PUBLIC DEBT MANAGEMENT QUARTERLY REPORT JANUARY-MARCH 2018 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS JUNE 2018 www.dea.gov.in
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CONTENTS Section Page No. Introduction 1 Macroeconomic Developments 1 2 Debt Management-Primary Market Operations 4 3 Cash Management 8 4 Trends in Outstanding Public Debt 10 5 Secondary Market 14 iii
Introduction The Public Debt Management Cell (PDMC), Budget Division, Department of Economic Affairs, Government of India has been publishing on its website a quarterly report, titled Public Debt Management-Quarterly Report from the third quarter of the fiscal year 2016-17. The previous reports were brought out by the Middle Office for Public Debt management from the fiscal year 2010-11. All the earlier reports are available on the website of Ministry of Finance (http://finmin.nic.in/reports/public_debt_management.asp). This report pertains to the Q4 of the fiscal year, viz., Jan-March 2018. The report gives an account of the public debt management and cash management operations during the quarter, and attempts a rationale for major activities. The report also tries to provide 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@nic.in. iv
List of Tables, Charts and Statements List of Tables Table No. Title Page No. 1.1 Provisional estimates of National income: Growth Rates (%) 1 1.2 CPI and WPI Inflation (Per cent) 1 1.3 Merchandise trade during 2015-16 to 2017-18 2 1.4 Foreign Investment Inflows into India 3 2.1 Fiscal Outcome during April-March 2017-18 (Provisional) 4 2.2 Issuance of Dated Securities 5 2.3 Primary issuances of Dated securities by Maturity Buckets during 2016-17 to 6 2017-18 2.4 Issuance of Treasury Bills 6 3.1 Repayment and Issuance of treasury Bills during Jan-March 2018 9 4.1 Total Liabilities of the Central government 10 4.2 Yield and Maturity of Dated securities of the Central government 11 4.3 Maturity Profile of Outstanding Dated Securities of Central Government 12 4.4 Ownership Pattern of Government of India Dated Securities 13 5.1 Yield Spreads 15 5.2 Transactions in Government securities 16 5.3 Top-10 Traded Securities 17 5.4 Maturity-wise Outright Trading Volume in G-Secs 17 5.5 Category-wise Share of Total Outright Trading Activity in G-Secs 18 List of Charts Chart No. Title Page No. Chart 3.1 Outstanding Amount under Liquidity Adjustment Facility 9 Chart 5.1 Yield on 10-year Benchmark Security 14 Chart 5.2 Comparative G-Sec Yield Curve 15 Chart 5.3 Comparative Yields on T-Bills 16 List of Statements 1 Issuance of Dated Securities Q4 of FY 18 19 2 Treasury Bills issued during Q4 of FY 18 20 3 List of Dated Securities Outstanding at end-march 2018 21 4 Maturity Profile of Government Securities at end-march 2018 23 5 Calendar for Auction of Treasury Bills during April-June 2018 24 6 Calendar for Auction of G-Secs during April-September 2018 25 v
Section 1 Macroeconomic Developments 1.1 India s real GDP at 2011-12 prices in the Q4 of 2017-18 registered a growth rate of 7.7 per cent, while the growth rate of GVA was 6.5 per cent in same period, as per data released by the Central Statistics Office. The growth rate of GDP at 2011-12 prices for 2017-18, as per the provisional estimates, is estimated at 6.7 per cent, lower than 7.1 per cent in 2016-17. Real GVA growth rate was lower in 2017-18, driven by deceleration in growth rates of agriculture and industrial sectors (Table 1.1). Table 1.1: Provisional Estimates of National Income: Growth Rates (%) Item At 2011-12 Prices At Current Prices 2016-17 2017-18 2016-17 2017-18 GVA at basic prices 7.1 6.5 10.1 9.7 GDP 7.1 6.7 10.8 10.0 Private Final Consumption Expenditure 7.3 6.6 11.3 10.1 Government Final Consumption 12.2 10.9 16.5 14.7 Expenditure Gross Fixed Capital Formation 10.1 7.6 11.1 9.8 1.2 Headline CPI inflation moderated during the quarter to 4.28 per cent (March 2018) as compared to 5.21 per cent for the month of December 2017. A similar trend was seen in the movement of Consumer Food Price Inflation (CFPI), as evident from the data in Table 1.2. Notwithstanding the moderation in CPI-based inflation during Q4 of FY 18, the retail inflation rates were higher than those in the corresponding period of 2017. The WPI inflation also eased to 2.47 per cent in March 2018 from 3.58 per cent in December 2017. However, both CPI and WPI inflation rates moved up in April 2018. Table 1.2: CPI and WPI Inflation (Per Cent) Month CPI CFPI WPI (All Commodities) 2018 2017 2018 2017 2018 2017 January 5.07 3.17 4.70 0.61 3.02 4.26 February 4.44 3.65 3.26 2.01 2.74 5.51 March 4.28 3.89 2.81 2.01 2.47 5.11 April 4.58 2.99 2.80 0.61 3.18 3.85 1
1.3 Industrial growth, as measured by the index of industrial production (IIP), recorded a marginally lower rate of growth at 4.3 per cent in 2017-18 as compared to 4.6 per cent in 2016-17. While there was a sharp deceleration in the rate of growth of mining sector (to 2.3 per cent in 2017-18), electricity generation growth slowed down to 5.4 per cent in 2017-18 (5.8 per cent in 2016-17). Manufacturing sector growth was marginally higher at 4.5 per cent in 2017-18 (4.4 per cent in 2016-17). The use-based classification reveals higher rates of growth in production of capital goods, infrastructure/construction goods and consumer non-durables in 2017-18, while primary goods, intermediate goods and consumer durables recorded deceleration in their growth rates during the year. 1.4 Merchandise exports from India touched US$ 302.84 billion in 2017-18, registering a growth rate (y-o-y) of 9.78 per cent, while imports expanded by 19.59 per cent to US$ 459.67 billion during the year. Trade deficit widened to US$ 156.83 billion in 2017-18 from US$ 108.50 billion in 2016-17. Exports at US$ 25.91 billion in April 2018 were up by 5.17 per cent while imports valued at US$ 39.63 billion registered a growth rate (y-o-y) of 4.6 per cent, resulting in a trade deficit of US$ 13.72 billion. There was a sharp rise of 41.5 per cent in oil imports to US$ 10.41 billion in April 2018, reflecting the impact of an increase of 35.2 per cent in the global Brent prices in the month. The current account deficit (CAD) expanded to US$ 13.0 billion (1.9 per cent of GDP) in Q4 from US$ 2.6 billion or 0.4 per cent of GDP in Q4 of 2016-17. However, it was lower than US$ 13.7 billion or 2.1 per cent of GDP in Q3 of 2017-18. During 2017-18, the CAD was higher at 1.9 per cent of GDP as compared with 0.6 per cent of GDP in 2016-17. Table 1.3: Merchandise Trade during 2015-16 to 2017-18 Amount in US $ billion Financial Exports Imports Trade Year Amount Growth Rate (%) Amount Growth Rate (%) Balance 2015-16 262.30-15.48 381.01-14.96-118.72 2016-17 275.85 5.17 384.36 0.88-108.50 2017-18 302.84 9.78 459.67 19.59-156.83 April 2018 25.91 5.17 39.63 4.60-13.72 2
1.5 Net foreign direct investment inflows into India moderated to US$ 39.43 billion in 2017-18 from US$ 42.22 billion in 2016-17. Net FII investment inflows both in equity and debt instruments dipped to US$ 2.38 billion in Q4 of FY 18 from US$ 5.43 billion in Q3. However, net FII investment in India was higher at US$ 22.2 billion during 2017-18 as compared to US$ 7.8 billion in 2016-17, even as these inflows remained volatile from the second quarter of 2017-18. Table 1.4: Foreign Investment Inflows into India Amount in US$ billion Item 2014-15 2015-16 2016-17 2017-18 Foreign Direct 35.28 44.90 42.22 39.43 Investment in to India FII Investment in India 40.93-4.02 7.77 22.17 1.6 India s foreign exchange reserves stood at USD 424.54 billion on March 31, 2018. The average nominal exchange rate of Rupee at 64.45 per dollar appreciated by 4.07 per cent in 2017-18 over the corresponding nominal average exchange rate of 67.07 in 2016-17. 3
Section 2 Debt Management - Primary Market Operations A. Government Finances 2.1 The gross fiscal deficit (GFD) of the Central Government for 2017-18 was revised upwards to 5,94,849 crore (3.5 per cent of GDP) from the budgeted level of 5,46,531 crore or 3.2 per cent of GDP for the year. During 2016-17, the actual GFD of the Central Government was 5,35,618 crore or 3.5 per cent of GDP. 2.2 As per the provisional estimates, the GFD of the Central Government at 5,91,663 crore was almost close to the revised estimate for the FY 18. This was notwithstanding the fact that there was a shortfall in revenue receipts relative to the revised estimate of 15,05,428 crore for 2017-18. The details are given in Table 2.1. Table 2.1: Fiscal Outcome during April March 2017-18 (Provisional) (Amount in crore) Item 2017-18 RE April-Mar 2017-18 April-Mar 2017-18 (% of RE) April-Mar 2016-17 (% of RE) Revenue Receipts 1505428 1435185 95.30 96.70 Tax Receipts 1269454 1242662 97.90 101.20 Non-Tax Receipts 235974 192523 81.60 82.00 Other Non-debt Receipts 117473 115819 98.60 115.80 Total Expenditure 2217750 2142667 96.60 98.30 Revenue Expenditure 1944999 1878963 96.60 97.60 Capital Expenditure 272751 263704 96.70 102.50 Revenue Deficit 439571 443778 101.00 101.70 Primary Deficit 64006 62420 97.50 111.50 Gross Fiscal Deficit 594849 591663 99.50 100.70 Financing Market Loans* 479864 471738 98.00 87.00 External Assistance 2418 9084 376.00 121.00 Securities against Small Savings 102628 46083 45.00 6.00 Others 9939 64758 651.55 118.73 *:- Includes borrowings through treasury bills. Source: Controller General of Accounts (CGA) website; cga.nic.in B. Issuance Details 2.3 This section discusses the issuance details of market borrowings during Q4 of FY 18 and also during April-March 2017-18. 4
2.4 Gross and net market borrowings of the Central Government for FY18 were budgeted at 5,80,000 crore and 3,48,226.40 crore. On December 27, 2017, the Government made an announcement to raise additional market borrowing of 50,000 crore through dated Government securities in 2017-18. However, based on a review of revenue receipts and expenditure pattern, it was decided around mid-january 2018 to raise additional borrowing of only 20,000 during Q4 of FY 18. The gross and net borrowings were subsequently revised to 5,99,000 crore and 402,394 crore, when the Union Budget for 2018-19 was presented. During Q4 of FY18, the Government issued dated securities worth 67,000 crore taking the gross borrowings during FY 18 to 5,88,000 crore (98.2 per cent of RE) as compared to 5,82,000 crore (100.0 per cent of RE) in the corresponding period of FY 17 (Table 2.2). Table 2.2: Issuance of Dated Securities Amount in crore April- 2017-18 Q4 FY As % of RE Item March RE 18 2017-18 FY 18 FY 17 Gross Amount 599,000 67,000 588,000 98.2 100.0 Repayments 139,590 16,887 156,606 112.2 99.15 Switches 42,984 15,968 42,984 100.00 100.00 Buyback 57,016 13,788 39,218 68.90 100.28 Net Issuance 402,394 36,325 3,92,176 97.50 100.37 2.5 Auctions held during Q4 of FY 18 were broadly in accordance with the pre-announced calendar (Table 2.3). During Q4 FY 18, 6 tranches of auctions were held for issuances of dated securities worth 67,000 crore. Around 61.2 per cent of total securities issued during the quarter were in the maturity bucket of 10-14 years. There was no devolvement on PDs during Q4 FY 18. The Government also repurchased two securities (7.83% GS 2019 and 8.24% GS 2018), aggregating to 13,788.19 crore on March 15, 2018. There were two conversions during the month of March 2018; the first conversion was on March 8, 2018 of a security maturing in 2018-19 having total face value of 15,968 crore to longer tenor securities maturing in 2028-29 and 2031-32; and the second conversion was on March 22, 2018 of a security maturing in 2018-19 having total face value of 15,091 crore to a longer tenor security maturing in 2042-43. 5
Table 2.3 Primary Issuances of dated securities by Maturity Buckets during 2016-17 to 2017-18 Amount in crore 5-9 years 10-14 years 15-19 Years 20-30 Years Total 2016-17 108000 303000 82,000 89000 582000 % of Total 18.6 52.1 14.1 15.3 100.0 H1 FY18 (Projected) 72000-96000 152000-176000 48000-772000 51000-75000 372000.00 % of Total 19.4-25.9 41.2-47.7 13.0-19.4 13.7-20.2 100.00 H1 FY18 (Actual) 70,000 177,000 50,000 60,000 357,000 % of Total 19.6 49.6 14.0 16.8 100.0 Q4 FY 18 (Actual) 18,000 41,000 4,000 4,000 67,000 % of Total 26.9 61.2 6.0 6.0 100.0 H2 FY18 (Actual) 51000 130000 24000 26000 231000 % of Total 22.08 56.28 10.39 11.26 100.00 FY 2017-18 (Actual) 121,000 307,000 74,000 86,000 588,000 % of Total 20.6 52.2 12.6 14.6 100.0 * Till H1 FY 18, the proposed borrowing amount in the half-yearly calendar was indicated as a range for a particular maturity bucket. # From Oct 2017 onwards, the practice of indicating a range for borrowing through issuance of securities in different maturity buckets was discontinued and the Government introduced the right to exercise the green-shoe option of up to 1,000 crore in each maturity bucket, being indicated in the auction notification itself. 2.6 The gross amount raised through treasury bills (91-day, 182-day and 364-day treasury bills) during Q4 of FY 18 amounted to 2,48,561 crore while total repayments were 2,79,576 crore, resulting in net issuance of (-) 31,015 crore as compared with (-) 59,763 crore in Q3 of FY 18 (Table 2.4). The details of issuance of treasury bills during Q4 of FY18 are given in Statement 2. Table 2.4: Issuance of Treasury Bills* ( crore) Item 2017-18 RE Q4 FY 18 FY 18 FY 17 364 DTB FY 18 As % of RE Gross Amount 149989 52700 159685 142526 112.0 Repayment 142526 28004 142526 154033 95.0 Net Issuance 7463 24696 17159-11507 -229.9 182 DTB Gross Amount 176397 57135 185417 174035 107.8 Repayment 183981 44108 183981 166406 110.6 Net Issuance -7584 11176 1436 7629 25.4 91 DTB Gross Amount 849764 138726 774060 664567 109.9 Repayment 742174 207464 742174 690582 109.1 Net Issuance 107590-68738 31886-26015 130.2 All T-Bills Gross Amount 1176151 248561 1119162 981128 95.2 Repayment 1068681 279576 1068681 1011021 100.0 Net Issuance 107470-31015 50481-29893 47.0 *:- Including amount raised through non-competitive route. 6
2.7 The tenor of new issuances is a function of acceptable rollover risk as well as market appetite for various maturity segments. During Q4 FY 18, the weighted average maturity (WAM) of new issuances moderated to 10.93 years as compared to 14.09 years in Q3 of FY18. The decline in the WAM was due to more than 80 per cent of issuances being in the 1-5 years and 10-14 years maturity buckets. The weighted average yield (WAY) of issuances during Q4 of FY 18 was 7.34 per cent as against 7.04 per cent in Q3 of FY 18, reflecting hardening of yields during the quarter. During FY 18, WAY and WAM were 6.98 per cent and 14.13 years as compared to 7.16 per cent and 14.76 years in FY 17. 7
Section 3-Cash Management 3.1 Government s cash account is maintained with the RBI. The cash flow mismatches of the Central Government are largely managed through issuance of Treasury Bills, issuance of Cash Management Bills and access to the Ways and Means Advances whenever there is a cash deficit and auction of cash balances in the market (through RBI) and buy-back of securities from the market whenever there are cash surpluses. Further, the Reserve Bank conducts purchase/sale of G-Secs under Open Market Operations, whenever required, based on an assessment of prevailing and evolving liquidity conditions. 3.2 During Q4 of FY 18, the cash position of the Central Government remained comfortable and the Central Government did not resort to WMA during the quarter. 3.3 Liquidity conditions in the economy were comfortable in January 2018 but tightened during February-March 2018 (Chart 6). The net average liquidity absorption by the Reserve Bank under Liquidity Adjustment Facility (LAF) including MSF was 29,652 crore in January 2018. However, there was net average liquidity injection to the tune of 13,468 crore in February 2018 and 34,465 crore in March 2018. The Reserve Bank conducted additional variable rate repo operations for longer tenors on a weekly basis aggregating to 100,000 crore during March 2018. These were aimed at addressing additional liquidity demand and providing flexibility to the banking system in its liquidity management towards the end of March. On the policy front, the RBI decided to maintain status quo in the sixth Bi-Monthly monetary Policy statement for FY 18 keeping the policy Repo rate unchanged at 6.0 per cent while maintaining a neutral stance 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. Consequently, the repo rate under LAF continued to stand at 6.0 per cent, with both MSF and Bank rates remaining unchanged at 6.25 per cent. 8
Chart 3.1: Outstanding Amount under Liquidity Adjustment Facility (in crore) 150000 100000 50000 0-50000 -100000-150000 1-Jan-18 15-Jan-18 29-Jan-18 12-Feb-18 26-Feb-18 12-Mar-18 26-Mar-18 3.4 The net amount mobilised through treasury bills (under competitive and noncompetitive routes) during Q4 of FY 18 turned negative, following the redemption amount being higher than that raised through the issuance of Treasury Bills during the quarter. Details of treasury bills, which were issued and matured in Q4 of FY 18, are given in Table 3.1. Date of Issue Table 3.1: Repayments and Issuance of Treasury Bills during Jan Mar 2018 (Amount in crore) Variation in Issued amount over Repayments (Competitive) Issued Amount (Competitive) Repayments 91 DTB 182 DTB 364 DTB 91 DTB 182 DTB 364 DTB 4-Jan-18 7000 0 3998 7000 4000 3000-3002 11-Jan-18 7000 7000 0 7000 3000 4000 0 17-Jan-18 7000 0 0 0 0 0-7000 18-Jan-18 0 0 3998 7000 4000 3000 10002 25-Jan-18 7000 7000 0 7000 3000 4000 0 1-Feb-18 7000 0 3998 7000 4000 3000 3002 8-Feb-18 7000 7000 0 7000 3000 4000 0 15-Feb-18 7000 0 4000 7000 4000 3000 3000 22-Feb-18 7000 7000 0 7000 3000 4000 0 1-Mar-18 7000 0 4000 7000 4000 3000 3000 8-Mar-18 7000 7000 0 7000 3000 4000 0 15-Mar-18 7000 0 4000 7000 4000 3000 3000 22-Mar-18 7000 7000 0 7000 3000 3000-1000 28-Mar-18 0 0 0 7000 3000 2000 12000 29-Mar-18 7000 0 4000 0 0 0-11000 Total Under Competitive Route Q4 91,000 42,000 27,994 91,000 45,000 43,000 18006.00 Total Under Non-Competitive Route Q4 1,16,463.61 2,108.06 10.0 47,725.92 12,135.11 9,700.00-49,021.00 9
Section 4 Trends in Outstanding Debt 4.1 The total liabilities (including liabilities under the Public Account ) of the Government, as per provisional data, increased to 76,94,940 crore at end-march 2018 from 75,66,215 crore at end-december 2017 (Table 4.1). This represented a quarter-on-quarter increase of 1.7 per cent (provisional) in Q4 FY 18 as compared with an increase of 2.4 per cent in Q3 of FY 18. At this level, the ratio of outstanding liabilities of the Central government to GDP worked out to 45.9 per cent at end-march 2018. Public debt accounted for 88.7 per cent of total outstanding liabilities at end-march 2018, with internal debt and external debt having shares of 82.5 per cent and 6.3 per cent, respectively. Item Table 4.1: Total Liabilities of the Central Government (Amount in crore) At end-march 2018# At end-dec 2017 Percentage variation in March 2018 over December 2017 1 2 3 4 Public Debt (1 + 2) 68,27,729 67,16,267 1.7 1. Internal Debt 63,44,730 62,59,601 1.4 (i) Cash Management Bills 5,327 (ii) 91-days Treasury Bills 1,38,726 2,07,464-33.1 (iii) 182-days Treasury Bills 86,872 73,845 17.6 (iv) 364-days Treasury Bills 1,59,685 1,34,989 18.3 (v) 14-days Treasury Bills 1,51,038 1,49,602 1.0 (vi) Market Loans 50,70,745 50,25,476 0.9 (vii)marketable securities issued in 53,818 59,818-10.0 conversion of special securities (viii) Special Securities issued to 80,000 0 PSBs (ix) Compensation and other 65,439 61,840 5.8 bonds 1 (x) Sovereign Gold Bonds 6,664 6,548 1.8 (xi) Securities against small savings 4,27,375 4,30,568-0.7 (xii) Securities issued to International Financial Institutions 1,04,370 1,04,124 0.2 2. External Debt 4,82,998 4,56,665 5.8 3. Public Account Liabilities 8,67,211 8,49,950 2.0 4. Total Debt/liabilities (1+2+3) 76,94,940 75,66,215 1.7 1 Includes special securities issued against securitisation of balances under POLIF. 10
Yield on Primary Issuances of G-Secs and Maturity of Outstanding Stock of Market Loans 4.2 The weighted average yield of primary issuances during Q4 FY 18 increased to 7.34 per cent from 7.04 per cent in Q3, indicating further hardening of G-Sec yields in Q4 (Table 4.2). The weighted average coupon of outstanding government debt stock was slightly lower at 7.85 per cent at end-march 2018 (7.87 per cent at end-december 2017). The weighted maturity of issuances during Q4 of FY 18 was 10.93 years as there were fewer issuances of longer tenor securities during the quarter. The weighted average maturity of outstanding stock of dated securities was 10.62 years as at end-march 2018 (10.70 years at end-december 2017). Table 4.2: Yield and Maturity of Dated Securities of Central Government Year Issues during the year Outstanding Stock* Weighted Average Yield (%) Weighted Average Maturity (years) Weighted Average Coupon (%) Weighted Average Maturity (years) 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 10.00 2014-15 8.51 14.66 8.09 10.23 2015-16 7.89 16.07 8.08 10.50 2016-17 7.16 14.76 7.99 10.65 2017-18 Q1 7.01 14.92 7.95 10.67 2017-18 Q2 6.77 14.58 7.91 10.76 2017-18 Q3 7.04 14.09 7.87 10.70 2017-18 Q4 7.34 10.93 7.85 10.36 2017-18 6.98 14.13 7.85 10.62 *As at end of period. 4.3 The proportion of debt (dated securities) maturing in less than one year at 3.18 per cent at end-march 2018 was almost close to its previous quarter level. However, the proportion of debt maturing within 1-5 years was lower at 22.98 per cent at end-march 2018 (24.22 per cent at end-december 2017). Accordingly, debt maturing in next five years accounted for 26.16 per cent of total outstanding debt at end-march 2018. The proportion of outstanding debt maturing in less than 10 years, however, was marginally higher at 32.14 per cent while the share of debt maturing in more than 10 years was almost close to its previous quarter s level. 11
The change in composition of debt in terms of various maturity buckets reflects the maturity structure of securities issued during Q4 of FY18 as well as the maturity dynamics of outstanding securities. Overall, 26.2 per cent of outstanding stock has a residual maturity of up to 5 years at end-march 2018, which implies that over the next five years, on an average, 5.2 per cent of outstanding stock needs to be repaid every year (Table 4.3). Thus, the rollover risk in debt portfolio continues to be low. Table 4.3: Maturity Profile of Outstanding Dated Securities of Central Government (Amount in crore) Maturity Buckets (Residual Maturity) End-Dec 2017 End-March 2018 Less than 1 Year 1,59,597.8 1,63,200 (3.14) (3.18) 1-5 Years 12,31,735.3 11,77,735 (24.22) (22.98) 5-10 Years 15,89,827.7 16,46,828 (31.26) (32.14) 10-20 Years 14,39,549.1 14,53,688 (28.31) (28.57) 20 Years and above 6,64,472.3 6,83,002 (13.07) (13.33) Total 50,85,182.3 52,61,706.69 Note: 1. Figures in parentheses represent per cent to total. 12
Holding Pattern 4.4 The holding pattern of Central Government securities indicates an improvement in the share of commercial banks from 39.7 per cent in end-june 2017 to 40.4 per cent in end- September 2017 and further to 42.7 per cent in end-march 2018. The share of provident funds also improved during the quarter ended March 2018 (Table 4.4). Table 4.4: Ownership Pattern of Government of India Dated Securities (Per Cent of Outstanding Dated Securities) Category 2016 2017 2018 Sep. Dec. March Jun Sep Dec March 1. Commercial Banks 40.0 40.9 40.5 39.7 40.4 41.4 42.7 2. Non-Bank PDs 0.1 0.3 0.2 0.3 0.3 0.3 0.3 3. Insurance 22.7 22.5 22.9 23.1 23.5 23.6 23.5 Companies 4. Mutual Funds 2.1 2.0 1.5 1.4 1.9 1.3 1.0 5. Co-operative Banks 2.5 2.6 2.7 2.7 2.6 2.7 2.6 6. Financial Institutions 0.8 0.9 0.8 0.7 0.8 0.8 0.9 7. Corporates 1.1 1.1 1.1 1.3 1.0 1.1 0.9 8. FPIs 3.8 3.1 3.5 4.3 4.6 4.5 4.4 9. Provident Funds 6.3 6.2 6.3 6.1 6.0 5.3 5.9 10. RBI 14.8 14.6 14.7 14.3 12.8 11.9 11.6 11. Others 5.8 5.8 6.0 6.1 6.1 6.9 6.3 Total 100 100 100 100 100 100 100 13
Yield (%) Section 5 Secondary Market A. Government security yields 5.1 G-Sec yields generally showed a hardening trend during Jan-Feb 2018, attributable to an increase in CPI for December 2017 to 5.21 per cent (4.88 per cent for November 2018), subdued buying interest on the part of banks (to reduce valuation losses) and also of insurance companies (reduced issuances of long-term bonds by the Government during Q4), and uptrend in the US bond yields. However, the G-Sec yields softened somewhat during March 2018, following decline in both CPI and WPI for February 2018, buy-back of G-Secs by the Government, which provided some support to the market. The market response was positive to the issuance of borrowing calendar for H1 of 2018-19 with features like lower level of borrowing during H1, tilt towards issuance of short-tenor securities/floating rate bonds/inflation-indexed bonds on the one hand and long-term securities in the maturity bucket of 15-19 years and longer than 20 years on the other and expected increase in the contribution of NSSF collections to financing of gross fiscal deficit (GFD) during the current fiscal year. The yield on new 10-year benchmark G-Sec (7.17% GS 2028), which was auctioned for the first time on January 8, 2018, closed higher at 7.40 per cent on March 28, 2018 (Chart 5.1). 7.90 7.80 7.70 7.60 7.50 7.40 7.30 7.20 7.10 7.00 Chart 5.1: Yield on 10-year Benchmark G-Security 5.2 G-Sec yields were broadly higher up to 18 years tenors at end-march 2018. The yield spreads, however, narrowed down in Q4 (Table 5.1 and Chart 5.2). 14
0.25 1.50 2.75 4.00 5.25 6.50 7.75 9.00 10.25 11.50 12.75 14.00 15.25 16.50 17.75 19.00 20.25 21.50 22.75 24.00 25.25 26.50 27.75 29.00 30.25 31.50 32.75 34.00 35.25 36.50 37.75 Yield (%) Table 5.1: Yield Spreads (bps) Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018 10 years-1 year 74 100 89 30 years-10 years 32 18 12 30 years-1 year 106 118 102 7.82% 7.32% 6.82% 6.32% 5.82% Chart 5.2: Comparative G-Sec Yield Curves Tenor (yrs) YTM Mar 31, 2017 YTM Dec 31, 2017 YTM Mar 31, 2018 5.3 The liquidity in the system was in deficit mode during February-March 2018. However, there was an improvement in market sentiments towards the close of the month, which contributed to softening of yields. The yield on 91-day T-Bills softened by 9 bps to 6.11 per cent on Mar 28, 2018 from 6.20 per cent on Dec 31, 2017 while yields on 182 and 364-day T-Bills hardened marginally by 2 bps and 1 bps, respectively. The trend was also reflected in the yield spreads between T-bills of different maturities as at end-march 2018 as compared to those prevailing at end-december 2017 (Chart 5.3). 15
Yield (%) Chart 5.3: Comparative Yields on T-Bills 6.32% 6.12% 5.92% 5.72% 5.52% 5.32% 0 50 100 150 200 250 300 350 400 Tenor (days) Mar 31, 2017 YTM (%) Dec 31, 2017 YTM (%) Mar 31, 2018 YTM (%) B. Trading Pattern of Government Securities 5.4 The total outright volume of trading in G-Secs during Q4 of FY 18 at 21.69 lakh crore recorded a fall of 19.4 per cent over that of 26.90 lakh crore during Q3 (Table 5.2). The trading volumes in Central G-Secs and T-Bills were lower by 20.8 per cent and 21.4 per cent, respectively while there was an improvement in trading activity in SDLs by 18.3 per cent during the quarter ended Mar 2018. The annualised outright turnover ratio 2 for G-Sec for Q4 of FY 18 fell to 2.95 in Q4 from 3.77 during Q3. The annualised total turnover ratio 3 (outright plus the repo transactions) also fell to 10.12 during Q4 of FY18 from 11.29 in the previous quarter. Table 5.2: Transactions in Government Securities (Volume in Crore) Outright Repo Period G-Sec T-Bills SDL Total G-Sec T-Bills SDL Total Jan-Mar 17 25,72,437 3,00,402 1,58,807 30,31,646 23,09,653 6,61,235 99,290 30,70,178 Share(%) 85% 10% 5% 73% 21% 6% Apr-June 17 26,64,380 2,94,369 1,53,174 31,11,923 21,86,206 6,37,634 1,96,874 30,20,714 Share (%) 86% 9% 5% 72% 21% 7% Jul-Sep 17 28,98,617 3,38,696 1,92,116 34,29,429 22,84,487 7,91,658 2,26,218 33,02,363 Share (%) 85% 10% 6% 69% 24% 7% Oct-Dec 17 23,80,951 2,08,817 1,00,075 26,89,843 23,72,830 6,58,436 2,74,428 33,05,694 Share (%) 89% 8% 4% 72% 20% 8% Jan-Mar 18 18,86,169 1,64,173 1,18,345 21,68,686 22,88,259 5,97,170 2,66,089 31,51,518 Share (%) 87% 8% 5% 73% 19% 8% 2 Annualised Outright Turnover Ratio = 4*[Quarterly Outright Volume *2/(Average of outstanding stock)] 3 Annualised Total Turnover Ratio = 4* [(Quarterly Outright Volume *2 + Quarterly Repo Volume * 4) / (Average of outstanding stock)] 16
5.5 Central Government dated securities continued to account for a major share of total trading volumes, with a share of 87 per cent and 72.6 per cent in total outright trading and repo volumes in value terms, respectively during Q4 of FY 18. 5.6 The top-10 traded securities accounted for 86.2 per cent of the total outright trading volume during Q4 (78.1 per cent during Q3 FY 18), reflecting continued concentration of trading in a few securities. The share of top-3 traded securities increased to 77.3 per cent during Q4 from 70.7 per cent during Q3 (Table 5.3). Table 5.3 Top-10 Traded Securities (in Crore) Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018 Security Volume Security Volume Security Volume 6.97% G.S. 6,67,408 6.79% GS 10,03,783 6.79% GS 5,43,769 7.59% G.S. 6,36,179 6.68% GS 6,53,853 6.68% GS 4,86,268 7.61% G.S. 4,82,754 6.79% GS 2,43,909 7.17% GS 4,27,057 7.68% G.S. 1,10,568 7.16% GS 42,659 6.84% GS 46,298 8.27% G.S. 64,285 7.72% GS 35,561 8.20% GS 30,240 6.79% G.S. 62,528 6.84% GS 35,223 8.15% GS 27,739 7.59% G.S. 44,650 7.35% GS 29,226 6.05% GS 19,388 6.35% G.S 31,958 7.73% GS 19,782 8.40% GS 16,883 7.80% G.S. 30,700 7.68% GS 19,219 8.27% GS 14,649 7.72% G.S. 26,605 8.08% GS 17,034 7.16% GS 14,040 TOTAL 21,57,633 Total 21,00,249 16,26,330 5.7 The trend in outright trading volumes in G-Secs under different maturity buckets is given in Table 5.4. Table 5.4: Maturity wise Outright Trading Volumes in G-Secs (in Crore) Maturity Jan-Mar 2017 Oct-Dec 2017 Jan-Mar 2018 2017-18 <3 Years 91,827 70,399 84,535 2,14,722 3-7 Years 3,55,658 2,56,256 2,29,192 12,36,930 7-10 Years 14,06,383 10,55,539 10,14,881 45,33,623 > 10 Years 7,18,569 9,98,757 5,57,561 38,44,842 Total 25,72,437 23,80,951 18,86,169 98,30,117 5.8 The maturity distribution of secondary market transactions in G-Secs as presented above shows that trading improved in short (less than 3 years and 3-7 years) and medium term 17
(7-10 years) maturity buckets during Q4 vis-à-vis that in Q3. The share of 10 years and above maturity buckets saw a sharp decline in trading volumes to 30 per cent during Q4 of FY 18 from 42 per cent in Q3. The share of below 3-year maturity bucket continued to remain the lowest at 4.48 per cent of the total trading volume in Q4 (2.96 per cent in Q3 of FY 18). 5.9 Foreign banks were the dominant trading players in the secondary market during January-March 2018 with a share of 26.7 per cent in the total outright trading activity in G-Secs (Table 5.5), closely followed by private sector banks (20.3 per cent). On a net basis, private sector banks, insurance companies, foreign banks, cooperative banks and Others were the net buyers while Financial Institutions, Mutual Funds, PDs and PSBs were the net sellers in the secondary market. Table 5.5: Category-wise Share of Total Outright Trading Activity in G-Secs (in %) Oct-Dec 2017 Jan-March 17 Jan-Mar 18 Category Buy Sell Buy Sell Buy Sell Co-op Banks 3.57 3.31 3.84 3.48 3.15 3.05 FIs 0.38 0.19 0.44 0.36 0.23 0.24 Foreign Banks 20.74 22.36 28.67 28.59 26.72 25.27 Ins. Cos 2.73 2.61 2.08 1.66 3.23 2.66 MFs 12.28 12.73 12.19 10.64 11.20 12.29 Others 3.2 2.02 1.82 0.9 5.05 2.78 Primary 14.85 17.21 12.19 13.56 13.73 16.66 Pvt Banks 21.48 21.07 13.17 14.46 20.29 19.12 PSBs 20.77 18.5 25.6 26.35 16.41 17.93 Total 100 100 100 100 100 100 18
Name of Stock Statement 1: Issuance of Dated securities During Q4 FY 17-18 Date of Auction Date of Issue Amount Raised 6.57% GS 2033 $ 7.06% GS 2046 $ 29-Dec- 29-Dec- 01-Jan-18 01-Jan-18 2000.000 2000.0000 6.84% GS 2022 $ 05-Jan-18 08-Jan-18 6000.0000 7.17% GS 2028 # 05-Jan-18 08-Jan-18 9000.0000 6.18% FRB 2024 $ 12-Jan-18 15-Jan-18 3000.0000 6.68% GS 2031 $ 12-Jan-18 15-Jan-18 8000.0000 6.57% GS 2033 $ 12-Jan-18 15-Jan-18 2000.0000 6.62% GS 2051 $ 12-Jan-18 15-Jan-18 2000.0000 6.84% GS 2022 $ 19-Jan-18 22-Jan-18 3000.0000 7.17% GS 2028 $ 19-Jan-18 22-Jan-18 8000.0000 M 6.18% FRB 2024 $ 25-Jan-18 29-Jan-18 3000.0000 M 7.17% GS 2028 $ 25-Jan-18 29-Jan-18 8000.0000 M 6.18% FRB 2024 $ 09-Feb-18 12-Feb-18 3000.0000 M 7.17% GS 2028 $ 09-Feb-18 12-Feb-18 8000.0000 M Gross Nominal Amount Raised 67000.00 Weighted Average Yield 7.34 Weighted Average Maturity 10.93 Devolve ment on PDs Cut off price 0.0000 0.0000 90.830 92.9400 0.0000 98.4000 0.0000 100.000 0.0000 96.510 00 0.0000 92.4200 0.0000 90.1500 0.0000 87.3700 0.0000 98.2600 0.0000 99.1200 0.0000 96.6000 0.0000 98.8300 0.0000 96.8500 0.0000 97.8500 0 Cut off yield (%) (Amount in Rs Crore) Date of Maturity Residual Maturity (Years) 7.5697 05-Dec-33 15.93 7.6702 10-Oct-46 28.78 7.2290 19-Dec-22 4.95 7.1700 08-Jan-28 10.00 6.9995 07-Nov-24 6.81 7.5783 17-Sep-31 13.67 7.6505 05-Dec-33 15.89 7.6698 28-Nov-51 33.87 7.2656 19-Dec-22 4.91 7.2952 08-Jan-28 9.96 7.0554 07-Nov-24 6.77 7.3369 08-Jan-28 9.94 7.0740 07-Nov-24 6.74 7.4797 08-Jan-28 9.91 $ - Reissues/Price based auctions # New Issue/Yield Based Auction M-Multiple Price based auction 19
Name of Security Date of Auction Statement 2: Treasury Bills Issued During Q4 FY 17-18 Date of Issue Competitive amount raised Non-Competitive amount raised (Amount in Rs crore) Gross Nominal amount raised Cut off Yield (%) 364 DTB 3-Jan-18 4-Jan-18 3000 0 3000 6.49 364 DTB 10-Jan-18 11-Jan-18 4000 0 4000 6.53 364 DTB 17-Jan-18 18-Jan-18 3000 0 3000 6.55 364 DTB 24-Jan-18 25-Jan-18 4000 0 4000 6.55 364 DTB 31-Jan-18 1-Feb-18 3000 9700 12700 6.58 364 DTB 7-Feb-18 8-Feb-18 4000 0 4000 6.65 364 DTB 14-Feb-18 15-Feb-18 3000 0 3000 6.58 364 DTB 21-Feb-18 22-Feb-18 4000 0 4000 6.64 364 DTB 28-Feb-18 1-Mar-18 3000 0 3000 6.66 364 DTB 7-Mar-18 8-Mar-18 4000 0 4000 6.66 364 DTB 14-Mar-18 15-Mar-18 3000 0 3000 6.59 364 DTB 21-Mar-18 22-Mar-18 3000 0 3000 6.54 364 DTB 27-Mar-18 28-Mar-18 2000 0 2000 6.49 182 DTB 3-Jan-18 4-Jan-18 4000 8 4008 6.35 182 DTB 10-Jan-18 11-Jan-18 3000 0 3000 6.39 182 DTB 17-Jan-18 18-Jan-18 4000 2000 6000 6.44 182 DTB 24-Jan-18 25-Jan-18 3000 2 3002 6.46 182 DTB 31-Jan-18 1-Feb-18 4000 2600 6600 6.5 182 DTB 7-Feb-18 8-Feb-18 3000 1000 4000 6.52 182 DTB 14-Feb-18 15-Feb-18 4000 0 4000 6.48 182 DTB 21-Feb-18 22-Feb-18 3000 1851 3000 6.48 182 DTB 28-Feb-18 1-Mar-18 4000 4000 8000 6.5 182 DTB 7-Mar-18 8-Mar-18 3000 1 3001 6.5 182 DTB 14-Mar-18 15-Mar-18 4000 0 4000 6.44 182 DTB 21-Mar-18 22-Mar-18 3000 626 3626 6.33 182 DTB 27-Mar-18 28-Mar-18 3000 48 3048 6.33 91 DTB 3-Jan-18 4-Jan-18 7000 14065 21065 6.27 91 DTB 10-Jan-18 11-Jan-18 7000 1803 8803 6.31 91 DTB 17-Jan-18 18-Jan-18 7000 1003 8003 6.36 91 DTB 24-Jan-18 25-Jan-18 7000 857 7857 6.4 91 DTB 31-Jan-18 1-Feb-18 7000 6818 13818 6.4 91 DTB 7-Feb-18 8-Feb-18 7000 1554 8554 6.4 91 DTB 14-Feb-18 15-Feb-18 7000 500 7500 6.36 91 DTB 21-Feb-18 22-Feb-18 7000 1665 8665 6.36 91 DTB 28-Feb-18 1-Mar-18 7000 4001 11001 6.36 91 DTB 7-Mar-18 8-Mar-18 7000 1201 8201 6.31 91 DTB 14-Mar-18 15-Mar-18 7000 4612 11612 6.23 91 DTB 21-Mar-18 22-Mar-18 7000 5652 12652 6.15 91 DTB 27-Mar-18 28-Mar-18 7000 3996 10996 6.11 179000 69561 246710 20
Statement 3: List of Dated Securities Outstanding at end-march 2018 Nomenclature Date of maturity Outstanding Stock (Rs Cr.) of which: MSS 7.83% GS 2018 11-Apr-18 40518.30-8.24% GS 2018 22-Apr-18 27203.80-10.45% GS 2018 30-Apr-18 3716.00-5.69 % GS 2018(Conv)] 25-Sep-18 16130.00-12.60% GS 2018 23-Nov-18 12631.88-5.64% GS 2019 02-Jan-19 10000.00-6.05% GS 2019 02-Feb-19 53000.00-7.28% GS 2019 03-Jun-19 53000.00-6.05% GS 2019 (con) 12-Jun-19 11000.00-6.90% GS 2019 13-Jul-19 45000.00-10.03% GS 2019 09-Aug-19 6000.00-6.35% GS 2020 (con) 02-Jan-20 61000.00-8.19% GS 2020 16-Jan-20 74000.00-10.70% GS 2020 22-Apr-20 6000.00-7.80% GS 2020 03-May-20 75000.00-8.27% GS 2020 09-Jun-20 73000.00-8.12% GS 2020 10-Dec-20 76000.00 - FRB 2020 21-Dec-20 13000.00-11.60% GS 2020 27-Dec-20 5000.00-7.80% GS 2021 11-Apr-21 66000.00-7.94% GS 2021 24-May-21 49425.00-10.25% GS 2021 30-May-21 26213.32-8.79% GS 2021 08-Nov-21 83000.00-8.20% GS 2022 15-Feb-22 57632.33-8.35% GS 2022 14-May-22 77000.00-8.15% GS 2022 11-Jun-22 83000.00-8.08% GS 2022 02-Aug-22 68969.41-5.87% GS 2022 (conv) 28-Aug-22 11000.00-8.13% GS 2022 21-Sep-22 70495.28-6.84% GS 2022 19-Dec-22 87000.00-6.30% GS 2023 09-Apr-23 13000.00-7.16% GS 2023 20-May-23 77100.00-1.44% II GS 2023 05-Jun-23 1152.55-6.17% GS 2023 (conv) 12-Jun-23 14000.00-8.83% GS 2023 25-Nov-23 83000.00-7.68% GS 2023 15-Dec-23 88132.01 - IINSS -Cumulative 1.5% GS 25-Dec-23 64.84-2023 7.35% GS 2024 22-Jun-24 90168.02-8.40% GS 2024 28-Jul-24 90000.00 - FRB 2024 07-Nov-24 110965.028-9.15% GS 2024 14-Nov-24 92000.00-7.72% GS 2025 25-May-25 86000.00-8.20% GS 2025 24-Sep-25 90.000.00-5.97 % GS 2025 (Conv) 25-Sep-25 16687.95-7.59% GS 2026 11-Jan-26 87000.00-8.33% GS 2026 09-Jul-26 90000.00-6.97% GS 2026 06-Sep-26 91000.00-10.18% GS 2026 11-Sep-26 15000.00-8.15% GS 2026 24-Nov-26 86489.21-8.24% GS 2027 15-Feb-27 93388.55-6.79% GS 2027 15-May-27 121000.00-8.26% GS 2027 02-Aug-27 73427.33-8.28% GS 2027 21-Sep-27 89252.24-7.17% GS 2028 11-Jan-28 33000.00-6.01% GS GS 2028 (C Align) 25-Mar-28 15000.00-8.60% GS 2028 02-Jun-28 84000.00-6.13% GS 2028 04-Jun-28 11000.00-7.59% GS 2029 20-Mar-29 96236.79 - Contd. 21
Nomenclature Date of maturity Outstanding of which: MSS 7.88% GS 2030 19-Mar-30 89000.00-7.61% GS 2030 09-May-30 85000.00-9.20% GS 2030 30-Sep-30 61884.55-8.97% GS 2030 05-Dec-30 90000.00-6.68% GS 2031 17-Sep-31 85251.70-8.28% GS 2032 15-Feb-32 90687.11-8.32% GS 2032 02-Aug-32 89434.05-7.95% GS 2032 28-Aug-32 89000.00-8.33% GS 2032 21-Sep-32 1522.48-8.24% GS 2033 10-Nov-33 87275.00-6.57% GS 2033 05-Dec-33 47000.00-7.50% GS 2034 10-Aug-34 90000.00-7.73% GS 2034 19-Dec-34 98000.00 - FRB 2035 25-Jan-35 350.00-7.40% GS 2035 09-Sep-35 53245.00-8.33% GS 2036 07-Jun-36 86000.00-6.83% GS 2039 19-Jan-39 13000.00-8.30% GS 2040 02-Jul-40 90000.00-8.83% GS 2041 12-Dec-41 90000.00-9.23% GS 2043 23-Dec-43 79472.28-8.17% GS 2044 01-Dec-44 86000.00-8.13% GS 2045 22-Jun-45 73000.00-7.06% GS 2046 10-Oct-46 55000.00-6.62% GS 2051 28-Nov-51 46000.00-7.72% GS 2055 26-Oct-55 46000.00 - Total 5124452.58 22
Statement 4: Maturity Profile of Government Securities as on End-March 2018 Year of maturity Outstanding Stock (Rs crore) 2018-19 1,63,200 2019-20 250,000 2020-21 248,000 2021-22 282,271 2022-23 397,465 2023-24 276,449 2024-25 383,133 2025-26 279,688 2026-27 375,878 2027-28 331,680 2028-29 191,237 2029-30 207,801 2030-31 236,885 2031-32 175,939 2032-33 179,957 2033-34 134,275 2034-35 188,350 2035-36 53,245 2036-37 86,000 2037-38 - 2038-39 13,000 2039-40 - 2040-41 90,000 2041-42 90,000 2042-43 104,529 2043-44 79,472 2044-45 86,000 2045-46 73,000 2046-47 55,000 2051-52 46,000 2055-56 46,000 Total 5,124,453 23
Statement 5:Calendar for Auction of Treasury Bills during April June 2018 (Amount in Rs` crore) Date of Auction 91 Days 182 Days 364 Days Total April 4, 2018 7,000 4,000 4,000 15,000 April 11, 2018 7,000 4,000 4,000 15,000 April 18, 2018 7,000 4,000 4,000 15,000 April 25, 2018 7,000 4,000 4,000 15,000 May 2, 2018 7,000 4,000 4,000 15,000 May 9, 2018 7,000 4,000 4,000 15,000 May 16, 2018 7,000 4,000 4,000 15,000 May 23, 2018 7,000 4,000 4,000 15,000 May 30, 2018 7,000 4,000 4,000 15,000 June 6, 2018 7,000 4,000 4,000 15,000 June 13, 2018 7,000 4,000 4,000 15,000 June 20, 2018 7,000 4,000 4,000 15,000 June 27, 2018 7,000 4,000 4,000 15,000 Total 91,000 52,000 52,000 1,95,000 24
Statement 6: Calendar for Auction of G-Secs Bills during April - September 2018 ( April 1, 2018 to September 30, 2018). (Amount in Rs Crore) Sr. No. Week of Auction Amount Security-Wise allocation 1 April 2-6, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 1,000 crore v) 20 Years & Above for Rs 3,000 crore 2 April 9-13, 2018 12,000 i) 1-4 years for `Nil' i) 10-14 years for Rs 4,000 crore ii) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 3 April 16-20, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 1,000 crore v) 20 Years & Above for Rs 3,000 crore 4 April 23-27, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 5 April 30 - May 4, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 1,000 crore v) 20 Years & Above for Rs 3,000 crore 6 May 7-11, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 7 May 14-18, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 1,000 crore 25
v) 20 Years & Above for Rs 3,000 crore 8 May 21-25, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 9 May 28 - June 1, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 1,000 crore v) 20 Years & Above for Rs 3,000 crore 10 June 4-8, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore v) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 11 June 18-22, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 12 June 25-29, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 13 July 2-6, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 14 July 9-13, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 26
15 July 16-20, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 16 July 23-27, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 17 July 30 - Aug 3, 2018 12,000 i) 1-4 years for Rs 2,000 crore ii} 5-9 years for Rs 3,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 18 Aug 6-10, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 19 Aug 13-17, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 20 Aug 20-24, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 21 Aug 27-31, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 22 Sept 3-7, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore 27
iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 3,000 crore 23 Sept 17-21, 2018 12,000 i) 1-4 years for Rs 2,000 crore iii) 10-14 years for Rs 3,000 crore iv) 15-19 years for Rs 2,000 crore v) 20 Years & Above for Rs 2,000 crore 24 Sept 24-28, 2018 12,000 i) 1-4 years for `Nil' iii) 10-14 years for Rs 4,000 crore iv) 15-19 years for Rs 2,000 crore Total 2,88,000 v) 20 Years & Above for Rs 3,000 crore 28