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

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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The Central Board