Royal Bank of India auctions 91-day T-bills
Published March 21st, 2007
RBI today conducted an auction to sell 91-dayT-bills. At a multiple price-based auction, RBI received 118 bids worth Rs 50.35 billion for the papers. Out of them, only 18 competitive bids were accepted worth Rs 8.21 billion. However, the notified amount for the auction was Rs 20 billion, out of which Rs 15 billion were alloted under the market stabilization scheme (MSS). Out of the accepted amount of Rs 8.21 billion, Rs 3.21 billion was a MSS amount.
The cut-off price was determined at Rs 98.05, offering a ytm (yield to maturity) of 7.977%. The weighted average price worked out to Rs 98.10.
The partial allotment percentage of competitive bids was nil.
The apex bank received 3 non-competitive bid to the tune of Rs 18 billion.
On the same day, the apex bank also auctioned 182 day T-bills.
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