Reserve Bank of India repurchases Rs. 42.97 billion government bonds

By Richard Connell

New York, Sept. 10 - The Reserve Bank of India bought back Rs. 42,970,680,000 of government bonds in three tranches via auctions on Thursday.

The bank repurchased Rs. 30,714,360,000 of 6.07% bonds due 2014 at a weighted average price of 95.71 with a weighted average yield of 7.1634%. The cut-off price was 95.79, and the cut-off yield 7.1414%.

The bank received 109 bids totaling Rs. 62,174,230,000, of which 63 bids were accepted.

In a second tranche, the bank repurchased Rs. 10,156,320,000 of 7.49% bonds due 2017 at a weighted average price of 99.99 and a weighted average yield of 7.4893%. The cut-off price was 100.24, and the cut-off yield was 7.4462%.

For this tranche, the bank received 57 bids totaling Rs. 50,506,320,000, of which 24 bids were accepted.

In a third tranche, the bank repurchased Rs. 2.1 billion of 7.4% bonds due 2035 at a weighted average price of 91.41 and a weighted average yield of 8.204%. The cut-off price was 91.44, and the cut-off yield was 8.2011%.

For this tranche, the bank received 22 bids totaling Rs. 6,585,410,000, of which four bids were accepted.

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