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Informist, Wednesday, Mar. 25, 2026

 

--Govt official: To release H1 FY27 mkt borrow calendar post mkt hours Fri 
--Govt official: Fin min to release H1 FY27 mkt borrowing calendar Friday 

 

NEW DELHI - The government will release the calendar indicating its market borrowing plan for Apr–Sept after market hours on Friday, a senior finance ministry official said Wednesday. The Budget for 2026-27 (Apr-Mar) has projected the government's gross market borrowing through dated securities at INR 17.20 trillion. 

 

But the government switched securities worth INR 1.11 trillion after the presentation of the Budget, which has brought down the repayment estimate for FY27 to INR 4.36 trillion from INR 5.47 trillion. As such, the government's gross market borrowing for FY27 is now seen at INR 16.09 trillion.

 

Meanwhile, market participants have recommended to the government to borrow 53–55% of the estimated figure in the first half of the financial year. The government may issue gilts worth INR 8.53 trillion to INR 8.85 trillion in Apr–Sept if the calendar is in line with the recommendation. Last year, the government had borrowed 54% of the Budget estimate in the first half of the year. 

Market participants expect the borrowing pattern in Apr-Sept to be similar to that of Oct-Mar, referring to the tenures of bonds, their weightage in the calendar and practice of issuing a bond of a particular tenure once every four weeks. The Reserve Bank of India holds a meeting with market participants to gauge demand before finalising the half-yearly borrowing calendar. It had conducted these meetings in February. Some investors have also proposed a move to uniform price auctions rather than multiple-price auctions for government bonds. 

 

In the half-year ending March, 10-15-year papers made up 42.6% of the borrowing calendar, which were recommended to be cut slightly to around 40%. Bonds maturing in three, five and seven years made up 28% of the Oct-Mar calendar, which market participants moot should be raised slightly to around 30%. They have also asked the government to borrow 28–30% of the H1 issuance through long-term papers with tenure of 30 years or more, similar to 29.4% in Oct-Mar.

 

On Friday, the government may also release its borrowing calendar detailing the issuance of treasury bills in the June quarter. The government usually releases both the calendars together. The Budget for FY27 has estimated the government's net borrowing through T-bills at INR 1.02 trillion.  End

 

Reported by Krity Ambey and Aaryan Khanna

Edited by Vandana Hingorani

 

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