**Executive Summary**
The Ministry of Finance, in consultation with the Reserve Bank of India (RBI), has released the indicative issuance calendar for Government of India dated securities, including Sovereign Green Bonds (SGrBs), for the first half of fiscal year 2026-27. A total of ₹8,20,000 crore will be issued through weekly auctions scheduled between April 01, 2026, and September 30, 2026. The calendar aims to provide transparency and enable institutional and retail investors to plan their investments efficiently.
**Key Points / Main Content**
**Issuance Volume and Schedule**
* The total planned issuance for the period is ₹8,20,000 crore.
* Auctions are scheduled weekly, totaling 26 individual auction windows across the six-month period.
* Security-wise allocations include maturities of 3, 5, 7, 10, 15, 30, 40, and 50 years.
* Specific allocations for 30-year Sovereign Green Bonds (SGrBs) are included in the schedule (e.g., April 20-24 and June 15-19).
**Investor Participation and Bidding**
* A non-competitive bidding facility is available for all auctions.
* Five per cent of the notified amount in every auction is reserved for specified retail investors.
**Operational Flexibility and Terms**
* The Government of India (GoI) maintains the flexibility to modify notified amounts, issuance periods, and maturities based on market conditions.
* The GoI may issue different instruments, such as Floating Rate Bonds (FRBs) and Inflation Indexed Bonds (IIBs), after giving due notice.
* A "greenshoe option" is reserved, allowing the government to retain additional subscriptions of up to ₹2,000 crore against each security in an auction notification.
**Market Management Operations**
* The GoI and RBI will conduct switch or buyback auctions of dated securities.
* Switch auctions are typically held on the third Monday of every month; if that day is a holiday, the auction moves to the fourth Monday.
* All auctions are subject to the terms and conditions of General Notification No. F.4(2)-B(W&M)/2018 dated March 26, 2025.
**Impact Analysis**
**Institutional Investors**
**Impact**
They are provided with a transparent roadmap to manage liquidity and align their long-term investment portfolios with the government’s borrowing schedule.
**Action Required**
Must monitor the weekly auction notifications and prepare bids according to the specific security-wise allocations and tenors.
**Retail Investors**
**Impact**
They benefit from a dedicated 5% reservation of the notified auction amounts, ensuring access to government securities.
**Action Required**
Should utilize the non-competitive bidding facility to participate in the scheduled auctions.
**Reserve Bank of India (RBI)**
**Impact**
As the consultant and administrator, the RBI must manage the execution of the calendar and maintain market stability.
**Action Required**
Conduct weekly auctions, manage the monthly switch/buyback operations, and issue press releases regarding any modifications to the calendar or instrument types.
Key Entities Referenced
Reserve Bank of India (RBI): The central bank that manages the government's borrowing program and is consulted on auction modifications, greenshoe options, and security switches.
Sovereign Green Bonds (SGrBs): Specific debt instruments included in the issuance calendar for funding environmentally sustainable projects.
General Notification No. F.4(2)-B(W&M)/2018: The regulatory document that specifies the terms and conditions governing the auction of dated government securities.
Ministry of Finance: The primary government ministry responsible for planning the issuance calendar and managing the national debt through dated securities.
Ministry of Finance
Issuance Calendar for Marketable Dated
Securities for April 2026 ¬- September 2026
Posted On: 27 MAR 2026 7:30PM by PIB Delhi
In order to enable institutional and retail investors to plan their investments efficiently and to provide
transparency and stability to the Government Securities market, the Government of India (GoI), in
consultation with the Reserve Bank of India (RBI), hereby, releases the indicative calendar for issuance of
Government dated securities, including Sovereign Green Bonds (SGrBs), for the first half of the fiscal
year 2026-27 (April 01, 2026 to September 30, 2026). The issuance calendar is as under:
Calendar for Issuance of Government of India Dated Securities
(April 01, 2026 to September 30, 2026)
S. No. Auction Week Amount in Security-wise Allocation
(₹crore)
1 April 01-03, 2026 29,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹12,000 crore
2 April 06-10, 2026 34,000 (i) 10 Year for ₹34,000 crore
3 April 13-17, 2026 32,000 (i) 5 Year for ₹21,000 crore
(ii) 40 Year for ₹11,000 crore
4 April 20-24, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹5,000 crore
(iv) 30 Year SGrB for ₹5,000 croreCalendar for Issuance of Government of India Dated Securities
(April 01, 2026 to September 30, 2026)
S. No. Auction Week Amount in Security-wise Allocation
(₹crore)
5 April 27 - May 01, 2026 29,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹12,000 crore
6 May 04-08, 2026 34,000 (i) 10 Year for ₹34,000 crore
7 May 11-15, 2026 32,000 (i) 5 Year for ₹21,000 crore
(ii) 40 Year for ₹11,000 crore
8 May 18-22, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹10,000 crore
9 May 25-29, 2026 28,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹11,000 crore
10 June 01-05, 2026 34,000 (i) 10 Year for ₹34,000 crore
11 June 08-12, 2026 32,000 (i) 5 Year for ₹21,000 crore
(ii) 40 Year for ₹11,000 crore
12 June 15-19, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹5,000 crore
(iv) 30 Year SGrB for ₹5,000 crore
13 June 22-26, 2026 28,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹11,000 croreCalendar for Issuance of Government of India Dated Securities
(April 01, 2026 to September 30, 2026)
S. No. Auction Week Amount in Security-wise Allocation
(₹crore)
14 June 29 - July 03, 2026 34,000 (i) 10 Year for ₹34,000 crore
15 July 06-10, 2026 32,000 (i) 5 Year for ₹21,000 crore
(ii) 40 Year for ₹11,000 crore
16 July 13-17, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹10,000 crore
17 July 20-24, 2026 28,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹11,000 crore
18 July 27-31, 2026 34,000 (i) 10 Year for ₹34,000 crore
19 August 03-07, 2026 32,000 (i) 5 Year for ₹21,000 crore
(ii) 40 Year for ₹11,000 crore
20 August 10-14, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹5,000 crore
(iv) 30 Year SGrB for ₹5,000 crore
21 August 17-21, 2026 28,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹11,000 crore
22 August 24-28, 2026 34,000 (i) 10 Year for ₹34,000 croreCalendar for Issuance of Government of India Dated Securities
(April 01, 2026 to September 30, 2026)
S. No. Auction Week Amount in Security-wise Allocation
(₹crore)
23 August 31-September 04, 32,000 (i) 5 Year for ₹21,000 crore
2026
(ii) 40 Year for ₹11,000 crore
24 September 07-11, 2026 32,000 (i) 3 Year for ₹11,000 crore
(ii) 7 Year for ₹11,000 crore
(iii) 30 Year for ₹10,000 crore
25 September 14-18, 2026 28,000 (i) 15 Year for ₹17,000 crore
(ii) 50 Year for ₹11,000 crore
26 September 21-25, 2026 34,000 (i) 10 Year for ₹34,000 crore
Total 8,20,000
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.
Like in the past, the GoI, in consultation with the RBI, will continue to have the flexibility to bring about
modifications in the above calendar in terms of notified 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 GoI, 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,
if any, will be communicated through press releases.
The GoI, in consultation with the RBI, 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.
The GoI, in consultation with the RBI, shall also be conducting switch/buyback of dated securities through
auction. Switches of dated securities through auction will be conducted on the third Monday of every
month or at more frequent intervals. In case the third Monday is a holiday, switch auction will be
conducted on the fourth Monday of the month.
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 GoI, as amended from time to
time.****
NB/KMN
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