Document Title: Issuance Calendar for Marketable Dated Securities for October 2026 - March 2027

Issuing Authority: Reserve Bank of India

Date: Not specified

Capital Markets and Flows

The Reserve Bank of India, in consultation with the Government of India, has published an indicative issuance calendar for Government of India dated securities, including sovereign green bonds, covering the period from 1 October 2026 to 31 March 2027. The calendar outlines a total issuance of ₹7,86,000 crore across 23 auction weeks. Each weekly auction is slated for an amount ranging between ₹33,000 crore and ₹36,000 crore, with the schedule detailed as follows:

  • Tenors offered include 3‑year (₹9,000 crore), 5‑year (₹19,000 crore), 7‑year (₹12,000 crore), 10‑year (₹34,000 crore, with a single instance of ₹35,000 crore in January 2027), 15‑year (₹23,000 crore), 30‑year (₹9,000 crore), 40‑year (₹14,000 crore), and 50‑year (₹13,000 crore) securities. In each auction, a dedicated allocation of ₹3,000 crore is reserved for 30‑year sovereign green bonds (SGrBs). The final week (01‑05 March 2027) aggregates the total issuance to the stated ₹7,86,000 crore.

Regulatory and Policy Measures

All auctions will incorporate a non‑competitive bidding facility, reserving five percent of the notified amount for specified retail investors. The RBI retains the right to exercise a greenshoe option, allowing an additional subscription of up to ₹2,000 crore for each security announced in the auction notifications. The calendar is indicative; the RBI, in consultation with the Government of India, may modify amounts, issuance periods, maturities, or introduce instruments such as non‑standard maturities, floating‑rate bonds, or inflation‑indexed bonds, subject to market conditions and after providing due notice. Switch auctions of dated securities will be conducted on the third Monday of each month (or the fourth Monday if the third Monday is a holiday). The auctions will be governed by the terms and conditions of General Notification No. F.4(2)-B(W&M)/2018 dated 26 March 2025, as amended from time to time.

Overall, the calendar provides a transparent roadmap for institutional and retail participants, outlining substantial government borrowing across a wide range of maturities while preserving flexibility for the RBI and the Government to adapt to evolving market dynamics.