Twin Bond Auctions Sail Through

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Mumbai, October 8:: The Reserve Bank of India (RBI) set a cut-off price Rs 100.93 (YTM at 7.1444 per cent) for the Rs 4,000 crore 7.27 per cent 2013 paper and a cut-off price of Rs 100.72 (YTM at 7.8858 per cent) for the Rs 3,000 crore 7.97 per cent 2032 paper auctioned on Tuesday.

Both the papers, especially the shorter-end one, got an overwhelming response from the marker and were fully subscribed.

The RBI received 361 competitive bids worth Rs 15,269.50 crore at its 11-year paper of which it accepted 119 bids for Rs 3,921.69 crore.

It made a partial allotment of 4.34 per cent on 29 competitive bids. The central bank received 91 competitive bids for Rs 4,463.25 crore at the 30-year paper of which the RBI accepted 39 bids worth Rs 2,952.32 crore.

The RBI made a partial allotment of 66.54 per cent on 3 competitive bids.

The RBI had extended the trading hours on the negotiated dealing system by an hour, up to 6 pm, to enable deals to be struck after it announces the results of two bond auctions.