Government of India to conduct a reissue auction of ₹33,000 crore in dated securities

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Highlights

The Government of India will conduct a reissue auction of ₹33,000 crore in dated securities on October 23, 2026, with a notified amount of ₹19,000 crore for 6.53% GS 2031 and ₹14,000 crore for 7.71% GS 2066.
The securities auction will be conducted under the multiple-price method on the Reserve Bank's e-Kuber system, with non-competitive bidders allocated 5% of the sale amount and retail investors able to participate through the Retail Direct portal.
These securities will be eligible for “When Issued” trading between October 21 and 23, 2026, and successful allocations will be settled through credits to SGL or CSGL accounts.

This article was translated from the original. Read the original version by our correspondent here.

Auction structure and timeline

According to a press release from the Reserve Bank of India, the sale will be conducted through its Mumbai office, with a notified amount of ₹19,000 crore for 6.53% GS 2031 and ₹14,000 crore for 7.71% GS 2066. The auction will take place on Friday, October 23, 2026, and successful bids will be settled on Monday, October 26, 2026.

The auction will be conducted using the multiple-price method. Both competitive and non-competitive bids must be submitted electronically through the Reserve Bank of India's e-Kuber system, with non-competitive bids accepted from 10:30 a.m. to 11:00 a.m. and competitive bids from 10:30 a.m. to 11:30 a.m.

Primary Dealers may submit bids for the additional competitive underwriting portion from 9:00 a.m. to 9:30 a.m. on October 23, 2026. These securities will also be eligible for “When Issued” trading from October 21, 2026, to October 23, 2026.

Market participation and regulatory significance

Each security will be issued with a minimum nominal investment of ₹10,000 and in multiples of ₹10,000 thereafter. Under the non-competitive bidding facility, allocations of up to 5% of the sale amount of each security will be available to individual and eligible institutional investors, while retail investors will also be able to participate through the Retail Direct portal.

For the Indian government securities market, this auction is part of the routine execution of the borrowing programme, under which the Reserve Bank of India will determine the cut-off price or yield based on the bids received. Successful allocations will be credited to SGL or CSGL accounts, while the securities will remain eligible for repo transactions and non-resident investment, subject to applicable guidelines.

Our previous report on states' market borrowings for Q3 FY2027 discussed a sharp increase and projections for SGS issuance to reach up to ₹3.6 lakh crore under the RBI's auction calendar. The article highlighted trends such as net SGS issuance of ₹2.3 lakh crore after redemption adjustments, contributions from major states, and the adoption of Benchmark Issuance Strategy (BIS) by several states.

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