Financial Daily from THE HINDU group of publications
Saturday, Oct 09, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 09, 2004 |
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Money & Banking
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Govt Bonds Auction bid dampens sentiment in fixed rate paper Our Bureau
Mumbai , Oct. 8 THE Government has announced re-issue of Rs 6,000 crore worth of 7.38 per cent 2015 Government paper through a price based auction on October 11, said a RBI release. Dealers said prices in the Government securities market fell by a rupee as the auction announcement of the fixed rate paper dampened sentiment. Market participants were expecting a floating rate paper from the RBI. This expectation has boosted the 10-year benchmark's 7.37 per cent 2014 paper's yield to 6.66 per cent, as compared to the previous close 6.54 per cent. The Reserve Bank of India will conduct the auction through multiple price auction method, said the release. Eligible individuals and institutions will be allotted up to 5 per cent of the notified amount of the sale of the stock according to the scheme for non-competitive bidding facility. The bids should be submitted to the RBI by October 11. The result of the auction will be announced on October 11 while payment will be on October 12. Bids for underwriting should be submitted by the primary dealers on October 9, said the release.
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