Indian state governments auction Rs. 18.2 billion of development loans

New York, March 27 - Nine state governments in India auctioned Rs. 18.20 billion of 10-year state development loans on Monday. The total amount sold was slightly less than the Rs. 18.51 billion announced.

The Reserve Bank of India handled the auction, which uses the multiple price method.

Results were:

• Assam sold Rs. 1 billion of loans with a weighted average yield of 7.725%. The cut off yield was 7.75%;

• Jammu & Kashmir sold Rs. 750 million of loans with a weighted average yield of 7.710%. The cut off yield was 7.75%;

• Manipur sold Rs. 850 million of loans with a weighted average yield of 7.7106%. The cut off yield was 7.74%;

• Meghalaya sold Rs. 500 million of loans with a weighted average yield of 7.700%. The cut off yield was 7.700%;

• Mizoram sold Rs. 500 million of loans with a weighted average yield of 7.700%. The cut off yield was 7.710%;

• Nagaland sold Rs. 450 million of loans with a weighted average yield of 7.690%. The cut off yield was 7.690%;

• Punjab sold Rs. 5.8 billion of loans with a weighted average yield of 7.7475%. The cut off yield was 7.900%;

• Tamilnadu sold Rs. 6.09 billion of loans with a weighted average yield of 7.7408%. The cut off yield was 7.790%. The amount was reduced from the planned Rs. 6.40 billion;

• Uttaranchal sold Rs. 2.3 billion of loans with a weighted average yield of 7.7062%. The cut off yield was 7.720%.

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