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2025-10-31 18:31:24
[Divergent Demand in Indian Bond Auctions, Strong Buying for Long-Term Bonds] ⑴ The Reserve Bank of India's (RBI) 2028 bond auction received bids totaling 71.2 billion rupees, ultimately accepting 89.99 billion rupees, resulting in an oversubscription rate of 3.4 times. ⑵ One bid received a 24.95% partial allocation, indicating the RBI's cautious acceptance of certain offers. ⑶ Strong demand was seen for 2055 ultra-long-term bonds, with 154 bids totaling 165.15 billion rupees. ⑷ The RBI ultimately accepted 65 bids totaling 69.82 billion rupees, resulting in an oversubscription rate of 2.36 times. ⑸ Three bids for this bond type received a high partial allocation rate of 72.69%, reflecting a divergence in pricing for long-term bonds. ⑹ The 2054 sovereign green bond auction received 83 bids totaling 142.15 billion rupees. ⑺ The RBI accepted only 6 bids totaling 49.99 billion rupees, resulting in an oversubscription rate of 2.84 times. (8) One green bond bid received 72.48% of the partial allocation, indicating that environmental bonds also face pricing challenges. (9) Overall auction results show strong market demand for short- to medium-term bonds, while exhibiting a more cautious pricing attitude towards ultra-long-term bonds.
