Reflecting the pressure from geopolitical tensions, the market borrowing for state governments turned costly as the cut- off for state development loans (SDL) shot up by 19 basis points this week over the auction held last week. The weighted average cut-off of the aggregate SDL issuance hardened by 19 bps to a FY2022-high of 7.29 per cent today from 7.10 per cent in the last auction.
The weighted average tenor of SDLs increased to 16 years from 13 years, rating agency Icra said. Madan Sabnavis, chief economist, Bank of Baroda said SDL yields show today that not only have the ...
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