Reserve Bank of India repurchases Rs. 54.11 billion government bonds

By Angela McDaniels

Tacoma, Wash., Aug. 20 - The Reserve Bank of India bought back Rs. 54,109,190,000 of government bonds in three tranches via auctions on Thursday.

The bank repurchased Rs. 46,267,880,000 of 7.37% bonds due 2014 at a weighted average price of 101.66 with a weighted average yield of 6.9425%. The cut-off price was 101.83, and the cut-off yield was 6.9001%.

The bank received 78 bids totaling Rs. 63,225,020,000, of which 47 bids were accepted.

In a second tranche, the bank repurchased Rs. 3,858,360,000 of 8.24% bonds due 2018 at a weighted average price of 105.99 and a weighted average yield of 7.2932%. The cut-off price was 106.03, and the cut-off yield was 7.2870%.

For this tranche, the bank received 59 bids totaling Rs. 27,516,060,000, of which 8 bids were accepted.

In the third tranche, the bank repurchased Rs. 3,982,950,000 of 7½% bonds due 2034 at a weighted average price of 94.43 and a weighted average yield of 8.0191%. The cut-off price was 94.62, and the cut-off yield was 8.0007%.

For this tranche, the bank received 30 bids totaling Rs. 18,295,750,000, of which 16 bids were accepted.

The bank also received 44 bids for Rs. 21.55 billion of 6.05% bonds due 2019, but none of these bids was accepted.

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