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In order to enable institutional and retail investors to plan their investments efficiently and to provide transparency and stability to the Government Securities Market, the Reserve Bank of India, in consultation with the Government of India, hereby, notifies the indicative calendar for issuance of Government dated securities, including Sovereign Green Bonds (SGrB), for the second half of the fiscal year 2023-24 (October 01, 2023 to March 31, 2024). In response to market demand for ultra-long duration securities, it has been decided to introduce a new dated security of 50-yr tenor. The issuance calendar is as under:
Calendar for Issuance of Government of India Dated Securities | |||
(October 01, 2023 to March 31, 2024) | |||
Sr. No. | Auction Week | Amount in (₹ Crore) | Security-wise Allocation |
1 | October 02-06, 2023 | 30,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 13,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
2 | October 09-13, 2023 | 34,000 | i) 07 Years for ₹ 12,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
3 | October 16-20, 2023 | 30,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 13,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
4 | October 23-27, 2023 | 30,000 | i) 03 Years for ₹ 8,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
5 | October 30 - November 03, 2023 | 30,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 13,000 crore | |||
iii) 50 Years for ₹ 10,000 crore | |||
6 | November 06-10, 2023 | 39,000 | i) 07 Years for ₹ 12,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
iv) 5 Years SGrB for ₹5,000 crore | |||
7 | November 13-17, 2023 | 30,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 13,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
8 | November 20-24, 2023 | 30,000 | i) 03 Years for ₹ 8,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
9 | November 27 - December 01, 2023 | 30,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 13,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
10 | December 04-08, 2023 | 39,000 | i) 07 Years for ₹ 12,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
iv) 10 Years SGrB for ₹5,000 crore | |||
11 | December 11-15, 2023 | 33,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 16,000 crore | |||
iii) 50 Years for ₹ 10,000 crore | |||
12 | December 18-22, 2023 | 30,000 | i) 03 Years for ₹ 8,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
13 | December 25-29, 2023 | 33,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 16,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
14 | January 01-05, 2024 | 34,000 | i) 07 Years for ₹ 12,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
15 | January 08-12, 2024 | 33,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 16,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
16 | January 15-19, 2024 | 35,000 | i) 03 Years for ₹ 8,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
iv) 30 Years SGrB for ₹5,000 crore | |||
17 | January 22-26, 2024 | 33,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 16,000 crore | |||
iii) 50 Years for ₹ 10,000 crore | |||
18 | January 29 - February 02, 2024 | 39,000 | i) 07 Years for ₹ 12,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
iv) 30 Years SGrB for ₹5,000 crore | |||
19 | February 05-09, 2024 | 33,000 | i) 05 Years for ₹ 7,000 crore |
ii) 10 Years for ₹ 16,000 crore | |||
iii) 30 Years for ₹ 10,000 crore | |||
20 | February 12-16, 2024 | 30,000 | i) 03 Years for ₹ 8,000 crore |
ii) 14 Years for ₹ 10,000 crore | |||
iii) 40 Years for ₹ 12,000 crore | |||
Total | 6,55,000 |
| |
As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which five per cent of the notified amount will be reserved for the specified retail investors.
Like in the past, the Reserve Bank of India, in consultation with the Government of India, will continue to have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturities, etc. and to issue different types of instruments, including instruments having non-standard maturity, floating rate bonds (FRBs), CPI linked inflation indexed bonds (IIBs), depending upon the requirement of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. The calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays. Such changes shall be communicated through Press Releases.
The Reserve Bank of India, in consultation with the Government of India, reserves the right to exercise the greenshoe option to retain additional subscription up to ₹2,000 crore against each of the securities indicated in the auction notifications.
The Reserve Bank of India will also be conducting switches of dated securities through auction on the third Monday of every month or at more frequent intervals. In case the third Monday is a holiday, switch auction will be conducted on the fourth Monday of the month.
The auction of dated securities will be subject to the terms and conditions specified in the General Notification No. F.4(2)-W&M/2018 dated March 27, 2018 issued by the Government of India, as amended from time to time.
Issuance schedule for government dated securities set; introduces ultra long tenor, retail non competitive participation and greenshoe option. The Reserve Bank of India, with the Government of India, issues an indicative issuance calendar for marketable dated Government securities for October 2023-March 2024, including the introduction of a fifty year dated security and scheduled Sovereign Green Bonds. Auctions include a non competitive bidding facility reserving five per cent for specified retail investors. The RBI/Government reserve the flexibility to modify calendar entries, issue varied instrument types, exercise a greenshoe option to retain additional subscription per auction, and conduct monthly switch auctions. All issuances are governed by the General Notification dated March 27, 2018, as amended. of Press 'Enter' after typing page number.
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