Analysts said that the RBI withdrew the medium-term securities and put a long-term security as it does not want any benchmark to be present at the time of the six-year auction. The long-term security, a nine per cent gilt maturing in 2013, was put out. Marketmen said that the RBI has put out a long-term paper as it wants to offload its long-term securities portfolio. The central bank withdrew the 6.5 per cent gilt maturing in 2004, the 8.25 per cent gilt maturing in 2005, the 11.75 per cent gilt maturing in 2006, 11.50 per cent gilt maturing in 2007 and the 14 per cent gilt maturing in 2005 from the sale list. Earlier, the RBI hadwithdrawn the low coupon stock like the 6.50 per cent stock maturing in 2000 and the 5.75 per cent gilt maturing in 2001 from the sale list.

Analysts dismissed possiblities that the RBI had exhausted the entire portfolio that was out on the sale list. "It withdrew all the securities in the medium term as it did not want to offer any benchmark for the six-year paper auction on May 8," a debt market dealer said. Among the securities put out, banks had shown interest in picking up the 11.50 per cent gilt maturing in 2007 as the yield at which the RBI was selling was attractive.