Since April-June (Q1) 2010-11, Public Debt Management Office (PDMC) (earlier Middle Office), Budget Division, Department of Economic Affairs, Ministry of Finance, is bringing-out a Quarterly Report on Public Debt Management on regular basis.
The Current Quarterly Report pertains to the quarter April-June 2017 (Q 1 FY 18).
The liquidity in the economy remained in surplus, after the demonetization, during the quarter, which kept the yield environment low.
However, the cash position of the Government of India (GoI) was somewhat stressed during the quarter, due to mismatch in receipt and payment which is generally seen during the first half of the financial year.
The weighted average maturity (WAM) and weighted average yield (WAY) of the G-Sec issuance made during Q1 FY18 was 14.92 years and 7.01 per cent respectively.
During Q1 FY18, Government issued dated securities worth Rs.1,68,000 crore (29.0 per cent of BE), higher than Rs. 1,65,000 crore (28.4 per cent of BE) in Q1 of FY 17.
Auctions of both, Government dated securities and Treasury Bills during Q1 of FY18 were held smoothly.
The Public Debt (excluding liabilities under the ‘Public Account’) of the Central Government provisionally increased by 3.6 per cent (provisional) in Q1 of FY 18 on Q-o-Q basis.
Internal debt constituted 93.0 per cent of Public Debt as at end-June 2017 while marketable securities accounted for 83.2 per cent of Public Debt.
About 26.6 per cent of outstanding stock has a residual maturity of up to 5 years at end - June 2017 or 5.3 per cent of outstanding stock will mature every year over the next five years, which implies that rollover risk in the debt portfolio continues to be low.
