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|User Info||Failed Bond Auction In... CHINA?; entered at 2010-04-09 12:34:40|
There was a failed auction of 10 year bonds in India too.|
MUMBAI: India's 10-year bond yield on Friday hit its highest in three weeks after the new fiscal year's first federal debt auction showed weak demand for the benchmark security.
The yield on the 10-year bond ended at 8.01 per cent, from its previous close of 7.86 per cent. It jumped to 8.03 per cent soon after the results were announced, a level it touched on March 22.
The Reserve Bank of India (RBI) sold 120 billion rupees ($2.7 billion) and set a cut-off yield of 7.9645 per cent for the 6.35 pct, 2020 bonds. Primary dealers had to buy 4.48 billion rupees of the bond.
A Reuters poll on Friday had forecast a yield of 7.91 per cent for the paper.