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Covid-19 impact: States borrow Rs 12,128 cr from bond market at lower rates

The cut-off yield for 10-year state development loans was at 7.60-7.65 per cent, whereas the 10-year government securities closed at 6.50 per cent.

Topics
Coronavirus | India bond market | State govt market borrowings

BS Reporters 



money, cash, rupees
The Central Board of Indirect Taxes and Customs (CBIC) on Monday clarified that GST refunds could be claimed on advance payments received.

States on Monday borrowed Rs 12,128 crore from the bond market at rates lower than what they had borrowed at earlier even as the 10-year G-sec yields have risen by a few basis points. The earlier plan by nine states was to borrow Rs 13,128 crore.

The cut-off yield for 10-year state development loans was at 7.60-7.65 per cent, whereas the 10-year government securities closed at 6.50 per cent.

This is a spread of 110-120 basis points, about 60-70 bps lower than the previous spread.

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First Published: Tue, April 14 2020. 01:03 IST

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