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RBI to introduce new 10-yr govt bond on Friday

The Reserve Bank of India (RBI) is to auction a new government security of 10-year maturity this Friday. The government will issue Rs 6,000 crore under the new security at a coupon rate to be decided in the auction. Moses Harding, head of global markets at IndusInd Bank said the timing was right, as yields on the current 10-year benchmark government bond were inching the nine per cent mark. “Issuing a new benchmark will help in bringing yields down,” he said. He expects the cutoff yield to come around 8.75 per cent in the auction on Friday. The government is set to borrow Rs ...