -
7.17% GS 2028 11-Jan-28 33000.00 -
6.01% GS GS 2028 (C Align) 25-Mar-28 15000.00 -
8.60% GS 2028 02-Jun-28 84000.00 -
6.13% GS 2028 04-Jun-28 11000.00 -
7.59% GS 2029 20-Mar-29 96236.79 -
Contd.
21
Nomenclature Date of maturity Outstanding of which: MSS
7.88% GS 2030 19-Mar-30 Stock (` Crore)
89000.00 -
7.61% GS 2030 09-May-30 85000.00 -
9.20% GS 2030 30-Sep-30 61884.55 -
8.97% GS 2030 05-Dec-30 90000.00 -
6.68% GS 2031 17-Sep-31 85251.70 -
8.28% GS 2032 15-Feb-32 90687.11 -
8.32% GS 2032 02-Aug-32 89434.05 -
7.95% GS 2032 28-Aug-32 89000.00 -
8.33% GS 2032 21-Sep-32 1522.48 -
8.24% GS 2033 10-Nov-33 87275.00 -
6.57% GS 2033 05-Dec-33 47000.00 -
7.50% GS 2034 10-Aug-34 90000.00 -
7.73% GS 2034 19-Dec-34 98000.00 -
FRB 2035 25-Jan-35 350.00 -
7.40% GS 2035 09-Sep-35 53245.00 -
8.33% GS 2036 07-Jun-36 86000.00 -
6.83% GS 2039 19-Jan-39 13000.00 -
8.30% GS 2040 02-Jul-40 90000.00 -
8.83% GS 2041 12-Dec-41 90000.00 -
9.23% GS 2043 23-Dec-43 79472.28 -
8.17% GS 2044 01-Dec-44 86000.00 -
8.13% GS 2045 22-Jun-45 73000.00 -
7.06% GS 2046 10-Oct-46 55000.00 -
6.62% GS 2051 28-Nov-51 46000.00 -
7.72% GS 2055 26-Oct-55 46000.00 -

Total 5124452.58

22
Statement 4: Maturity Profile of Government Securities
as on End-March 2018
Year of maturity Outstanding Stock (Rs crore)
2018-19 1,63,200
2019-20 250,000
2020-21 248,000
2021-22 282,271
2022-23 397,465
2023-24 276,449
2024-25 383,133
2025-26 279,688
2026-27 375,878
2027-28 331,680
2028-29 191,237
2029-30 207,801
2030-31 236,885
2031-32 175,939
2032-33 179,957
2033-34 134,275
2034-35 188,350
2035-36 53,245
2036-37 86,000
2037-38 -
2038-39 13,000
2039-40 -
2040-41 90,000
2041-42 90,000
2042-43 104,529
2043-44 79,472
2044-45 86,000
2045-46 73,000
2046-47 55,000
2051-52 46,000
2055-56 46,000
Total 5,124,453

23
 Statement 5:Calendar for Auction of Treasury Bills during April – June 2018

(Amount in Rs` crore)

Date of Auction 91 Days 182 Days 364 Days Total

April 4, 2018 7,000 4,000 4,000 15,000

April 11, 2018 7,000 4,000 4,000 15,000

April 18, 2018 7,000 4,000 4,000 15,000

April 25, 2018 7,000 4,000 4,000 15,000

May 2, 2018 7,000 4,000 4,000 15,000

May 9, 2018 7,000 4,000 4,000 15,000

May 16, 2018 7,000 4,000 4,000 15,000

May 23, 2018 7,000 4,000 4,000 15,000

May 30, 2018 7,000 4,000 4,000 15,000

June 6, 2018 7,000 4,000 4,000 15,000

June 13, 2018 7,000 4,000 4,000 15,000

June 20, 2018 7,000 4,000 4,000 15,000

June 27, 2018 7,000 4,000 4,000 15,000

Total 91,000 52,000 52,000 1,95,000

24
Statement 6: Calendar for Auction of G-Secs Bills during April - September 2018
( April 1, 2018 to September 30, 2018).

(Amount in Rs Crore)

Sr. No. Week of Auction Amount Security-Wise allocation

1 April 2-6, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 1,000 crore
v) 20 Years & Above for Rs 3,000 crore
2 April 9 - 13, 2018 12,000 i) 1 - 4 years for `Nil'
ii) 5 - 9 years for Rs 3,000 crore
i) 10 -14 years for Rs 4,000 crore
ii) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 3,000 crore

3 April 16-20, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 1,000 crore
v) 20 Years & Above for Rs 3,000 crore

4 April 23-27, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 3,000 crore

5 April 30 - May 4, 12,000 i) 1 - 4 years for Rs 2,000 crore

2018 ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 1,000 crore
v) 20 Years & Above for Rs 3,000 crore

6 May 7 - 11, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

7 May 14 - 18, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 1,000 crore
25
 v) 20 Years & Above for Rs 3,000 crore

8 May 21 -25, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

9 May 28 - June 1, 12,000 i) 1 - 4 years for Rs 2,000 crore

2018 ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 1,000 crore
v) 20 Years & Above for Rs 3,000 crore

10 June 4 - 8, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
v) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 3,000 crore

11 June 18 - 22, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

12 June 25 - 29, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

13 July 2 - 6, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

14 July 9 - 13, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

26
15 July 16 - 20, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore
ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

16 July 23 - 27, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

17 July 30 - Aug 3, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii} 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

18 Aug 6 - 10, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

19 Aug 13 - 17, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

20 Aug 20 - 24, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

21 Aug 27 - 31, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

22 Sept 3 - 7, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
27
 iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

23 Sept 17 - 21, 2018 12,000 i) 1 - 4 years for Rs 2,000 crore

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 3,000 crore
iv) 15 -19 years for Rs 2,000 crore
v) 20 Years & Above for Rs 2,000 crore

24 Sept 24 -28, 2018 12,000 i) 1 - 4 years for `Nil'

ii) 5 - 9 years for Rs 3,000 crore
iii) 10 -14 years for Rs 4,000 crore
iv) 15 -19 years for Rs 2,000 crore

v) 20 Years & Above for Rs 3,000 crore

Total 2,88,000

28