States have increased their borrowings in the last month of the financial year, as raising funds is comparatively cheaper with low yields, due to the absence of central government security auctions in March, treasury experts said. Cut-off on 10-year SDL paper "The absence of G-Sec supply has facilitated strong absorption of SDL issuances by institutional investors. They are also positioning ahead of the April policy, anticipating rate cuts in April and/or June to drive mark-to-market gains in the next fiscal year," said Venkatakrishnan Srinivasan, founder of Rockfort Fincap, a debt advisory firm.