Auction for Sale : Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities

Auction for Sale : Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities 

MINISTRY OF FINANCE

(Department of Economic Affairs) (BUDGET DIVISION) 

NOTIFICATION

New Delhi, the 28th June, 2021

 Auction for Sale ( Re-issue) of Government Securities ( GS) 

F.No.4(3)-B(W&M)/2021.—Government  of  India  hereby  notifies  sale  (Re-issue)  of  the following Government Securities:

Name of the Security

Date of Original Issue

Original Tenure (yy-mm-dd)

Date of Maturity

Auction Basis

Auction Method

Notified Amount

(in Crore)

5.63% GS 2026

April 12, 2021

05-00-00

April 12, 2026

Price

Multiple

11,000

GoI FRB 2033

June 22, 2020

13-03-00

Sep. 22, 2033

Price

Multiple

4,000

6.64% GS 2035

April 12, 2021

14-02-04

June 16, 2035

Price

Multiple

10,000

6.67% GS 2050

Nov. 02, 2020

30-01-15

Dec. 17, 2050

Price

Multiple

7,000

Government of India will have the option to retain additional subscription up to 8,000 crore against the above security/ securities. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Securities will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 as per the terms and conditions specified in the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.

Auctions of Government Securities

Allotment to Non- competitive Bidders

2. The Government Securities up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive  Bidding Facility in the Auctions of Government Securities (Annex).

Place and dat e of auction 

3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400001 on July 02, 2021. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 02, 2021. The non- competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.

When Issued Trading

4. The Securities will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India.

Dat e of issue and payment f or t he Securities 

5. The result of the auction shall be displayed by the Reserve Bank of India on its website (w ww.r bi.org. in) on July 02, 2021. The payment by successful bidders will be on July 05, 2021 i.e. the date of re-issue. The payment for the Securities will include accrued interest on the nominal value of the Securities allotted in the auction from the date of original issue/last coupon payment date to the date up to which accrued interest is due as mentioned in the table in para 6.

 Payment of Interest and Re- payment of Securities 

6. Interest will accrue on the nominal value of the Securities from the date of original issue/last coupon payment and will be paid half yearly. The Securities will be repaid at par on date of maturity.

Name of the Security

Coupon rate (%)

Date of Last Coupon payment

Date up to which accrued interest is due

Date of Coupon payments (month/date)

5.63% GS 2026

5.63

New Security

July 04, 2021

Oct. 12 and April 12

GoI FRB 2033

Variable#

March 22, 2021

July 04, 2021

Sep.22 and Mar.22

6.64% GS 2035

6.64

June 16, 2021

July 04, 2021

Dec. 16 and June 16

6.67% GS 2050

6.67

June 17, 2021

July 04, 2021

Dec.17 and June 17

#:GoI FRB 2033:
 
(i) The interest at a variable rate will be paid half-yearly.

(ii) The Floating Rate Bond will carry the coupon, which will have a base rate, equivalent to the average of the Weighted Average Yield (WAY) of last 3 auctions (from the rate fixing day) of 182 Day T-Bills, plus a fixed spread of 122 basis points. The spread will be fixed throughout the tenure of the bond. The implicit yields will be computed by reckoning 365 days in a year.

(iii) In the event of Government of India 182-day Treasury Bill auctions being discontinued during the currency of the Bonds, the base rate of the coupon will be the average of Yield to Maturity (YTM) rates prevailing for six month Government of India Security/ies as on the last three non- reporting Fridays prior to the commencement of the semi-annual coupon period. In case particular Friday/s is/are holiday/s, the yield to maturity rates as on the previous working day shall be taken.

(iv) The base rate for the coupon period March 22, 2021 to September 21, 2021 shall be 3.48 per cent per annum. Accordingly, the rate of interest on FRB 2033 for this period shall be 4.70 per cent per annum. The rate of interest payable half yearly on the Bonds during the subsequent years shall be announced by the Reserve Bank of India before the commencement of the relative semi- annual coupon period.

By Order of the President of India
ASHISH VACHHANI, Jt. Secy.

नोट :- हमारे वेबसाइट www.indiangovtscheme.com पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट www.indiangovtscheme.com से जुड़े रहे।
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