Government of India brings ₹34,000 crore re-issuance auction of 2036 maturity bond
The Government of India is set to conduct a ₹34,000 crore re-issuance auction of the 6.94% GS 2036 security on July 31, 2026. This issue also includes an option to retain oversubscription up to ₹2,000 crore, with settlement scheduled for August 3, 2026.
Highlights
- The government has announced the ₹34,000 crore re-issuance of the 6.94% GS 2036 bond for auction on July 31, 2026 on RBI's e-Kuber system.
- The bond's When Issued trading will be open from July 28, 2026 to July 31, 2026, with an option to retain oversubscription up to ₹2,000 crore.
- The minimum investment is set at ₹10,000, with 5% reserved for non-competitive bidding, and investors can participate via SGL/CSGL accounts or the Retail Direct portal.
This article was translated from the original. Read the original version by our correspondent here.
Auction Terms and Timeline
According to the RBI press release, this re-issuance is for the 6.94% GS 2036 security, which matures on May 11, 2036. The auction will be conducted by the Reserve Bank of India, Mumbai office, using the multiple price method.Both competitive and non-competitive bids will be submitted electronically on the RBI e-Kuber system on July 31, 2026. The window for non-competitive bids is from 10:30 AM to 11:00 AM, and for competitive bids from 10:30 AM to 11:30 AM.
The results of successful bids will be announced the same day, and successful bidders must make payment on August 3, 2026. Primary Dealers can submit bids for the additional competitive underwriting portion from 9:00 AM to 9:30 AM on July 31, 2026.
Market Participation and Investor Impact
This security will be eligible for “When Issued” trading from July 28, 2026 to July 31, 2026, allowing market participants to get price signals before formal allocation. The government has kept an option to retain oversubscription up to ₹2,000 crore in this issue, which allows for an increase in borrowing size if demand is strong.The minimum bid size is set at ₹10,000 nominal, and investments can be made in multiples of ₹10,000 thereafter. Up to 5% of the notified amount is available to eligible individuals and institutions under the non-competitive bidding facility, while retail investors can also participate via the Retail Direct portal.
Securities for successful investors will be credited to SGL or CSGL accounts. This security is also eligible for Repo transactions and for investment by non-residents, subject to applicable guidelines, ensuring its broad utility in the government securities market.
Our previous report discussed the rebalancing of Nifty Fixed Income indices effective from July 31, 2026 and the inclusion/exclusion of securities in G-Sec indices. It was noted that these changes could impact the mix of government bonds, duration profile, and portfolio rebalancing for index-tracking investors.
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