RBI converts less than a third of Rs 30K-crore bonds into long securities.
The Reserve Bank did not offer the originally planned Rs 30,000 crore of securities for conversion into longer dated securities. It, however, accepted switching for only Rs 7,866.73 crore, the auction results showed.
After stating last week that it would be converting Rs 30,000 crore of securities maturing in June to longer dated securities, including Rs 4,000 crore into a 40-year security, the RBI offered only Rs 9,796.7 crore of securities in its May 18 auction.
The RBI did not accept any offer for a conversion of Rs 13,000 crore to the 10-year security. It accepted Rs 5,736.7 crore for conversion to a bond maturing in 2024.