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The Reserve Bank of India will likely set a cutoff yield of 7.23% on 130 billion rupees ($1.63 billion) of the new 10-year bond being auctioned on Friday, according to the median estimates in a Reuters poll of 11 traders.

India's federal government is also selling 40 billion rupees of a 6.69% 2024 bond, 70 billion rupees of a 7.10% 2029 bond and 90 billion rupees of a 6.95% 2061 bond.

The RBI will likely sell the 2024 bond at a 6.54% yield, while it will sell the 2029 bond at a 7.15% yield, according to the poll. The central bank is expected to sell the 2061 bond at a 7.62% yield.

The cutoff estimates for the 2024 bond were between 6.51% and 6.56%, while those for the 2029 note were between 7.14% and 7.16%.

The estimates for the new 2032 10-year bond were between 7.21% and 7.26%, while those for the 40-year paper were between 7.60% and 7.63%.

The government has a greenshoe option to retain an additional 20 billion rupees on each security.

($1 = 79.7500 Indian rupees)