India schedules ₹7.86 trillion in bond sales for second half
The Reserve Bank of India has scheduled ₹7,86,000 crore in marketable dated securities for the second half of fiscal year 2026–27. The issuance calendar covers 23 auction tranches from October 2026 to March 2027, including sovereign green bonds and retail quotas.
A 23-tranche borrowing roadmap
The borrowing program comprises 23 weekly auction tranches running from September 28, 2026 to March 5, 2027, totaling ₹7,86,000 crore in marketable dated securities.
Issuance spans tenors ranging from 3-year notes to ultra-long 50-year bonds.
Benchmark 10-year securities account for six dedicated auctions of up to ₹35,000 crore each, while 15-year and 50-year papers are paired in bi-weekly offerings of ₹23,000 crore and ₹13,000 crore respectively.
The schedule embeds five tranches of 30-year Sovereign Green Bonds of ₹3,000 crore each across October, November, December, January, and February, supporting targeted sustainable financing priorities.
Retail quotas and greenshoe buffers
The framework maintains a five percent quota for retail investors under the non-competitive bidding facility across all auctions.
The Reserve Bank of India and the Government of India retain a greenshoe option of up to ₹2,000 crore per security to absorb excess demand.
In addition, monthly debt switches will occur on the third Monday of each month to manage redemption profiles.
The central bank also retains operational leeway to introduce floating rate bonds or inflation-indexed securities.
Predictability over surprises
The calendar provides institutional investors with welcome transparency for second-half sovereign debt absorption.
Staggering long-duration maturities alongside green bonds maintains liquidity across the yield curve without crowding out private credit.
Retaining greenshoe buffers equips debt managers with essential flexibility.