India will auction 120 billion rupees ($2.4 billion) of bonds on May 8, the finance ministry said in a statement on Monday. The government said it would offer 60 billion rupees worth of 6.05 percent 2019 bonds, and 30 billion rupees each of 8.24 percent 2027 bonds and 6.83 percent 2039 bonds at the auction.
It said as per the bond auction calendar for May 1-8, the government was to auction 10-14 year security for 70-80 billion rupees but after consultation with the central bank it decided to auction 60 billion rupees for the maturity. The auctions would be conducted by the Reserve Bank of India using uniform price method, the government said.