The Hindu Business Line : Govt Stock sale oversubscribed

The bond market saw some selling as a result of the auction. Dealers said that while the cut-off price of Rs 102.11 of the 7.37 paper was in line with market expectations, the cut-off price of Rs 99.44 of the 7.50 paper was below the expected price of Rs 100-Rs 100.50.

For the 7.37 paper, the notified amount was Rs 5,000 crore. The Reserve Bank of India received 292 competitive bids amounting to Rs 10,455.95 crore. The cut-off price was Rs 102.11 (7.04 per cent YTM). The RBI accepted 122 bids, amounting to Rs 4,978.66 crore. The partial allotment percentage amounted to 58.61 per cent from 13 bids.

The amount of underwriting accepted from primary dealers was Rs 5,000 crore. The weighted average price was Rs 102.18. The RBI also received 19 non-competitive bids, amounting to Rs 21.34 crore.

For the 7.50 paper the notified amount was Rs 3,000 crore. The RBI received 129 competitive bids amounting to Rs 4,889 crore. The cut-off price was Rs 99.94 .The central bank accepted 86 bids amounting to Rs 2,984.79 crore.

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