Indicative Issuance Calendar for Government of India Dated Securities H1FY26

The Government of India (GoI), in consultation with the Reserve Bank of India (RBI), has released the indicative issuance calendar for marketable dated securities for the first half of the financial year 2025–26, covering the period from April 1, 2025 to September 30, 2025. 

This calendar provides valuable visibility to institutional and retail investors, enabling them to plan their investments better while bringing greater transparency and predictability to the Government Securities (G-Sec) market.

The calendar also includes planned issuances of Sovereign Green Bonds (SGrBs) as part of the broader government initiative to promote sustainable finance.

Purpose of the Issuance Calendar

The publication of this issuance calendar serves multiple objectives:

• Improved market planning: Helps investors align their strategies with upcoming supply.
  
• Enhanced transparency: Reduces uncertainty around issuance schedules.
  
• Predictable borrowing: Assists market participants in understanding the government’s borrowing pattern.
  
• Promotion of retail participation: Facilitates non-competitive bidding for eligible retail investors.

Highlights of the Issuance Schedule

The total notified amount for the period stands at ₹8,00,000 crore, spread across various maturities from 3 years to 50 years, with multiple issuances of benchmark securities.

Here are key highlights:

• Tenure Diversity: Issuances include securities of 3, 5, 7, 10, 15, 30, 40, and 50-year maturities.
  
• Green Bonds: SGrBs of ₹5,000 crore each will be issued in April and June.
  
• Auction Weeks: Weekly auctions are scheduled, typically comprising two securities.
  
• Greenshoe Option: The government reserves the right to retain an additional ₹2,000 crore for each security via the greenshoe option.

Weekly Auction Structure

Each week, one or two securities will be auctioned with predefined maturities. Below is an overview of how the securities are spread:

• Short-Term (3 to 7 Years): Allocated intermittently across the schedule, offering liquidity and flexibility.
  
• Medium-Term (10 to 15 Years): Most consistently featured, catering to long-term planning.
  
• Long-Term (30 to 50 Years): Targeted at institutional investors and insurers looking for duration plays.
  
• Green Bonds: Scheduled twice, supporting the sustainable finance ecosystem.

Facility for Retail Investors

As in previous years, a non-competitive bidding facility has been retained, with 5% of the notified amount reserved for specified retail investors. This inclusion promotes wider retail participation in the G-Sec market, supporting the objective of financial inclusion.

Flexibility in Issuance

While the calendar serves as an indicative guide, the GoI retains the flexibility to modify:

• The notified amounts
  
• Issuance timelines
  
• Maturities and instrument types
  

This adaptability ensures responsiveness to evolving market dynamics and funding requirements.

The government may also introduce non-standard instruments such as:

• Floating Rate Bonds (FRBs)
  
• Inflation-Indexed Bonds (IIBs)
  

Any changes will be communicated via official press releases, ensuring stakeholders remain informed.

Switch Auctions

To manage the maturity profile of existing debt, the RBI will conduct switch auctions—allowing for the exchange of one security for another—on the third Monday of every month, or the fourth if the third is a public holiday.

This mechanism helps manage redemption pressures and maintain a balanced debt profile.

Conclusion

The issuance calendar for April to September 2025 offers structured visibility into the government’s borrowing plans. With ₹8 lakh crore worth of marketable dated securities, including Sovereign Green Bonds, it underscores the government’s balanced approach to funding while catering to both institutional and retail investors.

While this blog provides a comprehensive outline of the issuance calendar, it is important for investors to stay informed through official RBI and GoI updates, especially in case of changes to the indicative schedule.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks; read all the related documents carefully before investing.