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G-secs yields jumps to 6.18%, highest in fiscal.

Date: 20-03-2021
Subject: G-secs yields jumps to 6.18%, highest in fiscal
MUMBAI: With the government set to borrow Rs 50,000 crore more in the remaining weeks of the fiscal month, Friday's auction has seen the weighted average yields hitting the roof at 6.18 per cent which is the highest this fiscal.

At 6.18 per cent, the weighted average yield has spiked to its highest level this fiscal, and this is higher by 4 basis points than the previous week when it was at 6.14 per cent, Care Ratings NSE 1.83 % said in a note.

The government on Friday raised Rs 33,000 crore in its scheduled weekly auction--Rs 4,000 crore more than the notified amount and Rs 8,767 crore more than the previous week.

This is the second consecutive auction wherein no bids were devolved to the primary dealers. The green shoe option was exercised in case of two instruments, having a maturity of five years and 10 years.

This take the total market borrowings so far in March to Rs 90,233 crore and the total amount raised so far this year to Rs 13.4 lakh crore, which is 89 per cent higher than the year-ago period and 96 per cent of the revised target for the year.

The government did not raise any funds in February March of the previous fiscal.

In the budget 2021-22, the government announced that it would undertake additional borrowings of Rs 80,000 crore in February and March.

That would take the total government borrowings for FY21 to Rs 13.9 lakh crore, which includes Rs 1.1 lakh crore of GST compensation shortfall to be borrowed and transferred to the states.

The total borrowings so far this year is 96 per cent of the revised target.


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