₹8.9l Cr G-secs To Be Auctioned In Apr-sept | Mumbai News – Times of India

MUMBAI: The government will borrow Rs 8.88 lakh crore in the first half of FY24 through dated government securities, most of which will be through bonds with a maturity of 10 years and above. It will also auction Rs 1,04,000-crore worth 364-day treasury bills between April and September 2023.
The Centre on Wednesday notified its market borrowing programme for the first half of FY24. Nearly 70% of the dated government securities will comprise 10-year, 30-year and 40-year bonds. Besides the dated government securities and 364-day treasury bills, the government will also issue Rs 3,12,000 crore of 91-day and 182-day treasury bills.
The government will issue a record Rs 1,44,000 crore of 40-year bonds. Dealers said there is a good demand for these bonds from life insurance companies and pension funds.
Yields on government bonds have softened despite the wide expectation that the RBI)will hike interest rates after the monetary policy committee review of interest rates.
The 10-year benchmark 7.26% 2032 bond yield ended at 7.29%, the lowest level since February 3, after closing at 7.3% on Tuesday. Dealers said there was a rush for long-dated bonds by mutual funds due to large inflows from investors ahead of the year’s end when indexation benefits on bond mutual fund gains would be discontinued.

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