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Informist, Thursday, Sept. 25, 2025

 

--Fin min source: May release Oct-Mar borrow calendar after 1700 IST Fri

 

By Aaryan Khanna and Sagar Sen

 

NEW DELHI – The finance ministry is likely to release the government bond borrowing calendar for Oct-Mar on Friday after market closes at 1700 IST, a senior finance ministry official told Informist. The borrowing calendar is scheduled for release by the end of September.

 

The government had pencilled in borrowing INR 8.00 trillion in the first half of the financial year started April, with the remainder of the INR-14.82-trillion gross borrowing aim for 2025-26 (Apr-Mar) set to be raised in Oct-Mar. There were some concern from bond market participants that the government might increase its gilt issuance this year due to a likely shortfall in budgeted revenues. However, Chief Economic Advisor to the government V. Anantha Nageswaran said earlier this week the government was confident of maintaining the fiscal deficit for FY26 and keeping the second half market borrowing unchanged

 

So far, the government has borrowed INR 7.63 trillion in the current fiscal, with an INR-320-billion auction scheduled Friday. The borrowing programme has gone through without any devolvements on underwriters so far, though the Reserve Bank of India rejected all bids for INR 50 billion of a 30-year green bond in June. It may make up this issuance in Oct-Mar.

 

Bond traders expect the government to reduce the share of bonds maturing in 30 to 50 years in the Oct-Mar calendar by 3-5%, from 35% in Apr-Sept, following market feedback and poor demand from institutional investors. It may increase the share of borrowing in bonds maturing up to 10 years, market participants said. The once-in-four-week auction cycle for a particular bond is expected to remain the same, and no fresh tenures of issuance are expected to be added.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Akul Nishant Akhoury

 

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