The Reserve Bank of India (RBI) did not accept any bids in an auction to buyback government bonds, results released on Thursday showed. The buyback included bonds maturing this financial year. Investors offered bonds worth only 10% of the 300 billion rupees ($3.18 billion) New Delhi sought to buy through the buyback. Traders cited ample banking liquidity as the reason for the tepid response.…
The Reserve Bank of India (RBI) did not accept any bids in a recent bond buyback auction, according to results released on Thursday. The auction aimed to purchase government bonds maturing this financial year, with a target of 300 billion rupees ($3.18 billion). However, investors only submitted bids worth 10% of the total amount sought.
Traders attributed the low interest to the abundant banking liquidity, with a treasury official from a private bank stating that banks already have surplus funds and are seeking other investment avenues. The auction follows a total of 257 billion rupees in bond buybacks so far this financial year.
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