Why This Matters to NRIs
Government securities (G-Secs) form the backbone of India's debt market. Even if you do not directly buy G-Secs, the yields set during these auctions ripple through every corner of Indian finance. They influence fixed deposit rates, corporate bond pricing, mutual fund NAVs (especially debt funds), and even the cost of capital for companies you may hold in your equity portfolio. Understanding this calendar helps you time your debt investments, anticipate interest rate movements, and evaluate the broader macro picture for Indian markets.
The Big Picture: Rs 8,20,000 Crore in H1 FY 2026-27
The RBI, in consultation with the Government of India, announced this calendar on March 27, 2026. It covers the period from April 01, 2026 to September 30, 2026 and lays out 26 weekly auction rounds with a combined notified amount of Rs 8,20,000 crore.
The securities span a wide maturity spectrum:
| Maturity | Typical Weekly Allocation | Frequency | |----------|--------------------------|----------| | 3 Year | Rs 11,000 crore | Every 4th week in the cycle | | 5 Year | Rs 21,000 crore | Every 3rd week in the cycle | | 7 Year | Rs 11,000 crore | Every 4th week in the cycle | | 10 Year | Rs 34,000 crore | Every 2nd week in the cycle | | 15 Year | Rs 17,000 crore | Every 4th week in the cycle | | 30 Year | Rs 5,000 to Rs 10,000 crore | Every 4th week in the cycle | | 40 Year | Rs 11,000 crore | Every 3rd week in the cycle | | 50 Year | Rs 11,000 to Rs 12,000 crore | Every 4th week in the cycle | | 30 Year Sovereign Green Bond (SGrB) | Rs 5,000 crore | Select weeks |
Sovereign Green Bonds: Three Issuances Planned
The calendar includes three dedicated Sovereign Green Bond (SGrB) auctions, each for Rs 5,000 crore with a 30 year maturity. These fall in the following auction weeks:
1. April 20 to 24, 2026 2. June 15 to 19, 2026 3. August 10 to 14, 2026
SGrBs fund government expenditure on eligible green projects such as renewable energy, clean transport, and pollution control. For NRIs who care about ESG investing, these bonds offer a sovereign credit quality instrument with a green label.
Retail Investor Reservation: The Non-Competitive Bidding Route
Every auction in this calendar reserves 5 per cent of the notified amount for specified retail investors through the non-competitive bidding facility. This means retail participants (including eligible NRIs who hold accounts with authorized intermediaries) do not need to quote a yield. They receive allotment at the weighted average yield that emerges from the competitive portion of the auction.
For a typical Rs 34,000 crore auction of the 10 year benchmark, that translates to Rs 1,700 crore set aside for retail bids.
Greenshoe Option: RBI Can Retain Extra Rs 2,000 Crore Per Security
The RBI reserves the right to exercise a greenshoe option to retain additional subscription of up to Rs 2,000 crore against each security indicated in the auction notifications. This means the actual issuance in any given week could exceed the notified amount if market demand warrants it.
Switch Auctions Continue Monthly
The RBI will conduct switch auctions of dated securities on the third Monday of every month, or more frequently if needed. If the third Monday falls on a holiday, the switch auction moves to the fourth Monday. Switch auctions allow the government to buy back shorter maturity securities and issue longer ones, which helps manage the redemption profile and provides liquidity to holders of maturing bonds.
Flexibility Clause: Calendar May Change
The RBI has explicitly stated that this calendar is indicative, not binding. In consultation with the Government of India, the RBI retains full flexibility to:
- Modify the notified amounts
- Change issuance periods and maturities
- Introduce non-standard maturity instruments
- Issue Floating Rate Bonds (FRBs) or Inflation Indexed Bonds (IIBs)
- Adjust for intervening holidays or evolving market conditions
Primary Dealer Underwriting Commitments
Primary Dealers (PDs) who underwrite government securities auctions must meet minimum underwriting commitments (MUC) set by the RBI. As per the scheme notified on November 14, 2007, each PD is assigned a proportional share of the notified amount.
April 2, 2026 Auction Results: Strong Competitive Demand
The first auction under this calendar took place on April 2, 2026, covering two securities:
| Security | 6.68% GS 2040 (15 Year) | 7.43% GS 2076 (50 Year) | |----------|------------------------|------------------------| | Notified Amount | Rs 17,000 crore | Rs 12,000 crore | | Competitive Bids Received | 240 bids for Rs 32,591.30 crore | 120 bids for Rs 26,999.00 crore | | Cut-off Yield (YTM) | 7.5303% | 7.8812% | | Weighted Average Yield (WAY) | 7.5145% | 7.8718% | | Competitive Bids Accepted | 139 bids for Rs 16,986.01 crore | 36 bids for Rs 11,985.54 crore | | Partial Allotment % | 73.4956% (4 bids) | 27.1360% (2 bids) | | Non-Competitive Bids Accepted | 6 bids for Rs 13.99 crore | 5 bids for Rs 14.47 crore | | Primary Dealer Underwriting | Rs 17,000 crore accepted; NIL devolvement | Rs 12,000 crore accepted; NIL devolvement |
What This Tells You: The 15 year bond saw robust competitive demand (bids nearly double the notified amount), while the 50 year bond attracted even heavier oversubscription (2.25x). Both auctions cleared without any devolvement on Primary Dealers, signaling healthy market appetite for longer duration paper. The WAY on the 15 year (7.5145%) and 50 year (7.8718%) establish the benchmark yields for corporate bonds and other fixed income instruments of similar maturity.
PDs who underwrite these auctions face the following commitments:
| Security | Notified Amount | MUC per PD | Minimum Bidding Commitment under ACU | |----------|-----------------|-----------|--------------------------------------| | 6.68% GS 2040 (15 Year) | Rs 17,000 crore | Rs 405 crore | Rs 405 crore | | 7.43% GS 2076 (50 Year) | Rs 12,000 crore | Rs 286 crore | Rs 286 crore |
PDs submit bids electronically through the RBI's e-Kuber system. Underwriting commissions are credited to PD current accounts with the RBI on the day of security issuance. While NRIs do not directly participate as underwriters, understanding PD commitments helps you gauge market depth and potential bid-ask spreads in the secondary market.
Legal Basis
All auctions under this calendar follow the terms and conditions specified in General Notification No. F.4(2)-B(W&M)/2018 dated March 26, 2025 issued by the Government of India, as amended from time to time. Underwriting commitments operate under the scheme notified on November 14, 2007.
What This Means for NRI Investment Decisions
Impact on Debt Mutual Funds
NRIs who invest in Indian debt mutual funds (gilt funds, dynamic bond funds, medium duration funds) should pay close attention to this supply schedule. A heavy supply of long duration paper (40 year and 50 year bonds appear regularly) can put upward pressure on long end yields if demand does not keep pace. The April 2 auction results show strong demand at the long end, which is bullish for duration funds. Conversely, if future auctions see weaker demand, yields could rise and NAVs of long duration funds could fall.
Benchmark Yield Signals
The 10 year G-Sec yield serves as the benchmark for corporate bond pricing across India. With Rs 34,000 crore of 10 year paper hitting the market roughly every other week, the auction results will provide a real time read on where the market sees interest rates heading. The April 2 auction results (15 year at 7.5145% WAY and 50 year at 7.8718% WAY) suggest the market is pricing in a stable to slightly higher yield environment. NRIs evaluating corporate bond funds, NCDs, or direct bond investments should track these outcomes and compare them to the yields on corporate instruments they are considering.
Equity Market Implications
Large government borrowing programs can crowd out private investment if liquidity conditions tighten. Watch for RBI's liquidity management operations (OMOs, VRR auctions) alongside this calendar. The strong demand at the April 2 auction (no PD devolvement) suggests the RBI's liquidity stance is accommodative. If the RBI continues to support the market through liquidity measures, equity markets face less headwind. If future auctions see weaker demand or higher devolvement on PDs, rising yields could weigh on equity valuations, particularly for rate sensitive sectors like banking, real estate, and infrastructure.
Green Bond Opportunity
The three SGrB issuances offer NRIs a chance to participate in India's green finance story with sovereign backing. These bonds typically trade at a slight greenium (lower yield compared to conventional bonds of similar maturity), but they carry the same credit risk as any other Government of India security, which is essentially the safest rupee denominated credit available.
Week by Week Auction Schedule at a Glance
| Week | Dates | Amount (Rs Crore) | Securities | |------|-------|-------------------|----------| | 1 | Apr 01 to 03 | 29,000 | 15 Year (17,000) + 50 Year (12,000) | | 2 | Apr 06 to 10 | 34,000 | 10 Year (34,000) | | 3 | Apr 13 to 17 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 4 | Apr 20 to 24 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (5,000) + 30 Year SGrB (5,000) | | 5 | Apr 27 to May 01 | 29,000 | 15 Year (17,000) + 50 Year (12,000) | | 6 | May 04 to 08 | 34,000 | 10 Year (34,000) | | 7 | May 11 to 15 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 8 | May 18 to 22 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (10,000) | | 9 | May 25 to 29 | 28,000 | 15 Year (17,000) + 50 Year (11,000) | | 10 | Jun 01 to 05 | 34,000 | 10 Year (34,000) | | 11 | Jun 08 to 12 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 12 | Jun 15 to 19 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (5,000) + 30 Year SGrB (5,000) | | 13 | Jun 22 to 26 | 28,000 | 15 Year (17,000) + 50 Year (11,000) | | 14 | Jun 29 to Jul 03 | 34,000 | 10 Year (34,000) | | 15 | Jul 06 to 10 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 16 | Jul 13 to 17 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (10,000) | | 17 | Jul 20 to 24 | 28,000 | 15 Year (17,000) + 50 Year (11,000) | | 18 | Jul 27 to 31 | 34,000 | 10 Year (34,000) | | 19 | Aug 03 to 07 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 20 | Aug 10 to 14 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (5,000) + 30 Year SGrB (5,000) | | 21 | Aug 17 to 21 | 28,000 | 15 Year (17,000) + 50 Year (11,000) | | 22 | Aug 24 to 28 | 34,000 | 10 Year (34,000) | | 23 | Aug 31 to Sep 04 | 32,000 | 5 Year (21,000) + 40 Year (11,000) | | 24 | Sep 07 to 11 | 32,000 | 3 Year (11,000) + 7 Year (11,000) + 30 Year (10,000) | | 25 | Sep 14 to 18 | 28,000 | 15 Year (17,000) + 50 Year (11,000) | | 26 | Sep 21 to 25 | 34,000 | 10 Year (34,000) | | Total | | 8,20,000 | |
Sources
- RBI Press Release No. 2025-2026/2340, dated March 27, 2026, signed by Brij Raj, Chief General Manager, Reserve Bank of India.
- RBI Press Release No. 2026-2027/3, dated April 01, 2026, signed by Ajit Prasad, Deputy General Manager (Communications), Reserve Bank of India.
- RBI Press Release No. 2026-2027/13, dated April 02, 2026, signed by Ajit Prasad, Deputy General Manager (Communications), Reserve Bank of India. (Auction Results for 6.68% GS 2040 and 7.43% GS 2076)