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Steps to Develop Corporate Bond Market

The Securities and Exchange Board of India has begun to take steps to develop the corporate bond market, which remains underdeveloped in comparison to the equity and gilt markets. The regulator has begun implementing, in a phased manner, the recommendations of the R H Patil Committee. These include measures to ensure greater transparency, disseminate information and aid price discovery. Important as these measures are, more has to be done to promote a vibrant bond market that would mobilise funds for infrastructure.

Steps to Develop Corporate Bond Market

EPW Research Foundation

bond market would provide the colossal amounts of funds required for infrastructure financing. Though it has been repeatedly accepted that a healthy bond market would play a crucial role not only in financing large project finances, but would also ensure a healthy financial system by

The Securities and Exchange Board of India has begun to take steps to develop the corporate bond market, which remains underdeveloped in comparison to the equity and gilt markets. The regulator has begun implementing, in a phased manner, the recommendations of the R H Patil Committee. These include measures to ensure greater transparency, disseminate information and aid price discovery. Important as these measures are, more has to be done to promote a vibrant bond market that would mobilise funds for infrastructure.

Piyusha Hukeri drafted the initial note and V P Prasanth compiled the accompanying tables and graphs.

O
f late, regulators have begun to focus their attention on the hitherto languishing corporate bond market. The Securities and Exchange Board of India (SEBI), in particular, has been proactive in ushering a number of changes in the operations of its primary and secondary markets, which are significant for promoting healthy development.

1 A Beginning

Following the acceptance of the recommendations of the R H Patil Committee report titled “Report of High Level Expert Committee on Corporate Bonds and Securitisation”, which encompassed the legal, regulatory, tax and market design for the development of the corporate bond and securitisation markets, SEBI has begun implementing them in a phased manner and has enumerated on its web site the steps undertaken as well as those measures that are under consideration. The measures have been directed towards introducing greater transparency in transactions, facilitating price discovery, creation of a database and dissemination of crucial information regarding defaults among others. One of the important developments has been that the government has clarified and demarcated the responsibility of the Reserve Bank of India (RBI) and SEBI, which has been fundamental given the nature of the bond market and warrants coordinated actions.

In the post-liberalisation phase, the growth of equity and gilt-edged markets have been quiet impressive and in terms of its structure, systems and regulations, the equity and equity derivatives markets are being considered to be among the best in world. Despite such commendable handson experience of developing markets, the corporate bond market has been allowed to languish with a number of unresolved issues. It was expected that the corporate supplementing the banking system, that has not yet been achieved.

Nevertheless, SEBI has taken up the task of implementing the recommendations of the Patil Committee such as introducing a reporting portal for all the trades and to capture all information related to trading in corporate bonds such as the issuer’s name, maturity, coupon rates, etc, as accurately and as close to execution as possible, which was initially started on the Bombay Stock Exchange (BSE) and later on operationalised on the National Stock Exchange (NSE) and Fimmda. Moreover, SEBI has begun to put out a consolidated position of these trades on a daily as well as monthly basis. Recently, in order to facilitate price discovery and bring about transparency into corporate bond trading, SEBI has permitted three private players to set up an electronic system, which will display buy/sell quotes of counter parties involved so that the buyers and the sellers could strike deals at best prices before they go in for order matching either at the exchange or to bilaterally execute the trade.

Further, SEBI has ensured that the order driven trading system with essential features of an over the counter (OTC) market for corporate bonds has become operational, but it has given the choice of settlement to the participants of either using the infrastructure of the exchanges or settle bilaterally.

Apart from these infrastructure related issues, SEBI has streamlined the duration of the shut period and day count convention with that on government securities. Even the market lot has been reduced uniformly for all the investors. In order to facilitate faster payments of interest and redemptions, the services of the Electronic Clearing Service, Direct Credit, Real Time Gross Settlement or National Electronic Funds Transfer have been allowed to be used.

In a significant development, SEBI has mandated that debenture issuing companies

december 29, 2007 Economic & Political Weekly

MONEY MARKET

should disseminate crucial information regarding defaults on interest and principal payments, changes in credit ratings and failure to create a charge on assets. Also, any modification in the structure and terms of the bonds during its life has to be done only with the approval of the exchanges.

In order to facilitate the development of a vibrant primary market, SEBI has done away with the stipulation of obtaining at least two credit ratings. Only one credit rating is now considered to be sufficient so as to reduce the cost of issuance. Further, it was earlier mandatory that the debt instruments issued through public/rights issue had to be of at least investment grade, even this has now been replaced and ratings below investment grade have been allowed.

Yet, the overall trading and settlement systems have yet to achieve the efficiency observed in the equity and gilt-edged markets. Even the Patil Committee report points to gradual movement of the settlement system from DvPI to DvP III as per best global practices. Even though SEBI has obtained confirmations from the two exchanges about their preparedness for introduction of repo in corporate bonds, the RBI, which has been responsible for introducing repo on corporate bonds, is committed to introducing them but has expressed concerns about the efficiency of the settlement system, which needs to be based on DvP III and STP. Also, there has to be a buoyant growth in secondary market turnover. Even in the case of the primary issuance market, there are a number of issues, which SEBI still has to address such as the mandatory listing of private placement, which is expected to promote secondary market trading.

2 Money, Gilt-Edged and Forex Markets

In November, the outlook of the money and government securities market remained cautious as the liquidity situation was transformed from surplus to deficit as the usually huge festive season demand for bank funds was accompanied by the outflows towards meeting the hike in the cash-reserve ratio (CRR) as indicated in Table 1. In addition, subdued international inflows and the change in RBI’s intervention policy in the forex market, which included operations in both the spot and forward markets affected liquidity adversely. As a result, post-CRR hike the call rates firmed up and occasionally ruled above the repo rate and there were no reverse repo bids tendered for some days. Consequently, the RBI undertook a series of measures to sustain liquidity such as support through repo auctions and refraining from the Market Stabilisation Scheme (MSS) dated auctions except for only one instance in the

oversubscribed, RBI also allowed a central dated security to devolve on the primary dealers. As these measures restored the supply position, market sentiments improved. The Power Finance Corporation withdrew its bond issue despite the issue being oversubscribed, as the investors had bids for higher spreads in view of the tight liquidity situation. Apart from liquidity, the market remained concerned about the surge in international crude oil prices, which turned the sentiments cautious, though the domestic inflation continued to remain subdued. This increased demand for dollars from oil companies amidst lower foreign currency inflows, resulted in a depreciation of the rupee. In an important development, the government Securities Act, 2006 came into effect with effect from December 1, 2007 and is expected to facilitate widening and deepening of the government securities market.

Incidentally, the government is seeking approval for additional funds for various purposes in the second batch of supplementary demand for grants, of them Rs 4,500 crore have been for the interest outgo on MSS bonds which has assumed significance

beginning of the Graph A: Trends in Weighted Averages of Call Rates, Repo Rates and Call Money Borrowing – November 2007
month. Even the MSS 8.00 18
absorptions through 7.50 16
treasury bills were 7.00 14
partly rejected. Fur 6.50 12
ther, the RBI also 6.00 10
reduced the notified
amounts in case of 5.50
all the treasury bills. 5.00
Despite the primary 4.50
issuances being 4.00 27/10 31/10 4/11 8/11 12/11 16/11 20/11 24/11 28/11 0
8 6 4 2 Call Money Volume (Rs ‘000 Crore) (Right axis) Call Rates Repo Rates – Outside the RBI

Table 1 : Estimated Flow of Liquidity into the Financial System during November 2007 (Rupees crore)

Week- 30 (RF) 23 16 (RF) 9$$ 2
Ended Inflow Outflow Net Inflow Outflow Net Inflow Outflow Net Inflow Outflow Net Inflow Outflow Net
Autonomous liquidity flows (Total) 39,476 6,242 33,233 16,626 83,694 -67,068 64,685 6,665 58,020 33,021 11,500 21,521 26,340 10,000 16,340
91-day T bills 2,000 500 1,500 2,000 3,500 -1,500 2,000 500 1,500 2,000 500 1,500 2,000 3,500 -1,500
182-day T bills 1,736 500 1,236 - - 0 1,500 500 1,000 - - 0 1,626 500 1,126
364-day T bills - - 0 2,000 1,000 1,000 - - 0 2,000 3,000 -1,000 - - 0
Government securities auction/redemption - 5,212 -5,212 642 7,000 -6,358 -5,300 -5,300 1,613 8,000 -6,387 - 6,000 -6,000
Coupon payments 4,401 - 4,401 1,729 - 1,729 4,580 - 4,580 - - 0 1,107 -1,107
RBI credit to Govt * (Net of OMO/Repo/Reverse Repo) 25,336 -25,336 - 72,122 -72,122 52,209 -52,209 13,453 -13,453 10,830 -10,830
RBI credit to others ( FIs & non-banks) * - 30 -30 - 3 -3 324 - 324 - - 0 0 - 0
Net foreign assets * 5,394 - 5,394 10,255 -10,255 4,072 - 4,072 13,619 -13,619 10,746 -10,746
Other deposits with RBI * 609 - 609 - 69 -69 - 365 -365 336 - 336 30 - 30
Discretionary liquidity flows (Total) 133 10,030 -9,897 39,365 969 38,396 1,459 48,685 -47,226 0 5,165 -5,165 0 10,940 -10,940
Open market operations (RBI) - - 0 - - 0 - - 0 - - 0 - - 0
Repo/Reverse Repo by RBI -10,030 -10,030 39,365 -39,365 -32,685 -32,685 - 5,165 -5,165 - 10,940 -10,940
CRR Increase - - 0 - - 0 -16,000 -16,000 - - 0 - - 0
RBI liquidity support ** 133 - 133 - 969 -969 1,459 - 1,459 - - 0 - - 0
(RF) Means reporting friday - Means nil. * * Based on RBI’s daily data on liquidity support. * Means variation over week.
(i) A negative sign implies net outflow. (ii)This table follows a slightly broader concept of liquidity flow as it covers auctions/redemptions of central government securities because loan floatations are pre-determined.
Economic & Political Weekly december 29, 2007 25

given the latest increase in the ceiling effected on November 7 to Rs 2.5 lakh crore.

Call Money Market

Despite the benchmark rates being held steady in the mid-term review of the credit policy announced on October 31, the shortterm rates firmed up and sporadically ruled above the repo rate due to a strained

49

47

45

43

41

39

Graph B: Spot Quotations for the US Dollar in the Domestic Inter-Bank Market

Monthly Averages (Jan 2001 to Oct 2007 (Daily) working days Nov 2007

liquidity situation (Table 2). As a result, volatility was higher in November for both the call money as well as notice money rates; the standard deviation, a measure of volatility, for call money rates was at

0.86 as against 0.12 in October (Table 3).

The month began with weighted average of call rate ruling at 6.08 per cent on November 1 and eased to 5.56 per cent on the next day, but rose continuously to 6.36 per cent on November 8 due to outflows towards dated securities auction. Following the implementation of the new CRR rate of

7.5 per cent and cash withdrawals related to festive season, the call rate jumped to

7.90 per cent on November 13 and thereafter to 7.97 per cent on November 16 despite huge liquidity injection by the RBI through the Liquidity Adjustment Facility (LAF) repo window. As there were signs of improvement in the liquidity situation, the call rate declined and on the second reporting Friday, November 23, it ruled at

Table 2: Money Market Operations (RBI’s Daily Data)

6.02 per cent. However, as the banks in-surpassed the 10-year peak and the RBI creased their borrowings at the beginning continued to aggressively intervene. Howof the reporting fortnight, the rate surged ever, the weaknesses in the global equity to 7.80 per cent on November 27 but eased markets and deepening US sub-prime crithereafter to 7.57 per cent on November 30 sis resulted in risk aversion among foreign (Graph A, p 25). In line with the firming up institutional investors and the domestic of call rates, the CBLO and market repo stock indices fell. In addition, the record rates firmed up and even they also occasion-surge in international crude oil prices ally ruled above the repo rate. As usual, stepped up the demand for dollars and the the collateralised segment continued to rupee began depreciating. But this was dominate the money market (Table 4). contained due to the exporters bringing

in their receivables. Forex Market The rupee-dollar exchange rate appreci-After a rapid and sharp appreciation of ated sharply from Rs 39.32 on November 1 the rupee against the dollar in the past to Rs 39.27 on November 7 as the inflows two months, from

Table 3: Weighted Averages of Daily Call/Notice Rates in Per Cent Per Annum: Rs 40.96 on Au-Simple Statistical Characteristics

Month/Week Simple Standard Coefficient of Simple Standard Coefficient of gust 31, 2007 to Mean * Deviation Variation Mean * Deviation Variation (in %)$ (in %)$

Rs 39.32 on Octo-

Call Money Notice Money **

ber 31, 2007, the

October 2007 exchange rate de-All four weeks 6.00 0.12 1.96 5.37 1.77 33.04 26 (RF)* 5.96 0.11 1.85 5.78 0.20 3.54

preciated in No

19 6.03 0.18 2.98 6.00 0.44 7.33 vember by 35 12 (RF)* 5.99 0.09 1.57 4.82 2.40 49.76

paise. With the 5 6.04 0.03 0.56 4.63 3.10 66.88 November 2007

widening interest

All five weeks 6.91 0.86 12.47 5.97 2.23 37.33

rate differential

30 7.60 0.26 3.39 7.10 0.53 7.49

following the US 23 (RF)* 7.29 0.75 10.28 6.95 0.51 7.28

16 7.60 0.56 7.43 5.05 3.92 77.71

fed rate cut an

9 $$ 6.07 0.25 4.12 4.87 2.78 57.14

nounced on Octo

2 5.98 0.21 3.45 5.87 0.25 4.22

ber 31, there were ** Separate reportings began on March 15, 2005. * Including data for reporting Fridays (RF). $ Based on original unrounded figures.

expectations that Source: RBI.

the inflows would

Table 4: Comparison of Call, Overnight CBLO and Repo Rates

Week Ending Weighted Average Rates (in %) Daily Average Volumes (Rs Crore) Call Overnight CBLO Repo Call Overnight CBLO Repo

continue and the

rupee would keep

5-Oct-07 6.04 5.48 5.86 9,828 34,011 17,164 appreciating. Be-12-Oct-07 5.96 5.17 5.61 8,209 30,174 15,399

sides, the ongoing 19-Oct-07 6.05 5.76 5.91 11,934 32,950 13,309 26-Oct-07 6.02 5.88 5.98 9,671 25,251 15,438

public equity of

2-Nov-07 6.07 6.03 6.12 12,852 28,422 17,911 fering continued 8-Nov-07 6.33 5.94 6.32 12,108 27,611 14,611

to attract foreign 16-Nov-07 7.79 7.64 7.72 10,358 23,304 8,770 23-Nov-07 7.23 6.49 6.84 10,462 29,546 10,487

investments. As a

30-Nov-07 7.62 7.56 7.59 9,742 32,766 14,737 result, the rupee Source: The Clearing Corporation of India Ltd (CCIL).

Average November 2007 Average October 2007

Items for Five Weeks 30 23 (RF)* 16 9 $ 2 for Four Weeks 26 (RF)* 19 12 (RF)* 5

No of working days Call Money Weighted average of call rates: per cent (weekly range) per annum Daily averages (Rupees crore) Total call market borrowings 28 5.67-7.97 9,206 5 7.17-7.80 7,589 6 6.02-7.78 (6.02) 10,302 (11,385) 6 6.47-7.97 8,574 5 5.67-6.36 92,173 6 5.56-6.10 10,079 22 5.71-6.27 7,531 6 5.77-6.04 (5.77) 7,523 (421) 6 5.71-6.27 9,738 6 5.80-6.06(5.80) 6,575 (239) 4 6.01-6.09 75,50
Notice Money Weighted average of notice money rates: per cent (weekly range) per annum Daily averages (Rupees crore) Total notice market borrowings 5.53-7.94 53,521 6.25-7.70 2,154 6.06-7.40 (6.1) 160 7.62-7.94 1,784 5.60-7.06 2,891 5.53-6.08 2,773 5.50-6.59 1,956 5.50-6.02 (6.0) 2,148 (12,560) 5.59-6.54 2,196 5.40-6.59(5.7) 1,961 (9,474) 6.00-6.52 2,277
Turnover in term money market 66 55 45 (borrowings) $$ (10) *Data for reporting Fridays are given within brackets and they are also included in the weekly range/daily averages. 3 70 154 76 35 $ Thursday data $$ No of reporting/traded days is fewer than given above. 126 83 (75) 71
26 december 29, 2007 Economic & Political Weekly
MONEY MARKET

increased due to the increasing interest rate differential. Also, the statement by the finance minister that the rupee would continue to appreciate amidst a growing economy supported the appreciation. However, the RBI intervened aggressively and the rate dipped to Rs 39.34 on November 8 and further to Rs 39.39 on November 13 due to the unwinding of yen carry trade leading to bearish sentiments. However, due to buoyancy in the domestic markets, the rupee appreciated to Rs 39.28 on November 15, which was brought down to Rs 39.35 on the next day due to aggressive RBI intervention. On account of a combined effect of the weaknesses in domestic

Graph C: Annualised Forward Premia in Percentage for the US Dollar in the Domestic Inter-Bank Market and Weighted Averages of Call Rates for November 2007 was partly devolved

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

markets, the surge in international crude oil prices and the month-end demand for dollars, the rupee dipped to Rs 39.85 on November 27. But as there were expectations of a US fed rate cut in December and a continued firmness in stock indices, the rupee rose to Rs 39.67 on November 30 (Graph B, p 26).

As the spot rupee depreciated, the forward premia eased across maturity as the RBI continued to intervene using forward contracts, importers covering their positions and exporters undertaking hedging activities. The six-month forward premia declined from 1.48 per cent on November 1 to 0.83 per cent on November 26, as there were built-up of expectations of a possible US fed rate cut, but it rose to 1.06 per cent on November 30 due to monthend demand for dollars. This easing implied that the market participants did not perceive a sharp depreciation of the rupee (Graph C).

3 Primary Market

In November, notwithstanding the liquidity concerns, the government mobilised Rs 15,000 crore through two tranches but one of the papers

Weighted Averages of Call Rates (%) (Right axis) 6 month ( Left axis) 1 month ( Left axis)

29/10 2/11 6/11 10/11 14/11 18/11 22/11 26/11 30/11

9 on primary dealers

8 (PD) for the first time

in the current finan

7

cial year (Table 5).

6

Further, the scheme

5

of underwriting 4 commitment by the 3 primary dealers has

been revised, where

2

in the earlier re

1

quirement of each 0 PD to bid for a minimum of three per cent of the notified amount in the additional competitive undertaking (ACU) auction has been changed to the minimum bidding requirement for each PD in the ACU auction to be equal to the amount of minimum undertaking commitment (MUC).

Primary Securities

In the first instance, on November 8, the government re-issued 8.20 per cent 2022 and 8.33 per cent 2036 for notified amounts of Rs 5,000 crore and Rs 3,000

Table 5: Details of Central Government Market Borrowing (Amount in Rs crore)
Date of Auction Nomenclature of Loan Type of Auction Notified Amount Competitive Bids Received Number Amount Competitive Bids Accepted Number Amount Indicative Devolvement on YTM at Cut-off Primary Dealers Price (in %) (Rs Crore)
1-Nov-07 5.87% 2010 MSS 3000 143 8512 60 2998 7.73% -
(Rs 96.34)
1-Nov-07 11.30% 2010 MSS 3000 82 8405 37 3000 7.80% -
(Rs 108.46)
8-Nov-07 8.20% 2022 Normal 5000 143 9025 92 4038 8.26% 975.3
(Rs 90.50)

crore, respectively, through price based auctions using the multiple price method. In the case of 15-year paper, though the RBI received competitive bids worth Rs 9,025 crore against the notified amount of Rs 5,000 crore, only bids for Rs 4,038 crore were accepted and the balance of Rs 957.30 crore was devolved on primary dealers. The cut-off yield for this paper was set at 8.26 per cent while for the same paper in September it offered

8.16 per cent. For the 29-year paper, the yield was set at 8.39 per cent against 8.41 per cent in September.

In the second instance, the two securities re-issued were 7.99 per cent 2017 and

8.35 per cent 2022 for notified amounts of Rs 3,000 crore and Rs 4,000 crore, respectively, through price based auctions using multiple price method. The underwriting for these papers was as per the above-mentioned revised system. The cutoff yield for 10-year paper was set at 7.90 per cent against 7.91 per cent set in the previous month and for the 15-year paper it was set at 8.20 per cent higher than that set at 8.14 per cent in September.

The nine state governments raised an aggregate amount of Rs 10,512.35 crore as against the targeted amount of Rs 11,394 crore in two tranches. In the first case, on November 13, seven state governments auctioned 10-year state development loans for a total amount of Rs 5,896.45

Graph D: Yield Curves for Dated Securities – Weighted Averages for the Second and Last Week of November 2007

9 8.5 8 7.5 7 Week ending Nov 9 Week ending Nov 30 Yield (% per annum)

1357911131517212729

Years to Maturity

crore through an yield based auction using multiple price auction method. In the case of Rajasthan, though the competitive bids worth the notified amount was received the RBI rejected all the bids. Thus, against the targeted amount,only Rs 5,300 crore was mobilised. The cut

8-Nov-07 8.33% 2036 Normal 3000 209 9310 10 2993 8.39% -off yield was set the lowest at 8.39 per (Rs 99.34)

cent for Tamil Nadu and the highest for

23-Nov-07 7.99% 2017 Normal 3000 172 6676 75 2992 7.90% -

(Rs 100.61) Kerala at 8.69 per cent. In the second 23-Nov-07 8.35% 2022 Normal 4000 258 13398 57 3989 8.20% -

case, six state governments targeted to

(Rs. 101.26) Source: RBI Press Releases. raise Rs 5,497.35 crore through the issue

Economic & Political Weekly december 29, 2007

of 10-year loans through an yield based auction. However, Rajasthan, against the notified amount of Rs 500 crore, raised only Rs 215 crore . The cut-off yields were set lower than those set earlier during the month; the lowest yield was set at

8.45 per cent for Rajasthan and the highest at 8.50 per cent for Himachal Pradesh, Maharashtra and West Bengal.

Under MSS, the RBI issued 5.87 per cent 2010 and 11.30 per cent 2010 for an aggrecould offer lower rates and still mobilise three years at the same interest rate as that the targeted amount. For instance, Nabard offered in September. had to offer a higher rate of 9.50 per cent in August for 3 years, it offered only 9.15 4 Secondary Market per cent for the same maturity in Novem-The market participants were apprehensive ber. Even EXIM Bank could raise Rs 250 of undertaking large secondary market crore by offering 9.10 per cent again for transactions due to pressure on liquidity

Table 6: Auctions of 91-Day Treasury Bills (Amount in rupees crore)

Date of Notified Bids Tendered Bids Accepted Subscription Cut-off Cut-off Amount
Auction Amount Devolved Price Yeild Outstanding-
No Face Value No Face Value on PDs (Rupees) Rate on the Date
(Amount) (Amount) (Amount) (%) of Issue
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
gate amount of Rs 6,000 crore at yields 7.73 per cent and 7.80 per cent, respectively. 2006 November 1 November 8 2000.00 2000.00 39 (1) 43 2567.40 (2000.00) 3196.74 6 (1) 15 602.40 (2000.00) 988.74 0.00 0.00 98.37 [98.37] 98.37 6.65 [6.65] 6.65 30359.01 28847.75
Treasury Bills The primary yields on treasury bills (TB) firmed up, though the RBI reduced the notified amounts of all the treasury bills for some of the auctions and also except for two auctions, the amount under MSS was rejected. Thus, against the notified amount of Rs 20,000 crore only Rs 10,000 crore was accepted. The yield on 91-day TB jumped from 7.31 per cent set on No- November 15 November 22 November 29 2007 October 31 November 7 November 14 2000.00 2000.00 2000.00 3500.00 3500.00 3500.00 (1) 34 (5) 40 (3) 40 (2) 86 (3) 96 (2) 79 (1) (200.00) 1670.00 (2305.00) 3502.10 (2750.00) 2361.47 (563.00) 3701.78 (380.99) 7154.50 (600.00) 6860.57 (203.00) (1) 6 (5) 24 (3) 30 (2) 28 (3) 1 (2) 48 (1) (200.00) 620.52 (2305.00) 2000.00 (2750.00) 2000.00 (563.00) 500.00 (380.99) 500.00 (600.00) 3500.00 (203.00) 0.00 0.00 0.00 0.00 0.00 0.00 [98.37] 98.37 [98.37] 98.37 [98.37] 98.36 [98.37] 98.21 [98.22] 98.21 [98.21] 98.16 [98.17] [6.65] 6.65 [6.65] 6.65 [6.65] 6.69 [6.65] 7.31 [7.27] 7.31 [7.31] 7.52 [7.48] 28263.27 30513.27 30976.27 64684.00 61284.00 62684.00
vember 7 to 7.52 per cent on November 14 November 21 2000.00 65 2437.85 11 500.00 0.00 98.16 7.52 60104.00
and thereafter ruled steady for the re (4) (970.00) (4) (970.00) [98.17] [7.48] November 28 2000.00 67 2618.50 10 500.00 0.00 98.16 7.52 57548.00
maining auctions of the month. Similarly, (3) (994.47) (3) (994.47) [98.16] [7.52]
the yield on 182-day TBs jumped from 7.60 per cent on November 14 to 7.71 per Figures in parentheses in cols 3 to 6 represent numbers and amounts of non-competitive bids which are not included in the total. Figures in the square brackets under cols 8 and 9 represent weighted average price and respective yield.
cent on November 28. However, in the Table 7: Auctions of 182-Day Treasury Bills (Amount in rupees crore) Date of Notified Bids Tendered Bids Accepted Subscription Cut-off Cut-off Amount
case of 364-day TBs, the yield galloped from 7.36 per cent on October 24 to Auction Amount Devolved Price Yield No Face Value No Face Value on PDs (Rupees) Rate (Amount) (Amount) (Amount) (%) Outstanding on the Date of Issue
7.76 per cent on November 7, but eased 2006
marginally to 7.75 per cent on November 21 (Tables 6 to 8). November 1 1500.00 36 1695.00 5 615.00 0.00 96.66 6.93 (1) (54.51) (1) (54.51) [96.67] [6.91] November 16 1500.00 39 1700.00 21 1115.00 0.00 96.66 6.93 20893.08 20008.08
(1) (203.00) (1) (203.00) [96.67] [6.91]
Corporate Bonds Market In November, there were fewer issues mo- November 29 1500.00 39 2105.00 24 1500.00 0.00 96.68 6.89 (2) (773.18) (2) (773.18) [96.70] [6.84] 2007 20267.83
bilising minuscule amounts and within that a corporate issuer had to call off the October 31 3500.00 75 3165.00 18 500.00 0.00 96.36 7.58 (0) (0.00) (0) (0.00) [96.37] [7.55] November 14 2500.00 81 3071.00 14 500.00 0.00 96.35 7.60 30991.00 29991.00
issue due to higher rates expected by the (0) (0.00) (0) (0.00) [96.36] [7.58]
bidders given the interest rate uncertainty. The mobilisation from the primary corpo- November 28 1500.00 71 2310.00 18 500.00 0.00 96.30 7.71 (0) (0.00) (0) (0.00) [96.32] [7.66] Figures in the square brackets represent weighted average price and the respective yield. 28755.00
rate debt market dipped sharply from Figures in brackets represent numbers and amounts of non-competitive bids which are not included in the total.
Rs 10,636 crore in October to Rs 1,215 in Table 8: Auctions of 364-Day Treasury Bills (Amount in rupees crore)
November as issuers refrained from tap- Date of Notified Bids Tendered Bids Accepted Subscription Cut-off Cut-off Auction Amount Devolved Price Yield Amount Outstanding
ping the market. However, Power Finance No Face Value No Face Value on PDs (Rupees) Rate (Amount) (Amount) (Amount) (%) on the Date of Issue

Corporation, a central PSU, had entered 2006 November 8 2000.00 59 4510.00 30 2000.00 0.00 93.48 6.99 44267

the market with a 10-year floating rate

(0) (0.00) (0) (0.00) [93.49] [6.98]

bond to mobilise Rs 100 crore preferred to

November 22 2000.00 56 5460.00 26 2000.00 0.00 93.49 6.98 45267 call off the issue despite being oversub-(0) (0.00) (0) (0.00) [93.51] [6.96]

scribed as the bidders were demanding 2007 November 7 3000.00 92 4425.00 64 3000.00 0.00 92.82 7.76 61040

very high spread over the prevailing yields

(0) (0.00) (0) (0.00) [92.86] [7.71] on government securities. November 21 3000.00 90 4550.00 17 1000.00 0.00 92.83 7.75 60040

(0) (0.00) (0) (0.00) [92.84] [7.73]

Though the corporate borrowers had to

Figures in the square brackets represent weighted average price and the respective yield. offer higher rates, the financial institutions Figures in brackets represent numbers and amounts of non-competitive bids which are not included in the total.

28 december 29, 2007 Economic & Political Weekly

MONEY MARKET

on account of the above mentioned factors and Rs 19,191 crore as against a range of of a slowdown in industrial production
and the weekly average turnover for these Rs 13,075 crore to Rs 30,604 crore in the and infrastructure growth, and easing of
securities ranged between Rs 11,754 crore previous month. However, with reports global crude prices from its record levels,
Appendix Table: Secondary Market Operations in Government Papers: NDS and NDS-OM Deals (Amount in rupees crore)
Descriptions Week Ending November 2007: Yield to Maturity on Actual Trading Total for the Month
30 23 16 9 2 of November 2007
AMT YTM CY AMT YTM CY AMT YTM CY AMT YTM CY AMT YTM CY AMT YTM CY
1 Treasury Bills
A 91-Day Bills 357.65 7.50 795.06 7.48 600.59 7.47 319.47 7.12 2147.61 7.17 4220.38 7.30
B 182-Day Bills 481.55 7.54 184.93 7.53 710.30 7.51 856.68 7.43 810.55 7.03 3044.01 7.37
C 364-Day Bills 488.56 7.58 1942.39 7.57 2634.98 7.61 1967.20 7.50 331.57 7.39 7364.70 7.56
2 GOI Dated Securities
A Regular (%: Year)
11.40 , 2008 - - - 0.07 7.24 11.07 - - - - - - - - - 0.07 7.24 11.07
11.50 , 2008 - - - 0.10 7.82 11.30 - - - 0.10 8.59 11.33 - - - 0.20 8.21 11.32
12.00 , 2008 20.03 7.82 11.80 - - - - - - - - - 700.00 7.25 11.73 720.03 7.26 11.73
12.25 , 2008 - - - 0.02 7.54 11.83 - - - - - - 0.82 8.45 11.89 0.83 8.43 11.89
5.48 , 2009 1320.50 7.78 5.66 1531.00 7.74 5.66 1480.29 7.77 5.67 1450.00 7.77 5.67 1845.00 7.69 5.67 7626.79 7.75 5.67
6.65 , 2009 1485.00 7.78 6.75 235.60 7.75 6.75 225.00 7.75 6.75 295.00 7.78 6.75 600.00 7.70 6.74 2840.60 7.76 6.75
6.96 , 2009 OMC SB 85.00 8.12 7.06 150.00 7.98 7.05 50.00 8.05 7.06 - - - - - - 285.00 8.04 7.06
7.33 , 2009 OIL MKT BONDS - - - 175.00 7.97 7.39 50.00 7.97 7.39 - - - - - - 225.00 7.97 7.39
7.33 , 2009 OMC SB 380.00 8.13 7.40 175.00 7.98 7.39 - - - - - - - - - 555.00 8.08 7.40
9.96 , 2009 OMC SB 285.00 8.13 10.11 - - - - - - - - - - - - 285.00 8.13 10.11
5.87 , 2010 1970.00 7.74 6.09 1715.00 7.74 6.09 1932.00 7.78 6.10 2638.20 7.79 6.10 2799.67 7.70 6.09 11054.87 7.75 6.09
7.55 , 2010 0.32 7.69 7.57 - - - - - - - - - 845.04 7.73 7.58 845.36 7.73 7.58
11.30 , 2010 30.65 7.78 10.43 6.00 7.71 10.41 205.50 7.77 10.42 160.20 7.83 10.43 196.00 7.76 10.41 598.35 7.78 10.42
12.29 , 2010 - - - - - - 10.00 7.83 11.30 - - - 5.00 7.72 11.25 15.00 7.79 11.28
8.00 , 2011 1.85 8.02 8.00 0.30 7.83 7.96 2.00 8.29 8.07 - - - - - - 4.15 8.13 8.03
9.39 , 2011 5.00 7.84 8.96 - - - - - - 1170.00 7.75 8.93 10.00 7.67 8.91 1185.00 7.75 8.93
6.85 , 2012 - - - 0.60 7.69 7.07 - - - - - - 2.00 7.91 7.13 2.60 7.86 7.11
7.40 , 2012 5.00 7.80 7.51 - - - 150.80 7.83 7.52 6.00 7.92 7.54 0.30 8.04 7.58 162.10 7.83 7.52
7.47 , 2012 OILMKTBONDS 10.00 8.35 7.71 25.00 8.35 7.71 - - - - - - - - - 35.00 8.35 7.71
9.40 , 2012 - - - - - - - - - - - - 1.50 7.85 8.85 1.50 7.85 8.85
10.25 , 2012 - - - - - - 25.06 7.82 9.39 0.24 8.54 9.64 0.49 8.46 9.61 25.79 7.84 9.40
7.27 , 2013 860.00 7.85 7.47 1605.00 7.84 7.47 1126.00 7.84 7.47 615.00 7.83 7.45 1708.92 7.76 7.44 5914.92 7.82 7.46
6.72 , 2014 5.00 7.89 7.13 - - - - - - - - - - - - 5.00 7.89 7.13
7.37 , 2014 70.00 7.86 7.55 55.00 7.84 7.55 135.00 7.84 7.55 - - - 260.00 7.80 7.53 520.00 7.82 7.54
11.83 , 2014 25.00 8.00 9.85 - - - - - - - - - - - - 25.00 8.00 9.85
7.38 , 2015 410.45 7.88 7.60 180.02 7.85 7.59 175.32 7.87 7.59 85.48 7.87 7.59 421.90 7.82 7.57 1273.16 7.85 7.59
11.43 , 2015 - - - - - - 0.50 7.87 9.50 0.50 7.89 9.51 0.10 7.89 9.51 1.10 7.88 9.51
7.59 , 2016 205.00 7.95 7.76 - - - 45.00 7.89 7.73 95.00 7.95 7.76 90.00 7.83 7.70 435.00 7.92 7.74
10.71 , 2016 - - - 0.42 7.86 9.13 - - - - - - - - - 0.42 7.86 9.13
7.46 , 2017 10.68 8.05 7.76 6.85 7.92 7.70 1.00 8.02 7.75 3.00 8.08 7.79 1.17 7.98 7.73 22.70 8.01 7.74
7.49 , 2017 1007.65 7.91 7.70 1057.45 7.90 7.70 1496.60 7.91 7.70 285.00 7.91 7.70 3366.85 7.86 7.68 7213.55 7.88 7.69
7.99 , 2017 3337.30 7.90 7.94 2481.93 7.87 7.93 5502.25 7.89 7.94 2460.00 7.89 7.94 6882.67 7.84 7.91 20664.15 7.87 7.93
8.07 , 2017 253.56 7.94 8.01 185.02 7.94 8.01 172.32 7.95 8.01 142.20 7.96 8.01 300.56 7.90 7.98 1053.66 7.93 8.00
8.69 , 2017 50.00 7.76 8.02 - - - - - - - - - - - - 50.00 7.76 8.02
5.69 , 2018 50.25 8.05 6.85 25.20 8.06 6.85 11.10 8.12 6.88 - - - 3.00 8.08 6.86 89.55 8.07 6.85
6.25 , 2018 1.50 8.08 7.14 5.40 8.02 7.11 0.60 8.00 7.10 0.84 8.02 7.11 34.33 8.07 7.14 42.67 8.06 7.14
10.45 , 2018 - - - - - - - - - - - - 0.08 8.00 8.92 0.08 8.00 8.92
12.60 , 2018 ON TAP - - - - - - - - - - - - 0.10 7.96 9.42 0.10 7.96 9.42
5.64 , 2019 - - - 0.19 8.10 6.86 - - - - - - 0.70 8.00 6.81 0.89 8.02 6.82
6.05 , 2019 - - - 0.50 8.15 7.16 0.50 8.10 7.14 0.50 8.29 7.25 3.06 8.12 7.15 4.56 8.14 7.16
6.35 , 2020 0.20 8.16 7.36 0.20 8.34 7.47 - - - - - - - - - 0.40 8.25 7.42
7.75 , 2021 OMC SB 280.00 8.75 8.42 250.00 8.75 8.42 - - - - - - - - - 530.00 8.75 8.42
7.94 , 2021 191.44 7.93 7.92 35.00 8.16 8.09 10.00 8.16 8.09 12.85 8.10 8.04 20.00 8.06 8.02 269.29 7.99 7.96
8.13 , 2021 OMC SB 55.50 8.51 8.39 50.00 8.62 8.47 6.80 8.41 8.32 - - - - - - 112.30 8.56 8.42
10.25 , 2021 0.34 8.14 8.76 0.01 8.20 8.79 - - - 0.23 8.16 8.77 - - - 0.58 8.15 8.76
8.15 , 2022 FCI SB 26.00 8.54 8.42 - - - 1.10 8.52 8.41 6.00 8.55 8.43 - - - 33.10 8.54 8.43
8.20 , 2022 2889.22 8.14 8.16 3157.46 8.17 8.18 2461.51 8.20 8.21 183.00 8.23 8.23 120.26 8.09 8.12 8811.45 8.17 8.18
8.35 , 2022 2637.14 8.17 8.22 885.17 8.19 8.24 10.00 8.19 8.24 5.30 8.14 8.20 295.51 8.10 8.18 3833.12 8.16 8.22
6.17 , 2023 - - - 1.40 8.24 7.52 - - - - - - 16.34 8.24 7.53 17.74 8.24 7.53
6.30 , 2023 - - - 15.00 8.29 7.60 - - - 2.50 8.23 7.56 - - - 17.50 8.28 7.59
8.01 , 2023 OMC SB 31.00 8.61 8.45 0.10 8.63 8.46 - - - 0.60 8.65 8.48 5.00 8.59 8.43 36.70 8.61 8.45
8.03 , 2024 - - - - - - - - - 1.85 8.66 8.50 - - - 1.85 8.66 8.50
8.03 , 2024 FCI SB 193.38 8.67 8.51 92.02 8.71 8.54 67.41 8.69 8.53 177.93 8.67 8.51 170.73 8.67 8.51 701.46 8.68 8.52
8.20 , 2024 OMC SB 21.34 8.59 8.49 23.78 8.68 8.56 14.25 8.71 8.58 140.00 8.72 8.58 3.90 8.62 8.51 203.27 8.70 8.57
8.23 , 2027 FCI SB 92.04 8.63 8.55 9.49 8.71 8.61 4.62 8.69 8.60 14.37 8.65 8.56 36.18 8.69 8.60 156.70 8.65 8.57
6.01 , 2028 3.75 8.33 7.76 10.45 8.32 7.75 0.10 8.47 7.87 5.00 8.43 7.84 9.63 8.33 7.76 28.93 8.34 7.77
6.13 , 2028 - - - 2.50 8.27 7.76 - - - 1.00 8.25 7.74 4.00 8.40 7.87 7.50 8.34 7.81
7.95 , 2032 107.02 8.34 8.29 140.75 8.35 8.29 241.50 8.35 8.30 516.44 8.40 8.34 575.45 8.30 8.25 1581.15 8.35 8.29
8.32 , 2032 - - - - - - - - - - - - 15.00 8.29 8.29 15.00 8.29 8.29
7.50 , 2034 - - - - - - - - - 1.10 8.37 8.27 - - - 1.10 8.37 8.27
7.40 , 2035 0.10 8.37 8.26 - - - 0.55 8.50 8.38 4.00 8.35 8.24 4.05 8.52 8.40 8.70 8.44 8.33
8.33 , 2036 886.38 8.33 8.33 270.20 8.34 8.34 577.00 8.34 8.34 776.30 8.35 8.35 2524.75 8.30 8.30 5034.63 8.32 8.32
Sub-total 19299.58 8.00 7.60 14560.18 7.97 7.46 16191.69 7.94 7.52 11255.72 7.92 7.36 23880.06 7.86 7.60 85187.23 7.93 7.53
B RBI’s OMO: Sales 47.00 - - 21.00 - - 100.00 - - - - - 25 - - 193.00 - -
Purchase - - - - - - - - - - - - - - 0.00 - -
Sub-total 47.00 - - 21.00 - - 100.00 - - 0.00 - - 25.00 - - 193.00 - -
(A+B) 19346.58 8.00 7.60 14581.18 7.97 7.46 16291.69 7.94 7.52 11255.72 7.92 7.36 23905.06 7.86 7.60 85380.23 7.93 7.53
3 Market Repo 73984.75 64375.45 53806.35 74411.61 110389.90 376968.06
4 State Govt Securities 279.17 8.34 8.43 394.89 8.12 8.69 554.49 8.39 8.50 84.27 8.27 8.29 288.93 8.19 8.98 1601.75 8.27 8.61
Grand total (1 to 4) 94938.26 82273.90 74598.40 88894.95 137873.62 478579.13

(-) means no trading. YTM = Yield to maturity in per centage per annum. CY = Current yield in per cent per annum. SGL = (RBI’s) Subsidiary General Ledger. OMO = Open Market Operations. OMC SB= Oil Marketing Companies Special Bonds . NDS = Negotiated Dealing System. OM = Order Matching Segment. (1) Yields are weighted yields, weighted by the amounts of each transaction. (2) Current yield has not been worked out for treasury bills. (3) For Floating Rate Bonds (FRB’s) Current yields are based on the latest half-year yield determined in the auction..

Economic & Political Weekly december 29, 2007

sentiments improved. With the improv-November 6 in response to huge surfeit of Table 10: Repo Transactions in Government Paper @ (Other than with the RBI) - November 2007 (Rupees crore)

ing liquidity scenario, the secondary liquidity and dipped to no bids being

Repo Period in Amount Range of Interest Number of Days (Rupees, Crore) (% per annum)

market turnover rose in the last week of tendered as the situation turned adverse

1 2,89,601.60 1.00-8.50 (6.83)

the month. due to outflows towards CRR requirements

2 564.23 4.00-7.60 (6.15)

Due to firmness in short-term yields and and festive seasons cash withdrawals.

3 64,268.57 2.50-8.00 (6.10) somewhat steady medium and long-term During this period the liquidity injection 4 21,592.96 4.50-7.75 (6.92) 5 747.82 6.05-7.25 (6.48)

yields, the yield curve remained flat. The through repo bids touched a peak of

6 139.75 6.05 (6.05)

spread between 7.99 per cent 2017 and Rs 32,735 crore on November 21. The weekly

17 40.00 6.05 (6.05)

8.33 per cent 2036 narrowed from 46 bps aggregate reverse repo bids tendered and 30 5.00 8.50 (8.50) 93 8 8.50 (8.50)

to 43 bps during the month (Graph D, p 27). accepted declined from Rs 74,990 crore in

All Issues

See also Appendix Table (p 29). week ending November 8 to Rs 2,005

1-93 3,76,967.93 1.10-8.50 (6.80)crore on November 16, which rose to [1-90] [335879.24] [1.00-9.05] [5.83] @ Cover all types of securities

RBI Reverse Repos, OMOs Rs 12,770 crore in week ending Novem-

Figures in round brackets are weighted average interest rate; in square and MSS bracket, the figure represents the previous month’s turnover/interest rate.

ber 23 and in the last week no bids were The fluctuations in liquidity manifested tendered. The repo bids tendered and Rs 25,575 crore in the last week ending themselves through the ebb and flow of accepted touched a peak of Rs 86,125 November 30 (Table 9). reverse repo as well as repo bids tendered crore in the week ending November 16 Unlike the secondary market trading in during the month. The reverse repo bids and then fell to Rs 40,780 crore in week gilt-edged securities, the trading in repos touched a high of Rs 41,000 crore on ending November 23 and further to outside RBI rose to Rs 3,76,968 crore as

Table 9: Operations of RBI’s Liquidity Adjustment Facility** (Amount in rupees in crore)

For the Week Range of Repo (Injection) * Reverse Repo (Absorption) * Net Injection Net (Oct-Nov 2007) Repo / RR Period Bids Received Bids Accepted Bids Received Bids Accepted (+)/ Outstanding Days Number Amount Number Amount Number Amount Number Amount Daily Absorption (-) Amount Averages of of Liquidity at the Bids Accepted Week End@ 1 2 3 4 5 6 7 8 9 10 11 12 13

08 Oct-12 Oct 07 1-3 0 0 0 0 190 269,830 190 2,69,830 53,966 -2,69,830 36,545

15 Oct-19 Oct 07 1-3 0 0 0 0 128 182,170 128 1,82,170 36,434 -1,82,170 31,950

22 Oct-26 Oct 07 1-3 0 0 0 0 137 148,930 137 1,48,930 29,786 -1,48,930 18,135

29 Oct-02 Nov 07 1-3 0 0 0 0 43 46,265 43 46,265 9,253 -46,265 7,195

05 Nov-08 Nov 07 1-4 0 0 0 0 59 74,990 59 74,990 18,748 -74,990 2,030

12 Nov-16 Nov 07 1-3 101 86125 101 86125 2 2,005 2 2,005 401 84,120 -30,655

19 Nov-23 Nov 07 1-3 45 40780 45 40780 13 12,770 13 12,770 2,554 28,010 8,710

26 Nov-30 Nov 07 1-3 34 25575 34 25575 0 0 0 0 0 25,575 -1,320

* With effect from March 31, 2007 the Repo Rate is 7.75% and Reverse Repo Rate 6%. ** Includes Second LAF Auctions under Repo and Reverse Repo. With effect from August 6, 2007 RBI withdrawn Second LAF auctions which conducted on a daily basis, also withdrawn the cap on daily reverse repo absorptions under LAF and second LAF. @ Net of Repo and Reverse Repo Outstandings.

Table 11: Operations of National Stock Exchange (NSE) during November 2007 – Actual Traded Amount (Rupees crore)

against Rs 3,35,879 crore in October but at

Descriptors Week-ending November Total during 30 23 16 8 2 Nov 2007 Oct 2007 Sept 2007 a higher weighted average rate of 6.80 per

1 Treasury Bills 596.00 1365.00 1580.00 1435.00 1400.00 6376.00 10398.84 3277.69 cent in November as compared with 5.83 i) 91-day Bills 81.00 345.00 205.00 45.00 590.00 1266.00 2603.84 501.50

per cent in October (Table 10).

ii) 182-day Bills 285.00 65.00 345.00 405.00 560.00 1660.00 2445.00 1395.37

Open market operations (OMOs) have

iii) 364-day Bills 230.00 955.00 1030.00 985.00 250.00 3450.00 5350.00 1380.82 iv) Repo -----0.00 0.00 0.00 not been used for liquidity management

2 Dated Securities 3486.37 2991.20 1841.24 1870.00 3062.57 13251.38 9427.43 12432.79

for quiet some time, as over the years the

A GOI Securities 3409.32 2911.00 1730.50 1870.00 3047.57 12968.39 9332.43 12370.79

securities with the RBI have been depleted

i) Converted -----0.00 0.00 0.00 ii) Regular 3409.32 2911.00 1730.50 1870.00 3047.57 12968.39 9332.43 12370.79 and now it plans to replenish its stock

iii) Zero Coupon -----0.00 0.00 0.00

through outright purchases in the second

iv) Cap Indexed Bonds -----0.00 0.00 0.00

ary market as the RBI is precluded from

v)GCB -----0.00 0.00 0.00 vi) Repo -----0.00 0.00 0.00 purchasing government securities from

B State govts Stocks 77.05 80.20 110.74 -15.00 282.99 95.00 62.00

the primary market.

3 PSU Bonds 60.00 70.10 65.50 15.00 96.50 307.10 706.00 295.20 i) Tax free -----0.00 0.00 0.00

Commercial Bonds

ii) Taxable 60.00 70.10 65.50 15.00 96.50 307.10 706.00 295.20

4 Commercial Papers -----0.00 0.00 0.00

As per the trading data published on SEBI’s

5 Certificates of Deposits -----0.00 0.00 0.00

web site, the secondary market turnover

6 Debentures 110.00 50.00 25.00 10.00 114.50 309.50 541.00 651.90 7 Floating Rate Bonds ----20.00 20.00 5.00 0.00 declined from Rs 14,220 crore in October

8 Others * 279.50 150.00 100.00 149.50 418.30 1097.30 757.60 245.70

to Rs 5,894 crore in November. In sync

Grand Total (volume) 4531.87 4626.30 3611.74 3479.50 5111.87 21361.28 21835.87 16903.28

with the primary corporate bond market,

Average per working day a Government Paper (1+2) 816.47 871.24 684.25 826.25 892.51 817.81 1043.49 785.52 the secondary market for debt securities

b Others (3+4+5+6+7+8) 89.90 54.02 38.10 43.63 129.86 72.25 105.77 59.64

on NSE was also subdued and the daily av

- No trading. GCB Government Compensation Bonds.

erage turnover declined to Rs 72 crore

* Includes Non-SLR Institutional Bonds, SLR Institutional Bonds, Bank Bonds, Promissory Notes, Units of UTI, Company Notes and Zero Coupon PSU Bonds and others.

from Rs 106 crore in October (Table 11).

december 29, 2007 Economic & Political Weekly

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