Borrowing Calendar
Govt cuts FY26 borrowing by INR 100 bln; to raise INR 6.77 tln via gilts H2
This story was originally published at 19:21 IST on 26 September 2025
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--Govt: To auction INR 100 bln of 30-year green bonds in Oct-Mar
--Govt: To auction INR 290 bln of gilts Mar
--Govt: To auction INR 1.25 tln of gilts Feb
--Govt: To auction INR 1.57 tln of gilts Jan
--Govt: To auction INR 1.22 tln of gilts Dec
--Govt: To auction INR 1.22 tln of gilts Nov
--Govt: To auction INR 1.22 tln of gilts Oct
--Govt: To auction INR 780 bln of 364-day T-bills in Oct-Dec
--Govt: To auction INR 780 bln of 182-day T-bills in Oct-Dec
--Govt: To auction INR 910 bln of 91-day T-bills in Oct-Dec
--Govt to conduct 9.2% of Oct-Mar borrowing via 50-year bonds
--Govt to conduct 11.1% of Oct-Mar borrowing via 40-year bonds
--Govt to conduct 9.2% of Oct-Mar borrowing via 30-year bonds
--Govt to conduct 14.2% of Oct-Mar borrowing via 15-year bonds
--Govt to conduct 8.1% of Oct-Mar borrowing via 7-year bonds
--Govt to conduct 13.3% of Oct-Mar borrowing via 5-year bonds
--Govt to conduct 6.6% of Oct-Mar borrowing via 3-year bonds
--Govt to conduct 28.4% of Oct-Mar borrowing via 10-year bonds
--Govt: WMA limit for Oct-Mar fixed at INR 500 bln
--Govt: FY26 gilt auctions to conclude in week ending Mar 6
--Govt: Weekly gilt auction sizes to be INR 280 bln-INR 330 bln per wk H2
--Govt: To auction INR 100 bln of green bonds in Oct-Mar
--CONTEXT: Govt issued INR 7.95 tln worth of gilts in Apr-Sept
--Govt to issue INR 14.72 tln of gilts FY26 vs INR 14.82 tln Budget aim
--Govt: To auction INR 6.77 tln of gilts in Oct-Mar
NEW DELHI – The central government will borrow INR 6.77 trillion through the sale of dated securities in Oct-Mar, it said in a release Friday. With the issuance of INR 7.95 trillion in Apr-Sept, the government has indicated its gross borrowing will be INR 14.72 trillion in 2025-26 (Apr-Mar), INR 100 billion lower than the Budget aim of INR 14.82 trillion.
The issuance will be completed through 22 weekly auctions on INR 280 billion-INR 330 billion, with the Centre's borrowing programme ending on Mar. 6, later than the usual end in February. The government plans to raise INR 100 billion through 30-year sovereign green bonds in the latter half of the fiscal year, it said. It had raised only INR 50 billion through green bonds in Apr-Sept, with the Reserve Bank of India rejecting all bids for another INR 50 billion of green bonds in June.
"The Government will continue to carry out switching/buyback of securities to smoothen the redemption profile," the government said. On a net basis, the government will issue INR 4.88 trillion of gilts in Oct-Mar, down from INR 5.88 trillion issued until September.
As is generally the case, the government will conduct the bulk of its borrowing by issuing 10-year bonds. According to the release, 28.4% of the Oct-Mar bond issuances will be through the sale of 10-year paper. This is higher than the 26.2% share in the first half of the fiscal year.
In line with market and RBI feedback, the government has significantly reduced the share of long-term bonds, Economic Affairs Secretary Anuradha Thakur said after the calendar was released. The government will raise 9.2% of its borrowing in Oct-Mar each through the 30- and 50-year bonds, and 11.1% of the supply through the 40-year bond. The share of the 40-year bond has been reduced by nearly 3 percentage points from the first half. With this, the share of 30-50 year bonds in the calendar is only 29.5%, down from 35.0% in Apr-Sept. This is slightly higher than the 3-5 percentage point cut that bond market participants had expected.
The 15-year bond will have the second-largest issuance in Oct-Mar at 14.2%. The share of five-year bonds will increase to 13.3% in Oct-Mar from 11.3% in Apr-Sept. The government will also raise 6.6% of the gross issuance through three-year bonds and 8.1% through seven-year bonds.
The government said it could exercise the greenshoe option to retain an additional amount of up to INR 20 billion in each bond offered for sale at weekly auctions. The RBI has fixed the ways and means advances limit for the second half at INR 500 billion to address temporary mismatches in government accounts, as against INR 1.50 trillion in Apr-Sept, the release said.
The following are key details of the government's borrowing for Oct-Mar:
| Oct-Mar FY26 | Apr-Sept FY26 | Oct-Mar FY25 | |
| (In INR billion) | (In INR billion) | (In INR billion) | |
| Gross borrowing | 6,770.00 | 8,000.00 | 6,610.00 |
| Redemption | 1,889.64 |
2,067.01
|
1,658.76
|
| Net borrowing | 4,880.36 | 5,932.99 | 4,951.24 |
| WMA limit | 500 | 1,500 | 500 |
Following is the breakup of each tenure of dated security to be issued in the calendar, including green bonds:
| Oct-Mar 2025-26 |
Apr-Sep 2025-26 |
Oct-Mar 2024-25 |
|
| 3-year | 6.6% | 5.3% | 5.3% |
| 5-year | 13.3% | 11.3% | 10.6% |
| 7-year | 8.1% | 8.2% | 7.6% |
| 10-year | 28.4% | 26.2% | 24.8% |
| 15-year | 14.2% | 14.0% | 13.2% |
| 30-year | 9.2% | 10.5% | 12.1% |
| 40-year | 11.1% | 14.0% | 15.9% |
| 50-year | 9.2% | 10.5% | 10.6% |
| Total borrowing amount (in INR billion) |
6,770.00 | 8,000.00 | 6,610.00 |
End
Reported by Aaryan Khanna
Edited by Saji George Titus
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