India set October-to-March bond sales at 7.86 trillion rupees
New Delhi set October-to-March bond sales at 7.86 trillion rupees. Full-year gross borrowing is 15.995 trillion rupees, under the 16.09 trillion indicated with the first-half calendar and the 17.20 trillion rupee budget. Mint reports that the borrowing estimate for the fiscal year was cut by 1.2 trillion rupees.
Economics & Markets··Night
October-to-March sales are 7.86 trillion rupees
New Delhi set gross bond sales for October through March at 7.86 trillion rupees. Full-year gross borrowing comes to 15.995 trillion rupees, under the 16.09 trillion rupees indicated with the first-half calendar and under the 17.20 trillion rupee budget figure. Mint reports the same second-half sale and a 1.2 trillion rupee cut to the borrowing estimate for the fiscal year. The April-to-September half has already raised 8.135 trillion rupees, so the calendar now in front of the market is the half still ahead.[1], [2]
Shorter bonds take less, longer bonds take more
The five-year share falls to 12.1 percent from 15.4 percent, and the ten-year share falls to 26.3 percent from 29 percent. The fifteen-year and thirty-year bonds together rise to 26.8 percent from 21.8 percent. Green-bond sales in the half are 150 billion rupees. The calendar thus shifts borrowing from shorter to longer maturities.[1]
The ten-year yield closed at 7.1194 percent
The ten-year yield closed at 7.1194 percent after the borrowing calendar was set. The April-to-September raise of 8.135 trillion rupees is already done. What the market still has to absorb is the October-to-March list, with the five-year and ten-year shares smaller than before and the longer bonds a larger combined share.[1], [2]
