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Our Bureau

`Cut-off price higher than expected'

Mumbai , June 22

The auctions of the 7.37-Government Stock 2014 and the 7.49-Government Stock 2021 were oversubscribed on Thursday.

Dealers said the cut-off yield was higher than expected.

For the 7.37 paper, the notified amount was Rs 5,000 crore. Reserve Bank of India received 216 competitive bids amounting to Rs 8,168 crore. The cut-off price was Rs 96.84 (7.92 per cent YTM). RBI accepted 164 bids, amounting to Rs 4,997 crore.

The partial allotment percentage amounted to 23.14 per cent from 3 bids.

The amount of underwriting accepted from primary dealers was Rs 4,942.05 crore.

The weighted average price was Rs 97.01.

Sevennon-competitive bids, amounting to Rs 2.98 crore ,were received and accepted. The amount of underwriting accepted from primary dealers was Rs 2,484 crore.

Oversubscribed

For the 7.49 paper, the notified amount was Rs 4,000 crore. As many as 112 competitive bids amounting to Rs 6,632.97 crore were received. The cut-off price was Rs 95.65 (8.46 per cent YTM). The RBI accepted 86 bids amounting to Rs 3,983.71 crore.

The partial allotment percentage amounted to 39.93 per cent from three bids. The amount of underwriting accepted from primary dealers was Rs 1,994 crore. The weighted average price was Rs 95.65.

The RBI also received and accepted 31 non-competitive bids amounting to Rs 16.28 crore.

More Stories on : Govt Bonds

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