India plans ₹7.86 lakh crore of dated bonds from October to March
Serguey Asael Shinder2 min readThe Reserve Bank of India, in consultation with the government, published on 25 September the indicative calendar for government dated securities for the second half of fiscal year 2026-27, from 1 October 2026 to 31 March 2027. The total is ₹7,86,000 crore - ₹7.86 lakh crore - spread over 23 weekly auctions, each between ₹33,000 crore and ₹36,000 crore.
The maturity mix follows a four-week rotation. Adding up the calendar, the ten-year benchmark accounts for ₹2,07,000 crore, the largest single tenor, followed by the 15-year at ₹1,38,000 crore. Paper of 30 years and longer - 30-, 40- and 50-year bonds plus 30-year sovereign green bonds - totals ₹2,20,000 crore, about 28% of the programme. The three-, five- and seven-year bonds together come to ₹2,21,000 crore. Sovereign green bonds appear in five auction weeks at ₹3,000 crore each.
As before, five per cent of each auction is reserved for non-competitive bids from specified retail investors, and the RBI keeps the flexibility to change amounts, timing and maturities and to issue other instruments such as floating rate bonds. In a separate release the same day, the RBI set the limit for the government's Ways and Means Advances - its short-term overdraft facility with the central bank - at ₹50,000 crore for October to March, and said it may trigger fresh market borrowing when 75% of that limit is used.
What it means
A borrowing calendar is the supply schedule for a country's bond market, and for investors in Indian rupee debt it is the first thing to check after any fiscal announcement. The long end is the notable feature: more than a quarter of the half-year programme is at 30 years or beyond, which suits domestic insurers and pension funds that need long assets, and makes the demand of those institutions an important part of how smoothly the programme is absorbed.
The weekly totals are also very even, which is deliberate. A predictable, evenly spaced calendar lets dealers and investors plan, and it limits the chance that one week's heavy supply becomes a market event. The RBI's retained flexibility is the clause to watch: changes to amounts or maturities during the half would be announced separately, and they are the signal that funding plans have shifted. The WMA limit matters for the same reason at the short end - it sets how much temporary financing the government can draw before new bonds are needed.