New Issue: Reserve Bank of India sells Rs. 100 billion government bonds

By Richard Connell

New York, Jan. 15 - The Reserve Bank of India sold Rs. 100 billion of government bonds in three tranches on Friday.

The bank sold a Rs. 30 billion add-on to its 7.02% bonds due 2016 at a cut-off price of 98.09 to yield 7.3901%.

Of the 165 competitive bids totaling Rs. 78.76 billion received, 40 bids were accepted for Rs. 29.95 billion. Also, five non-competitive bids were received and accepted for Rs. 50 million.

The bank also sold a Rs. 40 billion add-on to its 6.35% bonds due 2020 at a cut-off price of 91.11 to yield 7.6407%.

Of the 156 competitive bids totaling Rs. 77.87 billion received for this tranche, 69 bids were accepted for Rs. 39,909,500,000. Also, five non-competitive bids were received and accepted for Rs. 90.5 million.

In a third tranche, the bank sold a Rs. 30 billion add-on to its 8.24% bonds due 2027 at a cut-off price of 99.63 to yield 8.2797%.

Of the 123 competitive bids totaling Rs. 57.32 billion received in this tranche, 76 bids were accepted for Rs. 29.591 billion. Also, nine non-competitive bids were received and accepted for Rs. 409 million.

Issuer:	Reserve Bank of India
Total amount:	Rs. 100 billion
Issue:	Government bonds
Auction date:	Jan. 15
Bonds due 2016 (Re-issue)
Amount:	Rs. 30 billion
Maturity:	2016
Coupon:	7.02%
Cut-off price:	98.09
Yield:	7.3901%
Bonds due 2020 (Re-issue)
Amount:	Rs. 40 billion
Maturity:	2020
Coupon:	6.35%
Cut-off price:	91.11
Yield:	7.6407%
Bonds due 2027 (Re-issue)
Amount:	Rs. 30 billion
Maturity:	2027
Coupon:	8.24%
Cut-off price:	99.63
Yield:	8.2797%

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