At the state government bond auction on Tuesday, the weighted average cut-off yields shot up by 12 basis points (bps) to 7.84 per cent as some states raised large amounts through long-tenor instruments.
The weighted average cut-off for the previous auction, held on October 11, was 7.72 per cent.
Bond dealers said West Bengal and Uttar Pradesh raised funds through bonds with 15-17-year maturities with cut-off yields above 7.9 per cent.
Fourteen state governments raised Rs 25,200 crore on Tuesday, which was 3 per cent more than the Rs 24,500 crore indicated for this week in the third quarter auction calendar, rating agency ICRA said in a statement.
The pricing is expected to remain under pressure in the near term.
The yield on the 10-year central government bond (G-Sec) increased mildly to 7.44 per cent on the day from 7.43 per cent last Tuesday. The weighted average cut-off of the 10-year state government bonds jumped to 7.83 per cent from 7.73 per cent over the same period. Accordingly, the spread between the weighted average cut-off of 10-year state government and G-sec yields increased to 39 bps from 30 bps over this period.
Overall, 22 state governments and two Union territories (UTs) issued state development loans worth Rs 3.5 trillion on Tuesday.
This was six per cent lower than the year-ago level of Rs 3.7 trillion.
According to ICRA, Haryana, Rajasthan, Uttar Pradesh (UP), and West Bengal raised Rs 4,500 crore more than what they had indicated in the Q3 auction calendar. Besides, Meghalaya borrowed Rs 300 crore on Tuesday despite not having indicated its participation in the auction calendar for this week.
Meanwhile, Karnataka, Punjab, and Uttarakhand did not participate in the auction even though they had indicated that they would borrow a combined Rs 2,500 crore this week. Goa, Gujarat, and Madhya Pradesh borrowed Rs 1,600 crore less than indicated.
Tamil Nadu raised Rs 2,000 crore through 10-year paper and Rs 2,000 crore through 20-year paper.
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
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