**Executive Summary**
This press communique, released by the Government of India in consultation with the Reserve Bank of India, provides the indicative issuance calendar for Government dated securities, including Sovereign Green Bonds (SGrBs), for the second half of fiscal year 2025-26 (October 01, 2025 to March 31, 2026). The total issuance is ₹6,77,000 crore. The calendar is subject to change based on market conditions and other relevant factors and will be communicated through press releases.
**Key Points / Main Content**
* **Issuance Calendar:**
* Provides the auction weeks for Government of India Dated Securities from September 29, 2025 to March 06, 2026.
* Specifies the amount to be issued in each auction week (ranging from ₹28,000 crore to ₹33,000 crore).
* Details the security-wise allocation (tenor and amount) for each auction week.
* **Auction Details:**
* Auctions will have the facility of non-competitive bidding, with 5% of the notified amount reserved for retail investors.
* The Government retains the flexibility to modify the calendar regarding the amount, issuance period, maturities, and to issue different types of instruments.
* The Government reserves the right to exercise a greenshoe option to retain additional subscription up to ₹2,000 crore against each security.
* The Government may also conduct switch/buyback of dated securities through auction.
* Auctions are subject to the terms and conditions specified in the General Notification No. F.4(2)-B(W&M)/2018 dated March 26, 2025.
**Impact Analysis**
**Stakeholder: Institutional and Retail Investors**
* **Impact:** This issuance calendar enables investors to plan their investments efficiently in Government Securities, contributing to transparency and stability in the market.
* **Action Required:** Investors should review the calendar to align their investment strategies with the scheduled auctions and security allocations.
**Stakeholder: Government of India and Reserve Bank of India**
* **Impact:** The calendar outlines the Government's borrowing plan for the specified period and facilitates effective management of government debt.
* **Action Required:** Monitor market conditions and make adjustments to the calendar as needed, communicating changes through press releases.
Key Entities Referenced
Reserve Bank of India: Consulted by the Government of India in releasing the issuance calendar and maintaining flexibility.
Government of India: Issuer of Government Dated Securities, including Sovereign Green Bonds (SGrBs).
Sovereign Green Bonds (SGrBs): Included in the issuance calendar for Government dated securities.
Issuance Calendar for Marketable Dated Securities for October 2025 - March 2026: The main subject of the document, providing an indicative schedule for issuance of government securities.
PRESS COMMUNIQUE
Issuance Calendar for Marketable Dated Securities for October 2025 - March 2026
In order to enable institutional and retail invest ors to plan their investments efficiently and to
provide transparency and stability to the Government Securities market, the Government of
India, in consultation with the Reserve Bank of India, hereby, releases the indicative
calendar for issuance of Government dated securities, including Sovereign Green Bonds
(SGrBs), for the second half of the fiscal year 2025-26 (October 01, 2025 to March 31,
2026). The issuance calendar is as under:
Calendar for Issuance of Government of India Dated Securities
(October 01, 2025 to March 31, 2026)
Amount in
S.No. Auction Week Security-wise Allocation
(₹crore)
September 29-October 03,
1 32,000 (i) 10 Year for ₹32,000 crore
2025
(i) 15 Year for ₹16,000 crore
2 October 06-10, 2025 28,000
(ii) 40 Year for ₹12,000 crore
(i) 5 Year for ₹18,000 crore
3 October 13-17, 2025 30,000
(ii) 50 Year for ₹12,000 crore
(i) 3 Year for ₹9,000 crore
(ii) 7 Year for ₹11,000 crore
4 October 27-31, 2025 32,000
(iii) 30 Year for ₹7,000 crore
(iv) 30 Year SGrB for ₹5,000 crore
5 November 03 -07, 2025 32,000 (i) 10 Year for ₹32,000 crore
(ii) 15 Year for ₹16,000 crore
6 November 10 -14, 2025 28,000
(iii) 40 Year for ₹12,000 crore
(i) 5 Year for ₹18,000 crore
7 November 17-21, 2025 30,000
(ii) 50 Year for ₹12,000 crore
(i) 3 Year for ₹9,000 crore
(ii) 7 Year for ₹11,000 crore
8 November 24-28, 2025 32,000
(iii) 30 Year for ₹7,000 crore
(iv) 30 Year SGrB for ₹5,000 crore
9 December 01-05, 2025 32,000 (i) 10 Year for ₹32,000 crore
(i) 15 Year for ₹16,000 crore
10 December 08-12, 2025 28,000
(ii) 40 Year for ₹12,000 crore
(i) 5 Year for ₹18,000 crore
11 December 15-19, 2025 30,000
(ii) 50 Year for ₹12,000 crore
(i) 3 Year for ₹9,000 crore
12 December 22-26, 2025 32,000 (ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹12,000 crore
December 29, 2025- January
13 32,000 (i) 10 Year for ₹32,000 crore
02, 2026
(i) 15 Year for ₹16,000 crore
14 January 05-09, 2026 29,000
(ii) 40 Year for ₹13,000 crore
(i) 5 Year for ₹18,000 crore
15 January 12-16, 2026 31,000
(ii) 50 Year for ₹13,000 crore
(i) 3 Year for ₹9,000 crore
16 January 19-23, 2026 33,000 (ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹13,000 crore
17 January 26-30, 2026 32,000 (i) 10 Year for ₹32,000 croreCalendar for Issuance of Government of India Dated Securities
(October 01, 2025 to March 31, 2026)
Amount in
S.No. Auction Week Security-wise Allocation
(₹crore)
(i) 15 Year for ₹16,000 crore
18 February 02-06, 2026 29,000
(ii) 40 Year for ₹13,000 crore
(i) 5 Year for ₹18,000 crore
19 February 09-13, 2026 31,000
(ii) 50 Year for ₹13,000 crore
(i) 3 Year for ₹9,000 crore
20 February 16-20, 2026 33,000 (ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹13,000 crore
21 February 23-27, 2026 32,000 (i) 10 Year for ₹32,000 crore
(i) 15 Year for ₹16,000 crore
22 March 02-06, 2026 29,000
(ii) 40 Year for ₹13,000 crore
Total 6,77,000
2. As hitherto, all the auctions covered by the calendar will have the facility of non-
competitive bidding under which five per cent of the notified amount will be reserved for the
specified retail investors.
3. Like in the past, the Government of India, in consultation with the Reserve Bank of India,
will continue to have the flexibility to bring about modifications in the above calendar in terms
of indicated amount, issuance period, maturities, etc. and to issue different types of
instruments, including instruments having non-standard maturity, floating rate bonds (FRBs),
inflation indexed bonds (IIBs), depending upon the requirement of the Government of India,
evolving market conditions and other relevant factors, after giving due notice to the market.
The calendar is subject to change, if circumstances so warrant, including for reasons such
as intervening holidays. Such changes shall be communicated through Press Releases.
4. The Government of India, in consultation with the Reserve Bank of India, reserves the
right to exercise the greenshoe option to retain additional subscription up to ₹2,000 crore
against each of the securities indicated in the auction notifications.
5. The Government of India, in consultation with the Reserve Bank of India may also be
conducting switch/buyback of dated securities through auction.
6. The auction of dated securities will be subject to the terms and conditions specified in the
General Notification No. F.4(2)-B(W&M)/2018 dated March 26, 2025 issued by the
Government of India, as amended from time to time.
Government of India
Ministry of Finance
Department of Economic Affairs
Budget Division
North Block, New Delhi- 110001
Dated September 26, 2025