Good response for gilt auctions despite S&P downgrading

Our Banking Bureau

Mumbai, Aug 8: The auctions for the 9.81 per cent 2013 dated-stock and the new 18-year paper have received good responses from market participants despite the negative sentiment following Standard and Poor’s (S&P) downgrading of India’s long term local currency sovereign credit rating to ‘BBB-’ from ‘BBB’. The RBI received 159 bids at the 9.81 per cent 2013 auction for Rs 4,427 crore.