Reserve Bank of India repurchases Rs. 50 billion government bonds

By Richard Connell

New York, Feb. 19 - The Reserve Bank of India bought back Rs. 50 billion of government bonds in two tranches of auctions on Thursday.

The bank repurchased Rs. 20 billion 7.94% bonds due 2021 at a cut-off price of 109.96 to yield 6.7318%.

The weighted average price was 109.76.

Of the 159 competitive bids totaling Rs. 65,800,730,000 received, 11 bids were accepted.

In a second tranche, the bank repurchased Rs. 30 billion 8.24% bonds due 2018 at a cut-off price of 113.65 to yield 6.2589%.

The weighted average price for this tranche was 113.46.

Of the 286 competitive bids totaling Rs. 108,570,630,000 received, 46 bids were accepted.

In a third tranche, the bank offered to repurchase Rs. 10 billion 7.45% bonds due 2035.

Although 43 bids for 10,716,250,000 were received, none were accepted by the bank.

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