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In order to enable institutional and retail investors to plan their investments efficiently and provide transparency and stability to the Government Securities market, Government of India, in consultation with the Reserve Bank of India, hereby notifies the indicative calendar for issuance of Government dated securities including Sovereign Green Bonds (SGrB) for the first half of the fiscal year 2024-25 (April 01, 2024 to September 30, 2024). Based on market feedback and in line with global market practices, it has been decided to introduce a new dated security of 15-year tenor.
The issuance calendar is as under:
Calendar for Issuance of Government of India Dated Securities (April 01, 2024 to September 30, 2024) | |||
S.No. | Auction Week | Amount in (₹crore) | Security-wise allocation |
1 | April 01-April 05, 2024 | 38,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 10 year security-₹ 20,000 crore | |||
(iii) 40 year security-₹ 12,000 crore | |||
2 | April 08-April 12, 2024 | 30,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 15 year security-₹ 10,000 crore | |||
(iii) 30 year security-₹ 9,000 crore | |||
3 | April 15-April 19, 2024 | 24,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 40 year security-₹ 12,000 crore | |||
4 | April 22-April 26, 2024 | 32,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 50 year security-₹ 12,000 crore | |||
5 |
April 29-May 03, 2024 | 28,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 15 year security-₹ 10,000 crore | |||
(iii) 40 year security-₹ 12,000 crore | |||
6 |
May 06-May 10, 2024 | 20,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 30 year security-₹ 9,000 crore | |||
7 | May 13-May 17, 2024 | 31,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
8 | May 20-May 24, 2024 | 29,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 15 year security-₹ 12,000 crore | |||
(iii) 50 year security-₹ 11,000 crore | |||
9 | May 27-May 31, 2024 | 29,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 10 year SGrB-₹ 6,000 crore | |||
(iii) 40 year security- ₹11,000 crore | |||
10 | June 03-June 07, 2024 | 29,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 30 year security-₹ 9,000 crore | |||
11 | June 10-June 14, 2024 | 34,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 15 year security- ₹12,000 crore | |||
(iiI) 40 year security-₹ 11,000 crore | |||
12 | June 17-June 21, 2024 | 23,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 50 year security-₹ 11,000 crore | |||
13 | June 24-June 28, 2024 | 31,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
14 | July 01-July 05, 2024 | 28,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 15 year security-₹ 12,000 crore | |||
(iii) 30 year security-₹ 10,000 crore | |||
15 | July 08-July 12, 2024 | 22,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
16 | July 15-July 19, 2024 | 31,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 50 year security-₹ 11,000 crore | |||
17 | July 22-July 26, 2024 | 35,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 15 year security- ₹ 12,000 crore | |||
(iiI) 40 year security-₹ 11,000 crore | |||
18 | July 29-August 02, 2024 | 22,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 10 year SGrB-₹ 6,000 crore | |||
(iii) 30 year security-₹ 10,000 crore | |||
19 | August 05-August 09, 2024 | 31,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
20 | August 12-August 16, 2024 | 34,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 15 year security-₹ 12,000 crore | |||
(iii) 50 year security-₹ 11,000 crore | |||
21 | August 19-August 23, 2024 | 23,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
22 | August 26-August 30, 2024 | 30,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 30 year security-₹ 10,000 crore | |||
23 | September 02-September 06, 2024 | 29,000 | (i) 3 year security-₹ 6,000 crore |
(ii) 15 year security-₹ 12,000 crore | |||
(iii) 40 year security-₹ 11,000 crore | |||
24 | September 09-September 13, 2024 | 22,000 | (i) 7 year security-₹ 11,000 crore |
(ii) 50 year security-₹ 11,000 crore | |||
25 | September 16-September 20, 2024 | 31,000 | (i) 10 year security-₹ 20,000 crore |
(ii) 40 year security-₹ 11,000 crore | |||
26 | September 23-September 27, 2024 | 34,000 | (i) 5 year security-₹ 12,000 crore |
(ii) 15 year security-₹ 12,000 crore | |||
(iii) 30 year security-₹ 10,000 crore | |||
Total | 7,50,000 | ||
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 Government of India, in consultation with the Reserve Bank 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), 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 Government of India, in consultation with the Reserve Bank 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 calendar for government dated securities announces a new 15 year tenor and retail non competitive allocation. The Government of India issued an indicative issuance calendar for April-September 2024 detailing weekly auctions of marketable dated securities, introducing a 15 year tenor, including Sovereign Green Bonds, and maintaining a non competitive bidding facility that reserves five per cent of the notified amount for specified retail investors. The Government and the Reserve Bank of India retain flexibility to modify amounts, maturities and instrument types, may exercise a greenshoe option to retain additional subscription against each security, and will conduct monthly switch auctions according to the published schedule; auctions follow the governing General Notification and market notices. of Press 'Enter' after typing page number.
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