Calendar for Marketable Dated Securities
(Dated March 25, 2004)
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 Issuance of Government Securities (for the Period April 1, 2004 to September 30, 2004)
| Sr.No. |
Period of Auction |
Amount |
Term of the Security |
| 1. |
April 12-20, 2004 |
5,000 |
15-19 year security for Rs.5,000 crore |
| 2. |
May 3-10, 2004 |
9,000 |
i) 10-14 year security for Rs.6,000 crore |
| 3. |
June 1-8, 2004 |
10,000 |
i) 10-14 year security for Rs. 6,000 crore ii) 20-year and above security for Rs.4,000 crore |
| 4. |
June 17-24, 2004 |
9,000 |
i) 10-14 year security for Rs. 6,000 crore ii) 20-year and above security for Rs.3,000 crore |
| 5. |
July 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. |
August 2-9, 2004 |
8,000 |
i) 10-14 year security for Rs. 6,000 crore ii) 20-year and above security for Rs. 2,000 crore |
| 7. |
September 2-9, 2004 |
10,000 |
i) 5-9 year security for Rs. 6,000 crore ii) 15-19 year security for Rs. 4,000 crore |
|
Total |
|
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.
Floating Rate Bonds will account for about 10 to 20 per cent of the total issuance,
depending upon market response.
In addition to normal market borrowings States will raise Rs. 12,000 crore by way of additional market borrowings to prepay their high cost debt to Central Government under the Debt Swap Scheme during the first half of fiscal 2004-05. Taking into account the anticipated transfer of Rs. 12,000 crore from small savings collections, the aggregate expected prepayments by the States would be around Rs. 24,000 crore under the Debt Swap Scheme in the first half of fiscal 2004-05. Such receipts have been taken into account in the above Issuance calendar.
The issuances of Treasury Bills/dated securities under the Market Stabilisation Scheme (MSS) would be in addition to the above Issuance calendar. The Schedule for Issuance of T-bills/dated securities for the period April- June 2004 under the Market Stabilisation Scheme is being notified separately.
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.
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 as per the emerging requirements of the Government.
Alpana Killawala
General Manager
Press Release: 2003-2004/1130
Old auction calendars
Issuance Calendar for Marketable Dated Securities for H2 of 2003-04