The Government of India, in consultation with the Reserve Bank of India (RBI), has released the indicative calendar for issuance of marketable dated securities, including Sovereign Green Bonds (SGrBs), for the second half of the fiscal year 2025-26, spanning October 1, 2025, to March 31, 2026. This move aims to provide transparency, stability, and planning convenience to institutional and retail investors in the government securities market.
The total planned issuance for this period stands at ₹6,77,000 crore, covering a wide range of maturities from 3 years to 50 years. The issuance calendar comprises 22 weekly auctions, with detailed allocations for each security type, including conventional 3, 5, 7, 10, 15, 30, 40, and 50-year bonds, as well as the 30-year Sovereign Green Bonds.
Highlights of the Issuance Calendar:
Weekly Auctions: Scheduled across 22 weeks from September 29, 2025, to March 6, 2026.
Security-Wise Allocation: Each week features bonds of various maturities, e.g., 10-year bonds of ₹32,000 crore for multiple weeks, 5-year and 50-year bonds for ₹30,000–₹31,000 crore, and 30-year SGrBs for ₹5,000 crore.
Retail Investor Participation: Five percent of each auction is reserved for non-competitive bidding by retail investors.
Flexibility: The government retains the right to modify auction amounts, maturities, and issuance schedules based on market conditions. The greenshoe option allows additional subscription of up to ₹2,000 crore per security, and switch/buyback operations may also be conducted.
The calendar ensures that investors can plan their investment strategies effectively, while also enabling the government to manage fiscal requirements efficiently. The Government and RBI will communicate any changes in the schedule or auction structure through official press releases.
With this issuance program, India continues to strengthen its government securities market, offering both institutional and retail participants access to a diversified portfolio of government-backed bonds while supporting fiscal management and sustainable investment through instruments like Sovereign Green Bonds.
