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With a view to enabling institutional and retail investors
to plan their investment in a better manner and also for providing transparency
and stability in the Government securities market, it has been decided
to continue with the system of releasing an indicative calendar for issuance
of Government securities.
Accordingly, an indicative issuance calendar as given
below for issue of dated securities for the first half of 2004-2005 covering
the period from April 1, 2004 to September 30, 2004 is being issued in
consultation with the Government.
Calendar for issue of dated securities for the second
half of 2004-05 )
| Sr.No. |
Period of Auction |
Amount (Rs. Crore) |
Term of the Security |
| 1. |
October 4-11, 2004 |
6,000 |
10-14 year
security for Rs.6,000 crore |
| 2. |
October 18-25, 2004 |
5,000 |
5-9 year
security for Rs.5,000 crore |
| 3. |
November 1-8, 2004 |
8,000 |
i) 5-9 year security for Rs.6,000 crore
ii) 20-year and above security
for Rs. 2,000 crore |
| 4. |
November 16-24, 2004 |
5,000 |
10-14 year security for Rs. 5,000
crore e |
| 5. |
December 1-8, 2004 |
8,000 |
i) 10-14 year security for Rs.
6,000 crore
ii) 20-year and above security
for Rs. 2,000 crore |
| 6. |
January 1-8, 2005 |
7,000 |
i) 5-9 year security for Rs. 5,000 crore
ii) 20-year and above
security for Rs. 2,000 crore |
| 7. |
February 1-8, 2005 4 |
5,000 |
15-19 year security for Rs. 5,000 crore |
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Total |
44000 |
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The issuance calendar covers the balance of budgeted
Gross Market Borrowing Programme of the Government for the fiscal 2004-05
after adjusting the amount received by the Government of India from the
State Governments towards prepayment of the small savings loans and other
relevant factors.
All the auctions covered by the calendar will have the facility of non-competitive
bidding scheme under which 5 per cent of the notified amount will be reserved
for specified retail investors. The issuances of dated securities covered
under the calendar will be undertaken through a mix of Fixed Coupon Bonds
and Floating Rate Bonds depending upon market conditions.
The issuances of Treasury Bills/dated securities under
the Market Stabilisation Scheme (MSS) would be in addition to the above
issuance calendar.
The calendar is subject to variations depending on market
conditions and other relevant factors. In addition to the proposed issuances
of dated securities indicated in the calendar, the Reserve Bank will
also have the flexibility for additional issuances of Government securities
keeping in view the emerging requirements of the Government.
Alpana Killawala
General Manager
Press Release: 2004-2005/319
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