DESPITE THE CENTRAL government borrowing a record amount from the market in the previous fiscal, there was no devolvement on prime dealers (PDs) for the first time in almost two decades (since 200506). Additionally, there was no cancellation of government securities (G-Sec) auctions in 2023-24, according to the Reserve Bank of India (RBI) data.
"The RBI was slightly liberal with its pricing; it was not too conservative on cut-offs," Vikas Goel, MD and CEO at PNB Gilts, told FE."There was strong demand for longerdated securities, such as 30-, 40-, 50-year papers. The demand mainly came from insurance companies and that demand kept longer yields depressed," he added.
From the start of the previous fiscal, the market was confident that the RBI would not hike rates further.
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