Cost of state debt soars past 7%-mark
The Hindu
Proportion of under 10-year loans has risen to 23 % in Q3.
For the first time in the third quarter, the cost of state debt soared past the 7 percentage points levels with the weighted average cost settling at 7.01 %, up 16 bps over the past week, at the auctions held on Tuesday.
The weighted average cut-off of state debt auction hardened by 16 bps to 7.01 % with rise in cut-offs across tenors. Similarly, the spread between the 10-year state debt and G-sec rose to 50 bps from 47 bps in the last auction, Aditi Nayar, the chief economist at Icra Ratings said.
The rating agency attributed the hardened rates to the sharp 46 % higher-than-indicated demand for the week at ₹ 15,100 crore, which comes after a gap of seven auctions. In spite of this, the overall issuance declined by 17.7 % during so far this fiscal.
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