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Business News/ Opinion / Online-views/  Govt to auction Rs7,000 crore worth bonds on 23 November
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Govt to auction Rs7,000 crore worth bonds on 23 November

Govt to auction Rs7,000 crore worth bonds on 23November

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The government plans to sell Rs7,000 crore worth of bonds on 23 November as part of its annual borrowing programme. It will sell Rs3,000 crore worth of the 7.99% bonds maturing in 2017 and Rs4,000 crore of the 8.35% notes due in 2022, the finance ministry said in a release on Friday.

The sale is the fourth for the second half of the fiscal year ending 31 March, according to the government’s borrowing calendar. The government plans to borrow Rs1.56 trillion this fiscal year, of which it completed raising Rs97,000 crore in the six months through 30 September. It plans to raise an additional Rs59,000 crore in the year’s second half.

Ten-year bonds ended two weeks of losses after a government report showed the annual inflation rate held near the lowest in five years.

Yields, which move inversely to prices, fell after the commerce and industry ministry said wholesale prices rose 3.11% in the week to 3 November from a year earlier, compared with an average weekly increase of 5.1% in the past six months.

The rate reported on Friday is almost 2 percentage points below the apex bank’s target of 5% for the year ending March.

“What we are seeing on inflation is the result of the lagged effect of the central bank’s measures," said Suresh Pai, chief of fixed income at Canara Bank Ltd.

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Published: 16 Nov 2007, 11:12 PM IST
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