Money
The Reserve Bank of India has published the borrowing schedule for the second half of fiscal year 2026-27, outlining weekly debt auctions and retail quotas.
Key points
- Total issuance amount of Rs 7,86,000 crore planned for October 2026 to March 2027
- Includes Sovereign Green Bonds (SGrBs) and maturities ranging from 3 years to 50 years
- Five per cent of the notified amount is reserved for specified retail investors via non-competitive bidding
- RBI retains the right to exercise a greenshoe option up to Rs 2,000 crore against each security
The Reserve Bank of India (RBI), in consultation with the central government, has published the indicative issuance calendar for government dated securities covering the second half of the 2026-27 fiscal year. Operating from October 1, 2026, to March 31, 2027, the comprehensive borrowing plan targets a total mobilization of Rs 7,86,000 crore through scheduled weekly debt auctions.
Designed to bring transparency and stability to the domestic debt market, the schedule spans multiple tenures to accommodate diverse institutional and retail portfolios. The calendar incorporates various maturities, ranging from short-term 3-year instruments to ultra-long 50-year sovereign bonds, alongside designated Sovereign Green Bonds (SGrBs) aimed at funding green infrastructure projects.
Details of the H2 FY27 Debt Issuance Schedule
The borrowing program is distributed across 23 auction weeks, balancing short, medium, and long-term paper issuance. Key highlights of the structure include:
- Total scheduled issuance of Rs 7,86,000 crore across 23 auction weeks from October 2026 through March 2027.
- Inclusion of 30-year Sovereign Green Bonds (SGrBs) scheduled in specific weeks for Rs 3,000 crore per tranche.
- Weekly auction amounts generally ranging between Rs 33,000 crore and Rs 36,000 crore.
- Regular 10-year benchmark security auctions mapped out for ₹34,000 to ₹35,000 crore in designated weeks.
The central bank stated that auctions will continue to feature a non-competitive bidding facility, keeping 5 per cent of the notified amounts reserved for qualified retail investors. Furthermore, the RBI retains operational flexibility to alter the calendar, introduce floating rate bonds, or execute monthly debt switches based on prevailing market conditions and government requirements.
What this means for investors
For fixed-income investors, mutual funds, and institutional portfolio managers, the release of the semi-annual borrowing calendar removes near-term policy uncertainty regarding supply pressure. Knowing the exact weekly quantum and maturity profile allows market participants to plan their liquidity deployment and duration strategies well in advance.
A predictable supply of government securities helps stabilize bond yields and provides a reliable risk-free benchmark curve for corporate bond issuances. Retail investors looking to participate directly can utilize the non-competitive bidding framework to secure allocations in benchmark sovereign paper without competing against institutional bidding power.
Frequently asked questions
What is the total borrowing amount announced for H2 FY27? The RBI announced a total issuance target of Rs 7,86,000 crore through dated securities between October 1, 2026, and March 31, 2027.
Are retail investors allowed to participate in these auctions? Yes, five per cent of the notified amount for every auction is reserved for specified retail investors via non-competitive bidding.
This article is for information only and is not investment advice. Do your own research or consult a licensed adviser before investing.
Based on information published by Reserve Bank of India (RBI). Source: Reserve Bank of India (RBI). Spotted an error? corrections@moneypuran.com
