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PUBLIC DEBT MANAGEMENT
QUARTERLY REPORT
July-September 2022
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
BUDGET DIVISION
DEPARTMENT OF ECONOMIC AFFAIRS
December 2022
www.dea.gov.inContents
Section 1: Macroeconomic Developments ..................................... 1
Section 2: Debt Management - Primary Market Operations ........... 4
Section 3: Cash Management ......................................................... 8
Section 4: Trends in Outstanding Debt ......................................... 10
Section 5: Secondary Market ........................................................ 14Introduction
Since April-June (Q1) 2010-11, the Public Debt Management Cell (PDMC)
(earlier Middle Office), Budget Division, Department of Economic Affairs,
Ministry of Finance has been bringing out a quarterly report on public debt
management on a regular basis. (https://dea.gov.in/public-debt-
management). This report pertains to the Q2 of the fiscal year 2022-23, viz.,
July-September FY 2022-23.
The report gives an account of the public debt management and cash
management operations during the quarter and provides detailed information
on various aspects of debt management.
While all attempts have been made to provide authentic and accurate
information, it is possible that some errors might have crept in inadvertently.
Readers may inform us of such errors, if any, and provide their valuable
suggestions to improve the contents of this report at pdmc-dea@gov.in.
iLIST OF TABLES
Table 1. 1: Foreign Investment Inflows ............................................................................................. 3
Table 2. 1: Fiscal Outcome Upto September 2022-23 ........................................................................ 4
Table 2. 2: Issuance of Dated Securities ............................................................................................ 5
Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2016-17 to Q2
FY 2022-23 ............................................................................................................................... 6
Table 2. 4: Issuance of Treasury Bills – Q2 of FY 23 ........................................................................ 7
Table 3. 1: Issuance and Repayments of Treasury Bills during Jul-Sep 2022 ................................. 9
Table 4. 1: Total Liabilities of Central Government (#) ................................................................... 10
Table 4. 2: Yield and Maturity of Dated Securities of Central Government ..................................... 11
Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government ..................... 12
Table 4. 4: Ownership Pattern of Government of India Dated Securities ........................................ 13
Table 5. 1: Yield Spreads (bps) ....................................................................................................... 16
Table 5. 2: Yields on T-Bills of different tenors .............................................................................. 18
Table 5. 3: Comparative data during the quarter .............................................................................. 18
Table 5. 4: Transactions in Government Securities (Volume in ₹ crore) .......................................... 19
Table 5. 5: Top-10 Traded Securities (in ₹ crore) ............................................................................ 20
Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ crore) ....................... 21
Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs* ....................... 21
LIST OF CHARTS
Chart 1. 1: CPI and WPI Inflation ..................................................................................................... 2
Chart 3. 1: Outstanding Amount under LAF ...................................................................................... 8
Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market ............................................. 16
Chart 5. 2: Comparative G-Sec Yield Curves .................................................................................. 17
Chart 5. 3: Comparative T-Bill Yield Curve .................................................................................... 17
Chart 5. 4: Comparative Chart of US 10-Yr Yield, GOI 10-Yr G -Sec, CPI data and Crude Oil price
................................................................................................................................................ 18
Chart 5. 5: Outright Trading Volume in ₹ crore ............................................................................... 20
LIST OF STATEMENTS
Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2 FY 2022-23
................................................................................................................................................ 23
Statement 2: Treasury Bills Issued during Q2 FY 2022-23 .............................................................. 25
Statement 3: G-Secs outstanding balance as on September 30, 2022 ............................................... 26
Statement 4: Maturity Profile of Government Securities as on End-September 2022 ....................... 28
iiSection 1:
Macroeconomic Developments
1.1 Despite global growth headwinds conditions on the back of slowdown in major trading
partners, persistent global supply chains disruptions and Russia-Ukraine conflict, India
managed to intact it’s GDP (constant prices) growth at 9.7 per cent in H1 2022-23
reaching at Rs 75.02 lakh crore as against ₹68.36 lakh crores during the corresponding
period of previous year. As per the estimates of Gross Domestic Product (GDP) for the
second quarter (July-September) of 2022-23, released by the National Statistical Office
(NSO) on 30th November, 2022, the real GDP at constant prices showed a growth of 6.3
per cent during the Q2 2022-23 as compared to growth of 8.4 per cent in Q2 2021-22.
GDP at current prices in the Q2 2022-23 is estimated at ₹ 65.3lakh crore, as against ₹
56.2 lakh crore in Q2 2021-22, showing a growth of 16.2 per cent as compared to growth
of 19.0 per cent in Q2 2021-22. GVA at basic price (at current prices) in Q2 2022-23, is
estimated at ₹ 58.6 lakh crore, as against ₹ 50.4 lakh crore in Q2 2021-22, showing a
growth of 16.2 per cent.
1.2 Retail inflation, as per the Headline Consumer Price Index (CPI) is gradually easing, which
peaked to 7.8% on year-on-year basis in April 2022. CPI rose from 6.7 per cent in July
2022 to 7.4 per cent in September 2022 before easing to 6.8 per cent in October 2022 on
y-o-y basis. The elevated retail inflation was broad based with all the subcomponents
witnessing increase during the second quarter 2022, along with ‘food and beverages’
registering a sharp growth. The Consumer Food Price Index (CFPI) is up from 6.7 per cent
in July 2022 to 8.6 per cent in September 2022. However, the Wholesale Price Index
(WPI)-based inflation continues to shrink during the quarter from 14.1 per cent in July
2022 to 10.7 per cent in September 2022 and 8.4 per cent in October 2022. The decline in
WPI inflation was witnessed across all major commodity groups.
1Chart 1. 1: CPI and WPI Inflation
Inflation Trend
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
- - - - - - - - - - - - - - - - - - -
r
p A
y
a M
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u J
lu
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r
a M
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p A
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a M
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u J
lu
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tc
O
CPI CFPI WPI
Source: MOSPI, Office of Economic Adviser
1.3 The index of industrial production (IIP) witnessed a growth of 3.1 per cent in September
2022 as compared to 2.2 per cent registered in July 2022, led by growth in all the three
major sector viz mining & quarrying, manufacturing and electricity sector. Electricity
sector witnessed a growth of 11.6 per cent in September 2022 as against growth of 2.3 per
cent in July 2022. Manufacturing sector and mining & quarrying sector too registered a
growth of 1.8 per cent and 4.6 per cent respectively in September 2022. Within the use-
based goods, capital goods witnessed a growth of 10.3 per cent followed by primary goods
which surged by 9.3 per cent and infrastructure goods grew by 7.4 per cent in September
2022 on y-o-y basis. On the other hand consumer durables shrunk by 4.5 per cent and
consumer non-durables contracted 7.1 per cent in September 2022,
1.4 India’s merchandise trade posited robust growth post pandemic in 2021-22 which
continued in Q1:2022-23 before softening in Q2:2022-23 mirroring growth slowdown in
global trade. The cumulative value of merchandise exports stood at USD 110.86 billion in
Q2 2022-23, while merchandise imports stood at USD 194.92 billion during the same
period. Trade deficit at USD 84.1 billion in Q2 2022-23 widened compared to USD 44.8
billion in the corresponding quarter of 2021-22. The significantly higher deficit in Q2
2022-23 was due to higher import bill payment on account of surge in both oil and non-oil
imports. Widening of non-oil imports outgo payments reflects buoyant domestic demand
apart from elevated international commodity prices and depreciation of rupee.
21.5 The net foreign direct investment remained stable at USD 20225 million during April-
September 2022-23. Foreign Portfolio Investment which are sensitive to rate hike across
Advanced Economies witnessed a decline as reflected in outflow of amount USD 8387
million during April-September 2022-23 in comparison to inflow of investment of USD
4280 million in April-September 2021-22. However, on the back of larger quantum of
inflow, FPI turned net buyer in Q2:2021-22 (Rs 6244 crores) which pulled the overall net
outflow for H1:2021-22. Further on sequential basis, in comparison to H2:2021-22, this
year H1: 2022-23 saw a lower quantum of FPI outflows.
Table 1. 1: Foreign Investment Inflows
(In USD Million)
Year Net FDI Net FPI
Apr – Sep FY 2021-22 20251 4280
Apr – Sep FY 2022-23 20225 -8387
Source: Monthly Bulletin, RBI
Note: Figures are on net basis
1.6 India’s foreign exchange reserves stood at USD 532.66 billion as on September 30, 2022,
moderated from USD 638.64 billion on September 24, 2021. Between July 1, 2022 and
September 30, 2022, the Rupee depreciated by 3.11 per cent. The value of Rupee against dollar
as on July 1, 2022 stood at 79.09 as against 81.55 as on September 30, 2022.
3Section 2:
Debt Management - Primary Market Operations
A. Government Finances
2.1 The gross fiscal deficit (FD) of the Central Government for FY 2022-23 was budgeted
at ₹16,61,196 crore or 6.4 per cent of GDP as compared to the revised estimate of ₹15,91,089
crore (6.71 per cent of GDP) for FY 2021-22. The Central Government’s fiscal deficit in the
first half of FY 2022-23 reached 37.3 per cent of full-year target. On Government’s expenditure
side, capital expenditure touched 45.7 per cent of the full-year budget target in FY 2022-23 in
contrast to 41.4 per cent in the corresponding period last year. Out of the total revenue
expenditure of Rs 14.8 lakh crore, nearly 30 per cent of the expenditure (Rs. 4.4 lakh crore)
was on account of interest payments. The details are given in Table 2.1.
Table 2. 1: Fiscal Outcome Upto September 2022-23
(Amount in ₹ crore)
Budget Percentage of Actual to Budget
Actual upto Sep
Items Estimates Estimates
2022
2022-23 2022-23 2021-22 (Coppy)**
Revenue Receipts 2204422 1169561 53.1 60.4
Tax Revenue (Net) 1934771 1011961 52.3 59.6
Non-Tax Revenue 269651 157600 58.4 66
Non-Debt Capital Receipts 79291 34187 43.1 9.6
Total Expenditure 3944909 1823597 46.2 23.6
Revenue Expenditure 3195257 1480708 46.3 47.7
Capital Expenditure 749652 342889 45.7 41.4
Revenue Deficit 990835 311147 31.4 27.7
Primary Deficit 720545 183167 25.4 23.2
Fiscal Deficit 1661196 619849 37.3 35
Financing of GFD
Market Borrowings including T-
1158718.76 641905.55 55 49
Bills
External Assistance 19251.15 12110.91 63 258
Securities against Small Savings 425449 117784.35 28 55
State Provident Funds 20000 -4100.68 -21 0
National Small Saving Fund 0 83248.47 - -
Special Deposits 0 3034.28 - -
Others 37025.3 70306.46 190 -14
Cash Balance:
751.74 4899.87 652 7
Decrease(+)/Increase(-)
Investment (-) / Disinvestment
-204761 0 0
(+) of Surplus Cash
Total 1661195.95 619848.98 37 35
Source: CGA, Ministry of Finance
**COPPY: Corresponding Period of the Previous Year
4B. Issuance Details
2.3 This section discusses the issuance details of market borrowings undertaken during Q2
of FY23 and its comparison over corresponding quarter of FY22.
2.4 Gross and net market borrowings have been budgeted at ₹14,95,000 crore and
₹11,18,612 crore, respectively for FY 2022-23. Actual gross and net market borrowing during
FY 2021-22 and Q2 FY 22 & Q2 FY 23 are tabled below (Table 2.2).
Table 2. 2: Issuance of Dated Securities
(Amount in ₹ crore)
Q2 As % of
2022-23 2021-22
Item Q2 FY 23 Q2 FY22 FY 23 FY 22
BE Actual
(BE) (Actual)
Gross Amount* 1495000 406000.00 1127381.53 383863.327 27.16% 34.05%
Repayments 376388 92371.15 264278.56 34069.93 24.54% 12.89%
Switches:
Borrowing 100000 32290.02 1,96,894.09 15474.431 32.29% 7.86%
Repayment 100000 32901.93 1,97,184.69 14803.752 32.90% 7.51%
Net 0 -611.91 -290.6 670.679
Buyback 0 0.00 0 0
Net Issuance # 1118612 313016.94 862812.4 350464.08 27.98% 40.62%
* Including Borrowing for providing back to back loans to States & UTs for GST compensation cess shortfall.
2.5 During Q2 of FY23, 13 weekly auctions of dated securities were held aggregating to
₹4,06,000 crore, as against notified amount of ₹4,22,000 crore in the borrowing calendar. The
net amount raised through issuance of dated securities was ₹3,13,016.94 crore during this
quarter as compared to ₹3,50,464.08 crore during Q2 of FY22 (including switch). Like
previous year, it was decided to continue distributing total issuance amount under securities of
identified maturities in FY23. Government of India issued dated securities across the curve,
keeping in view the demand from market and its own maturity preferences. The issuance was
highest under 10-year benchmark security which stood at 19.2 per cent of gross issuance
followed by 14 year G-sec at 18.47 per cent of gross issuance in Q2 FY23.
5Table 2. 3: Issuances of Dated Securities by Maturity Buckets / Maturities during FY 2016-17 to Q2 FY 2022-23
(Amount in Rs. Crore)
Bucket-wise 1-4 years 5-9 years 10-14 years 15-19 years 20 years & above Total
FY 2016-17 108000 303000 82000 89000 582000
% of Total 18.5 52.1 14.1 15.3 100
FY 2017-18 121000 307000 74000 86000 588000
% of Total 20.6 52.2 12.6 14.6 100
FY 2018-19 50899 121000 178000 85101 136000 571000
% of Total 8.9 21.2 31.2 14.9 23.8 100
FY 2019-20 56000 149000 257000 75000 173000 710000
% of Total 7.89 20.99 36.2 10.56 24.37 100
Tenor-wise 2Y BM 3Y BM 5Y BM 10Y BM 14Y G-sec 30Y G-sec 40Y G-sec FRB Total
FY 2021-22 60752 185503 231865 225264 156023 179598 88376 1127381
% of Total 5.39 16.45 20.57 19.98 13.84 15.93 7.84 100
Q1 FY 22 22752 57500 44865 74745 40282 52098 26250 318493
% of Total 7.14 18.05 14.09 23.47 12.65 16.36 8.24 100
Q2 FY 22 19500 80003 70000 78519 51216 58500 26126 383863
% of Total 5.08 20.84 18.24 20.45 13.34 15.24 6.81 100
2-Year 5-Year 7-Year 10-Year 14-year 30-year 40-year FRB Total
Q1 FY 23 24000 54000 42000 78000 60000 54000 54000 24000 390000
% of Total 6.15 13.85 10.77 20 15.38 13.85 13.85 6.15 100
Q2 FY 23 24000 63000 42000 78000 75000 58000 54000 12000 406000
% of Total 5.91 15.52 10.34 19.21 18.47 14.29 13.30 2.96 100
62.6 The tenor of new issuances of dated securities is a function of acceptable rollover risk
as well as market appetite for various maturity segments. During Q2 FY23, the weighted
average yield (WAY) on new issuances hardened to 7.33 per cent while the weighted average
maturity (WAM) of issuances moderated to 15.62 years. The spike in the weighted average
yield reflects the volatility in the domestic bond market stemming from volatility in crude
prices, hawkish stance from major central banks and hardening global bond yield.
2.7 The gross amount raised through Treasury Bills (91-day, 182-day and 364-day Treasury
Bills) during Q2 FY23 amounted to ₹3,70,354.10 crore while total repayments were
₹4,72,202.42 crore (Table 2.4). Net issuances during the quarter were at (-)₹1,01,848.32 crore
as compared to (-) ₹1,37,745.45 crore in corresponding period of last FY. The details of
issuance of Treasury Bills during Q2 FY23 are given in statement 2.4
Table 2. 4: Issuance of Treasury Bills – Q2 of FY 23
(Amount in ₹crore)
2022-23 Q2 As % of Q2 As % of
Item Q2 FY 23 2021-22 (Actual) Q2 FY 22
(BE) FY 23 FY 22
364 DTB
Gross Amount 435918.38 87874.92 407796.43 67255.00 20.16 16.49
Repayment 399899.20 61255.00 458240.00 138205.00 15.32 30.16
Net Issuance 36019.18 26619.92 -50443.57 -70950.00 73.90 -
182 DTB
Gross Amount 504945.48 113868.95 465678.81 72587.75 22.55 15.59
Repayment 468945.48 169937.33 394426.49 103413.74 36.24 26.22
Net Issuance 36000.00 -56068.38 71252.32 -30825.99 -155.75 -
91 DTB
Gross Amount 821251.38 168610.23 847904.18 220565.80 20.53 26.01
Repayment 843270.56 241010.10 802464.83 256535.26 28.58 31.97
Net Issuance -22019.18 -72399.87 45439.35 -35969.46 328.80 -
All T-Bills
Gross Amount 1762115.24 370354.10 1721379.42 360408.55 21.02 20.94
Repayment 1712115.24 472202.42 1655131.32 498154.00 27.58 30.10
Net Issuance 50000.00 -101848.32 66248.10 -137745.45 529.71 -
* Including amount raised through non-competitive bidding.
7Section 3:
Cash Management
3.1 Government’s cash account is maintained with the RBI. The temporary cash flow
mismatches, in case of deficit in the cash account of the Central Government, are largely
managed through a combination of issuance of Treasury Bills, Cash Management Bills and
access to the Ways and Means Advances facility from RBI. Surplus cash balances in
Government cash account are lent in market (through RBI) or may be used to buy-back of
securities from the market. Further, the Reserve Bank conducts purchase/ sale of G-Secs under
its Open Market Operations, whenever required, based on its assessment of prevailing and
evolving liquidity conditions.
3.2 During Q2 FY23, the cash balance of the Central Government remained in surplus with
no need of resorting to WMA.
3.3 Market liquidity conditions remained in surplus mode during the quarter ended
September 2022 except for 5 days of liquidity deficit. The net average daily liquidity absorption
by the Reserve Bank under Liquidity Adjustment Facility (LAF) including Marginal Standing
Facility, Standing Deposit Facility and Special Liquidity Facility moderated to ₹1,28,323.37
crore during Q2 FY23 (₹4,54,728.0crore during Q1 FY22). Factors such as GST and advance
tax payments along with forex outflows contributed towards moderation in liquidity surplus
conditions particularly in the third week of September.
Chart 3. 1: Outstanding Amount under LAF
50000
0
-50000
e r-100000
o
r C-150000
s-200000
R
-250000
-300000
-350000
2 2 2 2 2 2 2 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0
2 2 2 2 2 2 2 2 2 2 2 2 2 2
/1 /8 /5 /2 /9 /5 /2 /9 /6 /2 /9 /6 /3 /0
/7 /7 1
/7
2
/7
2
/7
/8 1
/8
1
/8
2
/8
/9 /9 1
/9
2
/9
3
/9
Outstanding: Net Liquidity Injected (Rs Crore)
83.4 Given the current and evolving macroeconomic conditions, the MPC continued its
stance to remain focused on withdrawal of accommodation to ensure that inflation remains
within the target going forward, while supporting growth. During Q2 FY 2022-23, the MPC in
both policy revised the policy repo rate under the liquidity adjustment facility (LAF) upwards
by 50 basis points each with repo rate reaching at 5.90 per cent on September 30, 2022.
Consequently, the Standing Deposit Facility (SDF) was adjusted to 5.65 per cent and the
marginal standing facility (MSF) rate and the Bank Rate to 6.15 per cent. The MPC stated that
its decisions were in consonance with the objective of achieving the medium-term target for
consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while
supporting growth.
3.5 The net amount mobilised through Treasury Bills (under competitive and non-competitive
bidding) stood at ₹(-)1,01,848.3 crore in Q2FY23 on the back of healthy cash inflows.
Details of issuances and redemptions of treasury bills (tenor-wise) in Q2 FY23 are given in
Table 3.1
Table 3. 1: Issuance and Repayments of Treasury Bills during Jul-Sep 2022
Amount in ₹ crore
Variation in
Issued
Issued amount Repayments
Date of Date Of amount over
Auction Issue Repayments
364 364
91 DTB 182 DTB 91 DTB 182 DTB
DTB DTB
6-Jul-22 7-Jul-22 22700.0 17500.0 5000.0 13000.0 10000.0 4000.0 18200.0
13-Jul-22 14-Jul-22 10650.0 7169.5 5000.0 15850.0 10000.0 4000.0 -7030.5
20-Jul-22 21-Jul-22 12200.0 7000.0 6300.0 25200.0 10000.0 5200.0 -14900.0
27-Jul-22 28-Jul-22 10510.2 7000.0 5246.0 15510.1 10700.0 5600.0 -9053.9
3-Aug-22 4-Aug-22 11700.0 8500.0 7674.6 16150.0 10000.0 4000.0 -2275.4
10-Aug-22 11-Aug-22 10300.0 7000.0 6613.2 14300.0 10000.0 4700.0 -5086.8
17-Aug-22 18-Aug-22 12850.0 9000.0 5811.2 15850.0 11799.7 4000.0 -3988.5
24-Aug-22 25-Aug-22 10700.0 10450.0 6173.6 21250.0 14000.0 8725.0 -16651.4
30-Aug-22 1-Sep-22 11500.0 9108.9 9082.7 18000.0 16000.0 4000.0 -8308.3
7-Sep-22 8-Sep-22 16000.0 7000.0 7353.7 25500.0 16000.0 5030.0 -16176.3
14-Sep-22 15-Sep-22 18200.0 8000.0 10468.4 25100.0 18000.0 4000.0 -10431.6
21-Sep-22 22-Sep-22 11300.0 8140.5 7064.0 15300.0 17437.6 4000.0 -10233.1
28-Sep-22 29-Sep-22 10000.0 8000.0 6087.5 20000.0 16000.0 4000.0 -15912.5
Total 168610.2 113869.0 87874.9 241010.1 169937.3 61255.0 -101848.3
Total Under Competitive Bidding
Q2 116656.0 90719.2 64263.7 168573.2 154960.3 51996.1
Total Under Non-competitive Bidding
Q2 51954.2 23149.7 23611.2 72436.9 14977.0 9258.9
9Section 4:
Trends in Outstanding Debt
4.1 Total gross liabilities (including liabilities under the ‘Public Account’) of the
Government, as per provisional data, increased marginally to ₹1,47,19,572.2 crore at end-
September 2022 from ₹1,45,72,956 crore at end-June 2022 (Table 4.1). This represented a
quarter-on-quarter increase of 1.0 per cent in Q2 FY2022-23. Public debt accounted for 89.1
per cent of total gross liabilities at end-September 2022 in contrast to 88.3 per cent at end-June
2022.
Table 4. 1: Total Liabilities of Central Government (#)
(in ` crore)
Variation
2022-23 2022-23 Sept. over
Components
(September) (June) Jun 2022
(%)
A. Public Debt (A1+A2) 13115166.0 12872723.5 1.9
A1. Internal Debt (a+b) 12251535.8 12020917.5 1.9
a. Marketable Securities (i+ii) 9548509.2 9337341.0 2.3
(i) Dated Securities 8628304.5 8315287.7 3.8
(ii) Treasury Bills 920204.7 1022053.3 -10.0
(iii) Cash Management Bills 0.0 0.0 0.0
b. Non-marketable Securities (i to vi) 2703026.6 2683576.5 0.7
(i) 14 Day Intermediate T-Bills 118279.3 173714.9 -31.9
(ii) Compensation & Other Bonds 131559.2 135716.3 -3.1
(iii) Securities issued to Intl. Fin. Institutions 97404.8 100786.1 -3.4
(iv) Securities against small savings 2043941.9 1961518.0 4.2
(v) Special Sec. against POLIF 20893.7 20893.7 0.0
(vi) Special Securities issued to PSB/ EXIM Bank/ IDBI Bank/ IIFCL 290947.6 290947.6 0.0
A2. External Debt 863630.2 851806.0 1.4
B. Public Account - Other Liabilities (a to d) 1604406.2 1700232.5 -5.6
(a) National Small Savings Fund 506242.7 530847.4 -4.6
(b) State Provident Fund 253043.8 253253.7 -0.1
(c) Other Accounts 454044.6 451353.9 0.6
(i) Spl Securities in lieu of subsidies (OMCs/Fert.Cos, FCI) 124104.9 124104.9 0.0
(ii) Other items 329939.7 327249.0 0.8
(d) Reserve Funds and Deposit (i+ii) 391075.2 464777.5 -15.9
(i) Bearing Interest 238652.1 254488.3 -6.2
(ii) Not bearing interest 152423.0 210289.1 -27.5
C. Total Gross Liabilities (A+B) 14719572.2 14572956.0 1.0
D. Pakistan Pre-partition debt 300.0 300.0 0.0
E. Investment in special securities of States under NSSF 379515.1 384106.4 -1.2
F. NSSF Investment in public Agencies 85920.0 85000.0 1.1
G. Extra-Budgetary Resources (EBRs) 139287.3 139287.3 0.0
H. Cash Balance (Year end/ Quarter end) 240213.0 340634.0 -29.5
Net Adjusted Liabilities (C-D-E-F+G-H) 14152911.3 13902202.9 1.8
# Data are provisional and the table format has been updated in line with Annual Status Paper on Government
Debt/Budget Document.
Source: Ministry of Finance and RBI
10Note: (i) External Debt is shown at current exchange rate, Including net cumulative SDR allocation from
March 2004 onwards (₹1,73,450.95 Crore for 30th June 2022 and ₹1,72,721.2crore for 30th September
2022). (SDR allocation are not part of the Govt. borrowings for its fiscal operations)
(ii) EBR - Liabilities on account of Govt. Fully Serviced Bonds
Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market
Loans
4.2 The surge in weighted average yield on primary issuances of dated securities that
commenced in Q2 of FY 2022 deepened further in Q2 FY 2023 with weighted average yield
increased to 7.33 per cent which was 7.23 per cent in Q1 FY 23 (Table 4.2). The weighted
average maturity of issuances of dated securities moderated to 15.62 years in Q2 FY 23 (15.69
years in Q1 FY23). The weighted average maturity of outstanding stock of dated securities was
continued to elongate and reached 11.96 years at the end of Q2 of FY23 relative to 11.87 years
at the end of Q1 of FY23.
Table 4. 2: Yield and Maturity of Dated Securities of Central Government
Issues during the year/ HY/ Qtr Outstanding Stock*
Weighted Weighted
Year Weighted Average Weighted Average
Average Yield Average
Maturity (years) Maturity (years)
(%) Coupon (%)
1 2 3 4 5
2010-11 7.92 11.62 7.81 9.64
2011-12 8.52 12.66 7.88 9.6
2012-13 8.36 13.5 7.97 9.66
2013-14 8.48 14.28 7.98 10
2014-15 8.51 14.66 8.09 10.23
2015-16 7.89 16.07 8.08 10.5
2016-17 7.16 14.76 7.99 10.65
2017-18 6.98 14.13 7.85 10.62
2018-19 7.77 14.73 7.84 10.4
2019-20 6.84 16.15 7.71 10.72
2020-21 5.79 14.49 7.27 11.31
2021-22 6.28 16.99 7.12 11.71
2021-22 Q1 6.11 16.92 7.21 11.51
2021-22 Q2 6.26 16.51 7.15 12.31
2021-22 Q3 6.33 16.88 7.09 11.69
2021-22 Q4 6.66 17.56 7.12 11.71
2022-23 Q1 7.23 15.69 7.12 11.87
2022-23 Q2 7.33 15.62 7.11 11.96
114.3 The maturity profile of outstanding Government debt as on end September 2022 mirrors
elongation of maturity profile of outstanding Government debt. The proportion of debt (dated
securities) maturing in less than one year stand at 2.87 per cent at end-September 2022 (4.14
per cent at end-June 2022). The proportion of debt maturing within 1-5 years at 26.73 per cent
at end-September 2022 was higher than its level of 24.76 per cent at end-June 2022. Debt
maturing in the next five years worked out to 29.6 per cent of total outstanding debt at end-
September 2022 i.e.,5.92 per cent of outstanding stock, on an average, needs to be repaid every
year over the next five years. Thus, the roll-over risk in dated securities portfolio remains low
(Table 4.3).
Table 4. 3: Maturity Profile of Outstanding Dated Securities of Central Government
(Amount in crore)
Maturity Buckets
Quarter at the end-June Quarter at the end-Sep
2022 2022
(Residual maturity)
Less than 1 year 344176.65 (4.14) 247560.5 (2.87)
1-5 years 2058558.89 (24.76) 2306559.48 (26.73)
5-10 years 2341484.68 (28.16) 1796397.7 (20.82)
10-20 years 1930132.47 (23.21) 2523945.24 (29.25)
Above 20 years 1640771.94 (19.73) 1753743.1 (20.33)
Total 8315124.62 8628206.05
Note: Figures in parentheses represent per cent of total
Ownership Pattern
4.4 The ownership pattern of Central Government securities indicates that the share of
commercial banks moderated to 38.3 per cent at end-September 2022, relative to 38.04 per cent
at end-June 2022. However, the share of insurance companies and RBI declined from 26.3 per
cent and 16.06 per cent, respectively at end-June 2022 to 25.9 per cent and 15.3 per cent 2022
at end September 2022 respectively. Share of mutual funds marginally improved to 2.6 per cent
at the end of quarter September 2022 as against was 2.3 per cent at the end of quarter June
2022. On the other hand, the share of provident fund moderated to 4.7 per cent at end September
2022 (Table 4.4).
12Table 4. 4: Ownership Pattern of Government of India Dated Securities
(Per cent of outstanding dated securities)
Mar. Jun. Sep. Dec. Mar. Jun. Sept.
Category Jun.20 Sep. 20 Dec. 20
21 21 21 21 22 22 22
1. Commercial Banks 39.0 38.6 37.8 37.8 36.0 37.8 35.4 37.8 38.0 38.3
2. Non-Bank PDs 0.4 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.4
3. Insurance Companies 26.2 25.3 25.6 25.3 25.8 24.2 25.7 25.9 26.3 25.9
4. Mutual Funds 2.0 2.4 2.6 2.9 2.8 2.9 3.1 2.9 2.3 2.6
5. Co-operative Banks 1.9 1.9 1.8 1.8 1.8 1.5 1.8 1.8 1.8 1.8
6. Financial Institutions 1.2 1.4 1.0 1.0 1.4 1.2 1.7 0.9 1.1 1.0
7. Corporates 0.8 0.9 1.0 1.1 1.4 0.7 1.4 1.5 1.5 1.6
8. FPIs 1.8 2.0 2.1 1.9 1.8 1.8 1.7 1.6 1.4 1.4
9. Provident Funds 5.0 4.8 4.6 4.4 4.0 3.8 4.3 4.6 4.8 4.7
10. RBI 14.7 15.0 15.7 16.2 17.1 17.0 16.9 16.6 16.1 15.3
11. Others 7.1 7.3 7.4 7.3 7.4 8.8 7.7 6.2 6.3 7.1
Total 100 100 100 100 100 100 100 100 100 100
13Section 5:
Secondary Market
A. Government security yields
5.1 During July – September 2022 quarter, yields on government securities hardened in short-
end curve due to near- term inflation and liquidity concern though softening of yield was
observed for the longer tenure securities. The major factors affecting the secondary market
during the quarter are as under:
i) MPC decision to hike policy Repo rate by 50 bps, i.e., from 4.90% to 5.40% on 5th
August 2022 in its fourth Monitory Policy meeting. All the members unanimously
voted to hike rate. Subsequently, in its fifth Monetary Policy meeting for FY 2023
on 30th September 2022, MPC decision to further hike policy Repo rate by 50 bps,
i.e., from 5.40% to 5.90% affected the sentiments. All the members except one
voted to hike rates. The members decided to focus on withdrawal of accommodation
to ensure that the inflation remains within the target going forward, while
supporting growth, with one MPC member opposing this resolution. With this hike,
MPC has raised the repo rate by 190 bps during the current fiscal.
ii) On global front, Federal Reserve of USA intensified its drive to tackle worst
inflation in last 40 years in USA, by raising its benchmark policy rate by 0.75
percentage point in its policy meeting on 27th July, 2022 and subsequently by
another three-quarters of a percentage point in its policy meeting on 20th
September, 2022, the third such successive increase in interest rate, bringing the
Fed rate in the range of 3% to 3.25%.
The hawkish remarks by Federal Reserve Chairman at the Jackson Hole economic
symposium, that US Federal Reserve measures will cause “some pain,” but
cautioned that a failure to restore price stability would bring “far more pain”. The
Fed chief also said that the central bank would use its tools “forcefully” to bring
14demand and supply into better balance. The statement indicated more Fed hike in
near future and impacted the government bond yields globally.
iii) The hike in rates by the Federal Reserve, prompted hardening of 10-year US
treasury yields from 3.02% at the closing on 30th June to 3.84% on 30th September,
2022, i.e., hardening by 82 bps during the quarter, affected yields across the globe
and more particularly in emerging market as higher yields in USA, generally trigger
the FPI’s outflow from these markets.
iv) However, the Brent crude prices softened during the quarter and gave some respite
to the government bonds in domestic market. Brent crude prices softened from
109.16 $/bbl on 30th June 2022 to 85.29 $/bbl as on 30th September, 2022
Because of these factors, the yields on government securities softened during the quarter
except in shorter tenure. The yield on the 10-year benchmark security softened from 7.45%
at the close of the quarter on 30th June, 2022 to 7.40% at the close on 30th September, 2022,
thus softening by 5 bps during the quarter . However, yields softened more for longer tenure
securities, i.e., 30 years and 40 years tenure yields softened by 18 bps and 19 bps
respectively during the quarter.
5.2 The other factors which affected secondary market during the quarter were as under:
a) Growth in Gross Domestic Product (GDP) Q1 of 2022-23: As per the Press Note
released by the National Statistical Office (NSO) on 31st August, 2022, the real GDP
at constant prices showed a growth of 13.5 per cent during the Q1 2022-23 as compared
to growth of 20.1 per cent in Q1 2021-22.
b) Inflation: The headline retail (CPI) inflation for the month of July, August and
September 2022 was registered at 6.71%, 7.00% and 7.41% respectively, which
indicates gradual increase of retail inflation during the quarter. Inflation is one of the
major factor affecting yields as higher inflation generally leads to higher interest rates
in economy.
c) Wholesale Price Index (WPI) inflation stood at 13.93% in July, 12.41% in August and
10.70% in September 2022, reflecting gradual decline in WPI. However, it still remains
at elevated level, which was due to inflationary pressure in food and primary articles.
155.3 The spread in yields between 10-1 year was at 46 bps as on September 30, 2022 against
122 bps as on June 30, 2022 showing hardening of yields in shorter tenure security due to
liquidity measures taken by RBI. In a similar manner, spread in 30-10 year segment reduced to
12 bps as on 30th September, 2022 against 21 bps as on 30th June, 2022, reflecting more
softening of yields in longer tenure, i.e., in 30 year security in comparison to 10 year security
(Table 5.1 and Chart 5.2).
Chart 5. 1: Movement in 10-Year Benchmark Yield in G-Sec Market
7.50
7.45
7.40
7.35
7.30
7.25
7.20
7.15
7.10
7.05
7.00
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
/n
u J /0 3
/lu
J /4 0
/lu
J /8 0
/lu
J /2 1
/lu
J /6 1
/lu
J /0 2
/lu
J /4 2
/lu
J /8 2
/g
u A /1 0
/g
u A /5 0
/g
u A /9 0
/g
u A /3 1
/g
u A /7 1
/g
u A /1 2
/g
u A /5 2
/g
u A /9 2
/p
e S /2 0
/p
e S /6 0
/p
e S /0 1
/p
e S /4 1
/p
e S /8 1
/p
e S /2 2
/p
e S /6 2
/p
e S /0 3
Table 5. 1: Yield Spreads (bps)
September 30th, September 30th,
Yield spread between June 30th, 2022
2022 2021
10-1 year 122 46 233
30-10 year 21 12 73
30-1 year 143 58 306
10-5 year 26 5 43
5.4 Yields on government securities in shorter tenure hardened due to liquidity measures
taken by RBI, however in longer tenure yields softened
16Chart 5. 2: Comparative G-Sec Yield Curves
8.0
7.5
7.0
6.5
) 6.0
%
( 5.5
d
le 5.0
iY
4.5
4.0
3.5
50505050505050505050505050505050
25702570257025702570257025702570
.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9.0.1.2.4.5.6.7.9
111111112222222233333333
Tenor (Yrs)
YTM June 30, 2022 YTM Sept 30 , 2022 YTM Sept 30, 2021
5.5 As mentioned above hardening of yields was prominent at the short end of curve due
to various measures taken by RBI to suck out surplus liquidity from the banking system. This
has resulted in hardening of T-Bills yields also. The yield of 3 months T-Bills was at 6.04 as
on 30th September, 2022 against 5.11 as on 30th June, 2022, thus hardening by 93 bps. The
yields on 6-month and 12-month points were at 6.48 per cent and 6.69 per cent on September
30, 2022, higher by 75 bps and 45 bps, respectively, as compared to their closing levels on June
30, 2022. In the similar manner, the yields on 3-month, 6-month and 12-month points on
September 30, 2022 were higher by 260 bps, 295 bps and 294 bps, respectively over their
corresponding levels as on September 30, 2021 (Chart 5.3).
Chart 5. 3: Comparative T-Bill Yield Curve
6.48 6.52 6.55 6.59 6.62 6.66 6.69
5.75 5.76 5.79 5.86 6.04 6.19 6.33 5.73 5.8 5.86 5.93 6.03 6.14 6.24
5.52
5.32
5.00 5.11
4.66
4.41 4.48
3.39 3.44 3.47 3.5 3.53 3.57 3.61 3.64 3.68 3.71 3.75
3.25 3.25 3.26
S S H S S S S S S S S S S S
Y Y T H H H H H H H H H H H
A A N T T T T T T T T T T T
D D O N N N N N N N N N N N
7 4 1 M
1
O M
2
O M
3
O M
4
O M
5
O M
6
O M
7
O M
8
O M
9
O M
0
O M
1
O M
2
1 1 1
30-Sep-22 30-Jun-22 30-Sep-21
Source: FBIL
17Table 5. 2: Yields on T-Bills of different tenors
Date 3 Months 6 Months 9 Months 12 Months
30th -September 22 6.04 6.48 6.59 6.69
30th -June 22 5.11 5.73 5.93 6.24
30th – September 21 3.44 3.53 3.64 3.75
5.6 US 10 year yield hardened during the quarter and touched a high of 3.96 on 24th
September, 2022, however some softening were observed afterwards before closing at 3.84 at
the end of quarter on 30th September, 2022. Crude oil prices also softened during the quarter
but it still remains at elevated level during the quarter, touching a high of 113.77 $/bbl on 4th
July, 2022, before moderating and closing at 85.29 $ / bbl at the end of the quarter on 30th
September, 2022.
Table 5. 3: Comparative data during the quarter
Parameter Open High Low Close
10 Year US Yield ( In percentage) 3.02 3.96 2.57 3.84
10 year GOI bond (In Percentage) 7.45 7.45 7.08 7.40
Brent Crude per barrel ( In US $) 109.16 113.77 83.87 85.29
Chart 5. 4: Comparative Chart of US 10-Yr Yield, GOI 10-Yr G -Sec, CPI data and
Crude Oil price
8 120
7 100
e
) %6 80 c i
r
n i
e
ta
R45 46 00
p
lio
e
d
u
( r
c
3 20
2 0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
/n
u J /0 3
/lu
J /4
/lu
J /8
/lu
J /2 1
/lu
J /6 1
/lu
J /0 2
/lu
J /4 2
/lu
J /8 2
/g
u A /1
/g
u A /5
/g
u A /9
/g
u A /3 1
/g
u A /7 1
/g
u A /1 2
/g
u A /5 2
/g
u A /9 2
/p
e S /2
/p
e S /6
/p
e S /0 1
/p
e S /4 1
/p
e S /8 1
/p
e S /2 2
/p
e S /6 2
/p
e S /0 3
US Yield 10 year Gsec CPI data Brent Crude Oil
18B. Trading Pattern of Government Securities
5.7 The total outright volume of trading in G-Secs (including T-Bills and SDLs) at ₹ 27.67
lakh crore during Q2 FY 23, showed a y-o-y growth of 6.33 per cent compared to ₹ 26.03
lakh crore during Q2 of FY22 (Table 5.4). This is also higher than ₹ 25.47 lakh crore
registered during previous quarter. The higher trading volume in Q2 of FY 23 in compare to
previous quarter shows the growing interest of market players/ traders in government security
market.
5.8 The share of Central Government dated securities in the total outright volume of
transactions increased to 82 per cent during Q 2 FY 23 in compare to 76 per cent registered
in Q1 FY 23. The share is also higher than 79 per cent registered in corresponding period of
FY 22.
The share of Central Government securities in repo transactions declined to 69 per cent during
Q2 FY 23 in compare to 70 per cent registered in Q1 FY 23. It was also lower than the level
of 76 per cent registered in the corresponding period of FY 22.
5.9 The annualised outright turnover ratio for G-Secs (including T-Bills and SDLs) for
Q2 of FY23 was lower at 3.11 (3.27 during Q2 FY21-22). However, the annualised total
turnover ratio (outright plus repo transactions) increased to 12.67 during Q2 of FY23 from
10.27 during Q2 of FY22.
Table 5. 4: Transactions in Government Securities (Volume in ₹ crore)
Outright Repo
Period
G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total
July Sept 21 20,53,041 3,91,281 1,58,315 26,02,638 42,35,160 4,59,422 8,81,685 55,76,267
Share (%) 79% 15% 6% 76% 8% 16%
Oct-Dec 21 15,85,791 2,84,109 1,44,971 20,14,871 49,96,262 5,49,270 10,51,595 65,97,127
Share (%) 79% 14% 7% 76% 8% 16%
Jan–Mar 22 14,09,747 3,63,879 1,77,576 19,51,202 50,23,754 9,63,841 9,81,643 69,69,238
Share (%) 72% 19% 9% 72% 14% 14%
Apr-Jun 22 19,34,598 4,06,786 2,05,443 25,46,827 52,28,238 11,39,245 10,78,479 74,45,962
Share (%) 76% 16% 8% 70% 15% 14%
July Sept 22 22,67,520 3,71,207 1,28,634 27,67,361 58,61,001 12,27,826 14,26,430 85,15,257
Share (%) 82% 13% 5% 69% 14% 17%
19Chart 5. 5: Outright Trading Volume in ₹ crore
2500000
2000000
1500000
1000000
500000
0
0 0 0 1 1 1 1 2 2 2
2 2 2 2 2 2 2 2 2 2
e
n u J -r
p A
p
e S - y
lu J
c
e D -
tc O
h
c ra M
- n
e
n u J -
lir p
tp
e S -
y lu
c
e D -
tc O
h
c ra M
- n
e
n u J -r
p A
tp
e S -
y lu
a A J a J
J J
G-Sec T-Bills SDL
5.10 The top-10 traded Central Government securities accounted for 88.25 per cent of the
total outright trading volume in secondary market during Q2 FY23 (81.56 per cent during Q1
FY23). The share of top-3 traded securities also increased and stood at 71.2 per cent of the total
outright trading volume in the secondary market during Q2 FY23, reflecting the concentration
of trading pattern in top three liquid securities (66.9 per cent during Q1 FY23) (Table 5.5).
Table 5. 5: Top-10 Traded Securities (in ₹ crore)
July – September 2022 Apr – June 2022 July – September 2021
Security Volume Security Volume Security Volume
6.54% GS 2032 10,63,293 6.54% GS 2032 9,43,458 6.64% GS 2035 5,48,551
7.54% GS 2036 3,58,097 6.67% GS 2035 1,79,252 5.63% GS 2026 4,77,116
7.26% GS 2032 1,92,401 5.74% GS 2026 1,71,869 6.10% GS 2031 3,66,602
7.38% GS 2027 1,81,032 6.10% GS 2031 1,00,555 5.22% GS 2025 51,276
7.10% GS 2029 69,711 7.54% GS 2036 60,324 5.15% GS 2025 38,321
5.74% GS 2026 48,150 5.63% GS 2026 57,722 6.67% GS 2050 36,680
6.99% GS 2051 30,522 6.95% GS 2061 18,329 7.59% GS 2026 32,898
5.63% GS 2026 22,066 5.22% GS 2025 16,697 6.67% GS 2035 31,607
6.67% GS 2035 21,781 7.17% GS 2028 15,917 GOI FRB 2033 26,824
8.15% GS 2026 14,097 6.99% GS 2051 13,644 6.76% GS 2061 24,626
Total 20,01,151 Total 15,77,767 Total 16,34,501
205.11 The trend in outright trading volumes in central G-Secs under different maturity
buckets are given in Table 5.6.
Table 5. 6: Maturity Buckets-Wise Outright Trading Volume in G-Secs (in ₹ crore)
July – Sept % Apr – June % July – Sept %
Maturity
2022 share 2022 share 2021 share
Less than 3 years 78,849 3.48 1,40,393 7.26 1,04,762 5.10
3-7 years 4,13,523 18.24 3,65,990 18.92 7,51,858 36.62
7-10 years 12,73,167 56.14 10,69,337 55.27 4,48,702 21.86
Above 10 years 5,01,982 22.14 3,58,877 18.55 7,47,719 36.42
Total 22,67,521 100.00 19,34,597 100.00 20,53,041 100.00
5.12 The maturity distribution of secondary market transactions in Central G-Secs, as
presented above, shows that the trading activity was concentrated in 7-10 year maturity bucket
during Q2 FY23, mainly because of more trading in 10 year benchmark security.
5.13 Private Sector Banks emerged as dominant trading segment in secondary market during
quarter under review with a share of 25.00 per cent in “Buy” deals and 24.85 per cent in “Sell”
deals in the total outright trading activity (Table 5.7), followed by foreign banks, public sector
banks, primary dealers and mutual fund. On a net basis, foreign banks and primary dealers
were net sellers while public sector banks, co-operative banks, FIs, insurance companies,
mutual funds, private sector banks and ‘Others’ were net buyers in the secondary market.
Table 5. 7: Category-wise Share (%) of Total Outright Trading Activity in G-Secs*
July – Sept 2022 Apr– June 2022 July – Sept 2021
Category
Buy Sell Buy Sell Buy Sell
Co-operative Banks 3.54 3.34 3.13 2.77 2.92 2.89
Financial Institutions 0.50 0.02 0.63 0.01 0.97 0.42
Foreign Banks 21.69 22.06 20.53 22.65 18.59 19.33
Insurance Companies 3.11 2.37 3.39 2.20 3.18 2.05
Mutual Funds 11.23 8.87 12.72 8.51 14.76 10.14
Others 5.30 5.02 4.07 3.28 5.12 3.55
Primary Dealers 13.93 19.52 13.93 20.33 12.26 17.66
21July – Sept 2022 Apr– June 2022 July – Sept 2021
Category
Buy Sell Buy Sell Buy Sell
Private Sector Banks 25.00 24.85 24.30 23.81 25.57 28.41
Public Sector Banks 15.70 13.95 17.30 16.44 16.63 15.55
Total 100.0 100.0 100.0 100.0 100.0 100.0
*: Includes T-Bills and SDLs.
22Statement 1: Amount Raised through Issuance/settlement of Dated Securities during Q2 FY 2022-23
(Amount in ₹ Crore)
Residual
Notified Amount Devolvement Cut off Cut off
Date of Auction Date of Issue Date of Maturity Maturity
Amount Raised on PDs price yield (%)
Name of Stock (Years)
7.38% GS 2027 01-Jul-2022 04-Jul-2022 9000 9000 0.0 100.81 7.1819 20-Jun-2027 4.96
6.99% GS 2051 01-Jul-2022 04-Jul-2022 9000 9000 0.0 91.67 7.7092 15-Dec-2051 29.45
GOI FLOATING
01-Jul-2022 04-Jul-2022 4000 04-Oct-2028 6.25
RATE BOND 2028 4000 972.3 97.01 6.8948
7.54% GS 2036 01-Jul-2022 04-Jul-2022 10000 10000 0.0 99.55 7.5915 23-May-2036 13.89
6.69% GS 2024 08-Jul-2022 11-Jul-2022 4000 4000 0.0 100.12 6.6216 27-Jun-2024 1.96
6.95% GS 2061 08-Jul-2022 11-Jul-2022 9000 9000 0.0 91.08 7.6707 16-Dec-2061 39.43
6.54% GS 2032 08-Jul-2022 11-Jul-2022 13000 13000 0.0 94.16 7.4057 17-Jan-2032 9.52
7.10% GS 2029 08-Jul-2022 11-Jul-2022 7000 7000 0.0 98.6 7.3633 18-Apr-2029 6.77
7.38% GS 2027 15-Jul-2022 18-Jul-2022 9000 9000 0.0 100.87 7.1651 20-Jun-2027 4.92
6.99% GS 2051 15-Jul-2022 18-Jul-2022 9000 9000 0.0 91.13 7.7595 15-Dec-2051 29.41
GOI FLOATING
15-Jul-2022 18-Jul-2022 4000 04-Oct-2028 6.21
RATE BOND 2028 4000 2949.6 97.01 6.8891
7.54% GS 2036 15-Jul-2022 18-Jul-2022 10000 10000 0.0 99.3 7.6209 23-May-2036 13.85
6.69% GS 2024 22-Jul-2022 25-Jul-2022 4000 4000 0.0 100.02 6.6747 27-Jun-2024 1.92
6.95% GS 2061 22-Jul-2022 25-Jul-2022 9000 9000 0.0 89.99 7.7673 16-Dec-2061 39.39
6.54% GS 2032 22-Jul-2022 25-Jul-2022 13000 13000 0.0 93.95 7.4406 17-Jan-2032 9.48
7.10% GS 2029 22-Jul-2022 25-Jul-2022 7000 7000 0.0 98.7 7.3452 18-Apr-2029 6.73
7.54% GS 2036 29-Jul-2022 01-Aug-2022 11000 10000 0.0 100.2 7.5146 23-May-2036 13.81
7.38% GS 2027 29-Jul-2022 01-Aug-2022 9000 9000 0.0 101.56 6.9948 20-Jun-2027 4.89
6.99% GS 2051 29-Jul-2022 01-Aug-2022 8000 9000 0.0 91.99 7.6796 15-Dec-2051 29.37
GOI FLOATING
29-Jul-2022 01-Aug-2022 4000 04-Oct-2028 6.18
RATE BOND 2028 4000 1739.5 97.01 7.0198
6.69% GS 2024 05-Aug-2022 08-Aug-2022 4000 4000 0.0 100.04 6.6616 27-Jun-2024 1.89
6.95% GS 2061 05-Aug-2022 08-Aug-2022 9000 9000 0.0 90.86 7.6898 16-Dec-2061 39.36
6.54% GS 2032 05-Aug-2022 08-Aug-2022 13000 13000 0.0 94.66 7.3328 17-Jan-2032 9.44
7.10% GS 2029 05-Aug-2022 08-Aug-2022 7000 7000 0.0 99.35 7.2213 18-Apr-2029 6.69
GOI FLOATING
12-Aug-2022 17-Aug-2022 4000 04-Oct-2028 6.13
RATE BOND 2028 4000 0.0 0 0
7.54% GS 2036 12-Aug-2022 17-Aug-2022 11000 10000 0.0 100.2 7.5144 23-May-2036 13.77
7.38% GS 2027 12-Aug-2022 17-Aug-2022 9000 9000 0.0 101.59 6.9839 20-Jun-2027 4.84
6.99% GS 2051 12-Aug-2022 17-Aug-2022 8000 9000 0.0 92.03 7.676 15-Dec-2051 29.33
23Residual
Notified Amount Devolvement Cut off Cut off
Date of Auction Date of Issue Date of Maturity Maturity
Amount Raised on PDs price yield (%)
Name of Stock (Years)
7.26% GS 2032 19-Aug-2022 22-Aug-2022 13000 13000 0.0 100 7.26 22-Aug-2032 10.00
6.69% GS 2024 19-Aug-2022 22-Aug-2022 4000 4000 0.0 100.18 6.5782 27-Jun-2024 1.85
6.95% GS 2061 19-Aug-2022 22-Aug-2022 9000 9000 0.0 91.89 7.5998 16-Dec-2061 39.32
7.10% GS 2029 19-Aug-2022 22-Aug-2022 7000 7000 0.0 99.7 7.1549 18-Apr-2029 6.66
GOI FLOATING
26-Aug-2022 29-Aug-2022 4000 04-Oct-2028 6.10
RATE BOND 2028 4000 0.0 0 0
7.54% GS 2036 26-Aug-2022 29-Aug-2022 11000 10000 0.0 101.31 7.3846 23-May-2036 13.73
7.38% GS 2027 26-Aug-2022 29-Aug-2022 9000 9000 0.0 101.55 6.9912 20-Jun-2027 4.81
6.99% GS 2051 26-Aug-2022 29-Aug-2022 8000 9000 0.0 93.45 7.5467 15-Dec-2051 29.29
7.26% GS 2032 02-Sep-2022 05-Sep-2022 13000 13000 0.0 100.28 7.2195 22-Aug-2032 9.96
6.95% GS 2061 02-Sep-2022 05-Sep-2022 9000 9000 0.0 93.09 7.4973 16-Dec-2061 39.28
7.10% GS 2029 02-Sep-2022 05-Sep-2022 7000 7000 2534.9 99.66 7.1632 18-Apr-2029 6.62
6.69% GS 2024 02-Sep-2022 05-Sep-2022 4000 4000 0.0 99.99 6.6883 27-Jun-2024 1.81
GOI FLOATING
09-Sep-2022 12-Sep-2022 4000 04-Oct-2028 6.06
RATE BOND 2028 4000 0.0 0 0
7.36% GS 2052 09-Sep-2022 12-Sep-2022 8000 8000 0.0 100 7.36 12-Sep-2052 30.00
7.38% GS 2027 09-Sep-2022 12-Sep-2022 9000 9000 0.0 101.7 6.9514 20-Jun-2027 4.77
7.54% GS 2036 09-Sep-2022 12-Sep-2022 11000 10000 0.0 102.15 7.2874 23-May-2036 13.70
7.40% GS 2062 16-Sep-2022 19-Sep-2022 9000 9000 0.0 100 7.4 19-Sep-2062 40.00
7.26% GS 2032 16-Sep-2022 19-Sep-2022 13000 13000 0.0 100.12 7.2417 22-Aug-2032 9.93
7.10% GS 2029 16-Sep-2022 19-Sep-2022 7000 7000 0.0 99.25 7.2436 18-Apr-2029 6.58
6.69% GS 2024 16-Sep-2022 19-Sep-2022 4000 4000 2812.9 99.8 6.8033 27-Jun-2024 1.77
7.38% GS 2027 23-Sep-2022 26-Sep-2022 9000 9000 0.0 99.98 7.3809 20-Jun-2027 7.38
GOI FLOATING
23-Sep-2022 26-Sep-2022 04-Oct-2028 0.00
RATE BOND 2028 4000 0 0.0 0 0
7.54% GS 2036 23-Sep-2022 26-Sep-2022 11000 10000 0.0 100.41 7.4898 23-May-2036 7.49
7.36% GS 2052 23-Sep-2022 26-Sep-2022 8000 8000 0.0 97.98 7.5303 12-Sep-2052 7.52
Total 422000 416000 11009.3
Weighted Average Yield % 7.32
24Statement 2: Treasury Bills Issued during Q2 FY 2022-23
Cut off
Date of
Security Issue Date Accepted Amount (₹ Crore) Yield
Auction
(%)
Non-
Competitive Total
Competitive
364DTB 06-Jul-2022 07-Jul-2022 4970.3 29.7 5000.0 6.1
364DTB 13-Jul-2022 14-Jul-2022 4957.2 42.8 5000.0 6.2
364DTB 20-Jul-2022 21-Jul-2022 4936.7 1363.3 6300.0 6.2
364DTB 27-Jul-2022 28-Jul-2022 4974.5 271.5 5246.0 6.3
364DTB 03-Aug-2022 04-Aug-2022 4763.1 2911.5 7674.6 6.2
364DTB 10-Aug-2022 11-Aug-2022 4974.2 1639.0 6613.2 6.3
364DTB 17-Aug-2022 18-Aug-2022 4953.2 858.0 5811.2 6.2
364DTB 24-Aug-2022 25-Aug-2022 4880.9 1292.8 6173.6 6.3
364DTB 30-Aug-2022 01-Sep-2022 4979.0 4103.7 9082.7 6.3
364DTB 07-Sep-2022 08-Sep-2022 4971.1 2382.6 7353.7 6.3
364DTB 14-Sep-2022 15-Sep-2022 4973.3 5495.1 10468.4 6.4
364DTB 21-Sep-2022 22-Sep-2022 4962.5 2101.5 7064.0 6.6
364DTB 28-Sep-2022 29-Sep-2022 4967.7 1119.8 6087.5 6.8
182 DTB 06-Jul-2022 07-Jul-2022 6986.8 10513.2 17500.0 5.7
182 DTB 13-Jul-2022 14-Jul-2022 6986.3 183.2 7169.5 5.7
182 DTB 20-Jul-2022 21-Jul-2022 6989.5 10.5 7000.0 5.9
182 DTB 27-Jul-2022 28-Jul-2022 6987.3 12.7 7000.0 6.0
182 DTB 03-Aug-2022 04-Aug-2022 6981.5 1518.5 8500.0 5.9
182 DTB 10-Aug-2022 11-Aug-2022 6983.2 16.8 7000.0 6.0
182 DTB 17-Aug-2022 18-Aug-2022 6978.6 2021.4 9000.0 5.9
182 DTB 24-Aug-2022 25-Aug-2022 6959.4 3490.6 10450.0 6.0
182 DTB 30-Aug-2022 01-Sep-2022 6979.7 2129.2 9108.9 6.1
182 DTB 07-Sep-2022 08-Sep-2022 6956.8 43.2 7000.0 6.1
182 DTB 14-Sep-2022 15-Sep-2022 6962.2 1037.8 8000.0 6.2
182 DTB 21-Sep-2022 22-Sep-2022 6984.4 1156.1 8140.5 6.4
182 DTB 28-Sep-2022 29-Sep-2022 6983.4 1016.6 8000.0 6.6
91 DTB 06-Jul-2022 07-Jul-2022 8979.8 13720.2 22700.0 5.1
91 DTB 13-Jul-2022 14-Jul-2022 8960.4 1689.6 10650.0 5.2
91 DTB 20-Jul-2022 21-Jul-2022 8980.4 3219.6 12200.0 5.4
91 DTB 27-Jul-2022 28-Jul-2022 8983.2 1527.1 10510.2 5.6
91 DTB 03-Aug-2022 04-Aug-2022 8982.5 2717.5 11700.0 5.6
91 DTB 10-Aug-2022 11-Aug-2022 8981.9 1318.1 10300.0 5.6
91 DTB 17-Aug-2022 18-Aug-2022 8966.8 3883.2 12850.0 5.6
91 DTB 24-Aug-2022 25-Aug-2022 8961.1 1738.9 10700.0 5.6
91 DTB 30-Aug-2022 01-Sep-2022 8975.5 2524.5 11500.0 5.6
91 DTB 07-Sep-2022 08-Sep-2022 8971.5 7028.5 16000.0 5.6
91 DTB 14-Sep-2022 15-Sep-2022 8982.2 9217.8 18200.0 5.7
91 DTB 21-Sep-2022 22-Sep-2022 8962.7 2337.3 11300.0 5.9
91 DTB 28-Sep-2022 29-Sep-2022 8968.2 1031.8 10000.0 6.2
Total 271639 98715 370354
25Statement 3: G-Secs outstanding balance as on September 30, 2022
Sl. Coupon Maturity Amount in
Name of security Date of issue
No. rate % date Rs. Crore
1 3.96% GS 2022 4.0 09/11/2020 09/11/2022 28410.1
2 6.84% GS 2022 6.8 12/09/2016 19/12/2022 56967.8
3 6.30% GS 2023 6.3 09/04/2003 09/04/2023 12710.0
4 7.37% GS 2023 7.4 16/04/2018 16/04/2023 29372.8
5 4.26% GS 2023 4.3 17/05/2021 17/05/2023 38887.3
6 7.16% GS 2023 7.2 20/05/2013 20/05/2023 68060.0
7 1.44% II GS 2023 1.4 05/06/2013 05/06/2023 1152.6
8 6.17% GS 2023 (conv) 6.2 12/06/2003 12/06/2023 12000.0
9 4.48% GS 2023 4.5 02/11/2020 02/11/2023 53925.3
10 8.83% GS 2023 8.8 25/11/2013 25/11/2023 56572.7
11 4.56% GS 2023 4.6 29/11/2021 29/11/2023 32500.0
12 7.68% GS 2023 7.7 27/04/2015 15/12/2023 82964.5
13 IINSS -Cumulative 1.5% GS 2023 1.5 25/12/2013 25/12/2023 64.5
14 7.32% GS 2024 7.3 28/01/2019 28/01/2024 60136.9
15 GoI FRB 2024 4.4 07/11/2016 07/11/2024 72635.0
16 7.35% GS 2024 7.4 22/06/2009 22/06/2024 52448.3
17 6.69% GS 2024 6.7 27/06/2022 27/06/2024 28000.0
18 8.40% GS 2024 8.4 28/07/2014 28/07/2024 71533.5
19 6.18% GS 2024 6.2 04/11/2019 04/11/2024 102090.3
20 9.15% GS 2024 9.2 14/11/2011 14/11/2024 84062.5
21 5.22% GS 2025 5.2 15/06/2020 15/06/2025 118000.0
22 7.72% GS 2025 7.7 25/05/2015 25/05/2025 90031.8
23 8.20% GS 2025 8.2 24/09/2012 24/09/2025 90000.0
24 5.97 % GS 2025 (Conv) 6.0 25/09/2003 25/09/2025 16687.9
25 5.15% GS 2025 5.2 09/11/2020 09/11/2025 116465.2
26 6.97% GS 2026 7.0 06/09/2016 06/09/2026 89743.4
27 7.59% GS 2026 7.6 11/01/2016 11/01/2026 119000.0
28 7.27% GS 2026 7.3 08/04/2019 08/04/2026 60248.9
29 5.63% GS 2026 5.6 12/04/2021 12/04/2026 149503.1
30 8.33% GS 2026 8.3 09/07/2012 09/07/2026 87000.0
31 10.18% GS 2026 10.2 11/09/2001 11/09/2026 15000.0
32 5.74% GS 2026 5.7 15/11/2021 15/11/2026 81000.0
33 8.15% GS 2026 8.2 24/11/2014 24/11/2026 82963.8
34 8.24% GS 2027 8.2 15/02/2007 15/02/2027 111388.6
35 6.79% GS 2027 6.8 15/05/2017 15/05/2027 121000.0
36 7.38% GS 2027 7.4 20/06/2022 20/06/2027 72000.0
37 8.26% GS 2027 8.3 02/08/2007 02/08/2027 97726.6
38 8.28% GS 2027 8.3 21/09/2007 21/09/2027 91866.4
39 7.17 % GS 2028 7.2 08/01/2018 08/01/2028 115583.7
40 6.01% GS 2028 (C Align) 6.0 08/08/2003 25/03/2028 15000.0
41 6.13% GS 2028 6.1 04/06/2003 04/06/2028 11000.0
42 8.60% GS 2028 8.6 02/06/2014 02/06/2028 106230.3
43 FRB 2028 4.9 04/10/2021 04/10/2028 52816.5
44 7.26% GS 2029 7.3 14/01/2019 14/01/2029 130708.9
45 7.59% GS 2029 7.6 19/10/2015 20/03/2029 124321.0
46 7.10% GS 2029 7.1 18/04/2022 18/04/2029 88986.7
47 6.45% GS 2029 6.5 07/10/2019 07/10/2029 114840.2
48 6.79% GS 2029 6.8 26/12/2016 26/12/2029 118801.1
49 7.88% GS 2030 7.9 11/05/2015 19/03/2030 128713.5
50 5.79% GS 2030 5.8 11/05/2020 11/05/2030 111618.6
51 7.61% GS 2030 7.6 09/05/2016 09/05/2030 100989.4
52 5.77% GS 2030 5.8 03/08/2020 03/08/2030 123000.0
26Sl. Coupon Maturity Amount in
Name of security Date of issue
No. rate % date Rs. Crore
53 9.20% GS 2030 9.2 30/09/2013 30/09/2030 61884.6
54 5.85% GS 2030 5.9 01/12/2020 01/12/2030 119270.5
55 8.97% GS 2030 9.0 05/12/2011 05/12/2030 90000.0
56 6.10% GS 2031 6.1 12/07/2021 12/07/2031 148000.0
57 6.68% GS 2031 6.7 01/09/2017 17/09/2031 108956.9
58 FRB, 2031 6.4 07/05/2018 07/12/2031 139915.7
59 6.54% GS 2032 6.5 17/01/2022 17/01/2032 156000.0
60 7.26% GS 2032 7.3 22/08/2022 22/08/2032 39000.0
61 8.28% GS 2032 8.3 15/02/2007 15/02/2032 90687.1
62 8.32% GS 2032 8.3 02/08/2007 02/08/2032 89434.1
63 7.95% GS 2032 8.0 28/08/2002 28/08/2032 136664.0
64 8.33% GS 2032 8.3 21/09/2007 21/09/2032 1522.5
65 7.57% GS 2033 7.6 20/05/2019 17/06/2033 130334.5
66 FRB 2033 5.5 22/06/2020 22/09/2033 149482.0
67 8.24% GS 2033 8.2 10/11/2014 10/11/2033 99525.8
68 6.57% GS 2033 6.6 05/12/2016 05/12/2033 95960.5
69 7.50% GS 2034 7.5 10/08/2004 10/08/2034 100098.0
70 6.19% GS 2034 6.2 01/06/2020 16/09/2034 127000.0
71 FRB 2034 4.7 30/08/2021 30/10/2034 54800.1
72 7.73% GS 2034 7.7 12/10/2015 19/12/2034 104000.9
73 FRB, 2035 6.6 25/01/2005 25/01/2035 350.0
74 6.22% GS 2035 6.2 02/11/2020 16/03/2035 112654.6
75 6.64% GS 2035 6.6 12/04/2021 16/06/2035 145354.0
76 7.40% GS 2035 7.4 09/09/2005 09/09/2035 99245.0
77 6.67% GS 2035 6.7 13/09/2021 15/12/2035 153549.7
78 7.54% GS 2036 7.5 23/05/2022 23/05/2036 105000.0
79 8.33% GS 2036 8.3 07/06/2006 07/06/2036 86000.0
80 6.83% GS 2039 6.8 19/01/2009 19/01/2039 13000.0
81 7.62% GS 2039 7.6 08/04/2019 15/09/2039 38150.9
82 8.30% GS 2040 8.3 02/07/2010 02/07/2040 91891.9
83 8.83% GS 2041 8.8 12/12/2011 12/12/2041 90000.0
84 8.30% GS 2042 8.3 31/12/2012 31/12/2042 104529.4
85 7.69% GS 2043 7.7 30/04/2019 17/06/2043 37000.0
86 9.23% GS 2043 9.2 23/12/2013 23/12/2043 79472.3
87 8.17% GS 2044 8.2 01/12/2014 01/12/2044 97000.0
88 8.13% GS 2045 8.1 22/06/2015 22/06/2045 98000.0
89 7.06% GS 2046 7.1 10/10/2016 10/10/2046 100000.0
90 7.72% GS 2049 7.7 15/04/2019 15/06/2049 84000.0
91 7.16% GS 2050 7.2 20/04/2020 20/09/2050 99798.4
92 6.67% GS 2050 6.7 02/11/2020 17/12/2050 149162.3
93 6.62% GS 2051 6.6 28/11/2016 28/11/2051 55000.0
94 6.99% GS 2051 7.0 15/11/2021 15/12/2051 146525.0
95 7.36% GS 2052 7.4 12/09/2022 12/09/2052 16000.0
96 7.72% GS 2055 7.7 26/10/2015 26/10/2055 100000.0
97 7.63% GS 2059 7.6 06/05/2019 17/06/2059 83462.0
98 7.19% GS 2060 7.2 13/04/2020 15/09/2060 98381.0
99 6.80% GS 2060 6.8 31/08/2020 15/12/2060 101176.4
100 6.76% GS 2061 6.8 22/02/2021 22/02/2061 146999.9
101 6.95% GS 2061 7.0 22/11/2021 16/12/2061 148236.3
102 7.40% GS 2062 7.4 19/09/2022 19/09/2062 9000.0
Total 8628206.0
27Statement 4: Maturity Profile of Government Securities as on End-September 2022
Year of Maturity Amount in Rs. Crore
2022-2023 85377.9
2023-2024 448346.5
2024-2025 410769.7
2025-2026 550185.0
2026-2027 676847.9
2027-2028 513176.8
2028-2029 425076.7
2029-2030 451341.5
2030-2031 606763.1
2031-2032 643559.8
2032-2033 266620.5
2033-2034 475302.7
2034-2035 498903.5
2035-2036 398148.7
2036-2037 191000.0
2038-2039 13000.0
2039-2040 38150.9
2040-2041 91891.9
2041-2042 90000.0
2042-2043 104529.4
2043-2044 116472.3
2044-2045 97000.0
2045-2046 98000.0
2046-2047 100000.0
2049-2050 84000.0
2050-2051 248960.7
2051-2052 201525.0
2052-2053 16000.0
2055-2056 100000.0
2059-2060 83462.0
2060-2061 346557.4
2061-2062 148236.3
2062-2063 9000.0
Total 8628206.0
28Statement 5 : Calendar for Auction of Treasury Bills during October – December 2022
Amount in ₹ Crore
Date of
Issue Date 91 Days 182 Days 364 Days Total
Auction
October 04, October 06,
10,000 6,000 6,000 22,000
2022 2022
October 12, October 13,
10,000 6,000 6,000 22,000
2022 2022
October 19, October 20,
10,000 6,000 6,000 22,000
2022 2022
October 27, October 28,
10,000 6,000 6,000 22,000
2022 2022
November 02, November 03,
10,000 6,000 6,000 22,000
2022 2022
November 09, November 10,
10,000 6,000 6,000 22,000
2022 2022
November 16, November 17,
10,000 6,000 6,000 22,000
2022 2022
November 23, November 24,
10,000 6,000 6,000 22,000
2022 2022
November 30, December 01,
10,000 6,000 6,000 22,000
2022 2022
December 07, December 08,
10,000 6,000 6,000 22,000
2022 2022
December 14, December 15,
10,000 6,000 6,000 22,000
2022 2022
December 21, December 22,
10,000 6,000 6,000 22,000
2022 2022
December 28, December 29,
10,000 6,000 6,000 22,000
2022 2022
Total 1,30,000 78,000 78,000 2,86,000
*************************
29