New Delhi, September 26, 2025 – To foster transparency, stability, and informed investment planning in the Government Securities market, the Government of India, in collaboration with the Reserve Bank of India (RBI), has unveiled the indicative issuance calendar for Government-dated securities, including Sovereign Green Bonds (SGrBs), for the second half of the fiscal year 2025-26 (October 1, 2025, to March 31, 2026). This schedule aims to assist both institutional and retail investors in navigating the bond market effectively.
Issuance Schedule (October 1, 2025 – March 31, 2026)
| S.No. | Auction Week | Amount (₹ crore) | Security-wise Allocation |
|---|---|---|---|
| 1 | Sep 29-Oct 03, 2025 | 32,000 | 10 Year: ₹32,000 crore |
| 2 | Oct 06-10, 2025 | 28,000 | 15 Year: ₹16,000 crore; 40 Year: ₹12,000 crore |
| 3 | Oct 13-17, 2025 | 30,000 | 5 Year: ₹18,000 crore; 50 Year: ₹12,000 crore |
| 4 | Oct 27-31, 2025 | 32,000 | 3 Year: ₹9,000 crore; 7 Year: ₹11,000 crore; 30 Year: ₹7,000 crore; 30 Year SGrB: ₹5,000 crore |
| 5 | Nov 03-07, 2025 | 32,000 | 10 Year: ₹32,000 crore |
| 6 | Nov 10-14, 2025 | 28,000 | 15 Year: ₹16,000 crore; 40 Year: ₹12,000 crore |
| 7 | Nov 17-21, 2025 | 30,000 | 5 Year: ₹18,000 crore; 50 Year: ₹12,000 crore |
| 8 | Nov 24-28, 2025 | 32,000 | 3 Year: ₹9,000 crore; 7 Year: ₹11,000 crore; 30 Year: ₹7,000 crore; 30 Year SGrB: ₹5,000 crore |
| 9 | Dec 01-05, 2025 | 32,000 | 10 Year: ₹32,000 crore |
| 10 | Dec 08-12, 2025 | 28,000 | 15 Year: ₹16,000 crore; 40 Year: ₹12,000 crore |
| 11 | Dec 15-19, 2025 | 30,000 | 5 Year: ₹18,000 crore; 50 Year: ₹12,000 crore |
| 12 | Dec 22-26, 2025 | 32,000 | 3 Year: ₹9,000 crore; 7 Year: ₹11,000 crore; 30 Year: ₹12,000 crore |
| 13 | Dec 29, 2025-Jan 02, 2026 | 32,000 | 10 Year: ₹32,000 crore |
| 14 | Jan 05-09, 2026 | 29,000 | 15 Year: ₹16,000 crore; 40 Year: ₹13,000 crore |
| 15 | Jan 12-16, 2026 | 31,000 | 5 Year: ₹18,000 crore; 50 Year: ₹13,000 crore |
| 16 | Jan 19-23, 2026 | 33,000 | 3 Year: ₹9,000 crore; 7 Year: ₹11,000 crore; 30 Year: ₹13,000 crore |
| 17 | Jan 26-30, 2026 | 32,000 | 10 Year: ₹32,000 crore |
| 18 | Feb 02-06, 2026 | 29,000 | 15 Year: ₹16,000 crore; 40 Year: ₹13,000 crore |
| 19 | Feb 09-13, 2026 | 31,000 | 5 Year: ₹18,000 crore; 50 Year: ₹13,000 crore |
| 20 | Feb 16-20, 2026 | 33,000 | 3 Year: ₹9,000 crore; 7 Year: ₹11,000 crore; 30 Year: ₹13,000 crore |
| 21 | Feb 23-27, 2026 | 32,000 | 10 Year: ₹32,000 crore |
| 22 | Mar 02-06, 2026 | 29,000 | 15 Year: ₹16,000 crore; 40 Year: ₹13,000 crore |
| Total | 6,77,000 |
Key Features
- Non-Competitive Bidding: As in previous years, 5% of the notified amount in each auction is reserved for specified retail investors under the non-competitive bidding facility, ensuring broader participation.
- Flexibility in Issuance: The Government of India, in consultation with the RBI, retains the flexibility to adjust the calendar, including amounts, tenures, and issuance periods, based on government needs, market conditions, or other factors. Alternative instruments, such as floating rate bonds (FRBs) or inflation-indexed bonds (IIBs), may also be issued with prior market notification.
- Greenshoe Option: The government reserves the right to accept additional subscriptions up to ₹2,000 crore per security through the greenshoe option, enhancing issuance flexibility.
- Switch/Buyback Operations: The government and RBI may conduct switch or buyback auctions for dated securities to manage debt efficiently.
- Calendar Adjustments: Changes due to holidays or unforeseen circumstances will be communicated via press releases, ensuring transparency.
All auctions will adhere to the terms outlined in the General Notification No. F.4(2)-B(W&M)/2018, dated March 26, 2025, as amended. This structured calendar reflects India’s commitment to a robust and predictable financial market, aligning with the broader goals of economic stability and investor confidence.
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