The Reserve Bank of India (RBI) on August 7 announced the new 10-year government securities maturing in 2033 through which it will raise Rs 14,000 crore. The auction of the bond will take place on August 11 during the weekly bond auction between 10:30 am and 11:30 am. During the auction, the coupon will be set on the new 10-year bond. The auction will be conducted using uniform price method for 7.06 percent bonds maturing in 2028, New government securities 2033 and multiple price method for 7.30 percent 2053 bond, the central bank said in a release. For multiple price-based auction, successful bids will get accepted at the respective quoted yield or price for the security. For the uniform price-based auction, bids will get accepted at the cut-off yield/price accepted in the auction.As per dealers, the new 10-year bond will become the new benchmark bond. According to money market dealers, the coupon on the new benchmark bond is expected to be set between 7.10 percent and 7.20 percent and the maturity will be 2033.