Government to Reissue Dated Securities Worth Rs 33,000 Crore

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Highlights

The government will conduct a reissue auction of securities worth Rs 33,000 crore, comprising 6.20% GS 2029, 6.57% GS 2033, 7.63% GS 2056 and 7.50% GOI SGrB 2056, between October 27 and 30, 2026.
Additional subscriptions of up to Rs 2,000 crore are available for each security, and the overall auction will be conducted using the multiple-price method on the RBI’s e-Kuber system.
Under non-competitive bidding, eligible investors will be allocated 5% of the sale amount, and all securities will be eligible for 'When Issued' trading and repo transactions.

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

Auction Size, Securities and Timeline

According to the Reserve Bank of India’s press release, the sale will be conducted through its Mumbai office and will include Rs 9,000 crore of 6.20% GS 2029, Rs 12,000 crore of 6.57% GS 2033, Rs 9,000 crore of 7.63% GS 2056 and Rs 3,000 crore of 7.50% GOI SGrB 2056. The total notified amount for all four securities is Rs 33,000 crore.

The government said it may accept additional subscriptions of up to Rs 2,000 crore against each listed security. The auction will follow the multiple-price method, and both competitive and non-competitive bids must be submitted electronically through the RBI’s e-Kuber system.

Non-competitive bids will be accepted from 10:30 a.m. to 11:00 a.m. on October 30, 2026, while the deadline for competitive bids is 11:30 a.m., with the window opening at 10:30 a.m. Primary dealers may submit bids for the additional competitive underwriting portion from 9:00 a.m. to 9:30 a.m., and the results will be announced the same day.

Market Participation and Investor Implications

These securities are eligible for "When Issued" trading from October 27, 2026, to October 30, 2026, giving market participants an additional opportunity for price discovery ahead of issuance. Securities will be credited to successful bidders’ SGL or CSGL accounts held with the RBI.

Under the non-competitive bidding scheme, up to 5% of the sale amount of each individual security will be allocated to eligible individuals and institutions. Retail investors can also place non-competitive bids through the Retail Direct portal, while investment by non-resident investors will be subject to the relevant guidelines.

The RBI also said that, under normal circumstances, only electronic bids will be accepted, with physical bids permitted only in the event of a system failure. The securities will also be eligible for repo transactions, supporting liquidity and secondary-market utility in the government bond market.

our previous report examined the central government’s disinvestment programme, noting that most proceeds raised between FY16 and FY27 came through market-based routes such as ETFs, public offerings and buybacks, while strategic sales made a limited contribution. The article highlighted the IDBI Bank stake sale as an exceptional case and also explained that its completion could push disinvestment receipts above the budget estimate for the current year.

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