Reserve Bank of India repurchases Rs. 77.05 billion government bonds

By Richard Connell

New York, March 5 - The Reserve Bank of India bought back Rs. 77.05 billion of government bonds in four tranches of auctions on Thursday.

The bank repurchased Rs. 45 billion 7.99% bonds due 2017 at a cut-off price of 107.60 to yield 6.7799%.

Of the 115 competitive bids totaling Rs. 94,556,180,000 received, 38 bids were accepted to match the offering size of Rs. 45 billion.

In a second tranche, the bank repurchased Rs. 2.9 billion 6.3% bonds due 2023 at a cut-off price of 92.31 to yield 7.1753%.

For the Rs. 10 billion offering in this tranche, 23 competitive bids totaling Rs. 10,683,770,000 were received, of which 2 bids were accepted for Rs. 2.9 billion.

In a third tranche, the bank repurchased Rs. 14.8 billion 7.95% bonds due 2032 at a cut-off price of 104.01 to yield 7.5758%.

For the Rs. 15 billion offering in this tranche, 126 competitive bids totaling Rs. 60.9 billion were received, of which 16 bids were accepted for Rs. 14.8 billion.

In the fourth tranche, the bank repurchased Rs. 14.35 billion 8.33% bonds due 2036 at a cut-off price of 107.5 to yield 7.6683%.

For the Rs. 15 billion offering in this tranche, 88 competitive bids totaling Rs. 35,958,300,000 were received, of which 15 bids were accepted for Rs. 14.35 billion.

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