RBI raises $3.3 billion in biggest-ever bond auction

Mumbai: The Reserve Bank of India on sold the 200 billion rupees ($3.31 billion) bonds on offer at its biggest auction ever, sparking strong gains in debt markets.

The 10-year benchmark bond yield fell 4 basis points to 8.93 per cent from 8.97 per cent before the auction results after the

RBI set the cut-off price for 8.35 per cent 2022 bonds at 95.45 rupees, yielding 9.1584 per cent, while the cut-off price for 8.24 per cent 2027 bonds were set at 92.05 rupees, yielding 9.3122 per cent.

The cut-off for 9.20 per cent 2030 bonds were set at 99.50 rupees, yielding 9.2585 per cent, while 9.23 per cent 2043 bonds were set at 99.27 rupees, yielding 9.3004 per cent.