As indicated in the press release issued by Reserve Bank of India on May 15, 2013, IIBs would be launched on June 4, 2013 and the same would be issued on the last Tuesday of each month during 2013-14. This would also include the last Tuesday of June 2013.

As is the case with fixed rate conventional bonds, IIBs would be issued through yield based auction and subsequent reissues will be through price based auction.

Investors would be required to bid for real yield in case of IIBs as against nominal yield in case of fixed rate G-Sec.

Like fixed rate G-Secs, IIBs would be underwritten by the primary dealers.

As indicated in our press release dated May 15, 2013, size of the each tranche would be Rs. 1,000-2,000 crore.

Exclusive series for retail investors would be launched in the second half of the current fiscal year (around October 2013).

Product structure of the series of IIBs for retail investors is yet to be finalised. It will be finalised in the due course and accordingly, the same would put in the public domain.

Fixed Income Money Market and Derivatives Association of India (FIMMDA) will come out with valuation guidelines shortly.