The central government is set to borrow ₹7.86 lakh crore through dated securities in the second half of FY27, including ₹15,000 crore through Sovereign Green Bonds (SGrBs), according to the borrowing calendar the Finance Ministry released on September 25. The calendar covers October 1, 2026, to March 31, 2027, and was prepared in consultation with the RBI. For investors tracking India’s sustainable finance market, it sets out when and how much green paper will reach the market over the next six months.
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Sovereign Green Bond Auction Schedule: Key Details
- Tenor: The government has scheduled 30-year Sovereign Green Bonds worth Rs 3,000 crore each in several auction weeks.
- Total size: ₹15,000 crore, which works out to five tranches.
- Greenshoe option: The government can accept additional subscriptions of up to Rs 2,000 crore against each security.
- Retail access: All auctions provide non-competitive bidding, with 5 percent of the notified amount reserved for specified retail investors.
Week-by-Week Green Bond Calendar
The calendar lists the SGrB tranches alongside 3-year, 7-year, and conventional 30-year securities. In the weeks identified so far, each ₹33,000 crore auction week pairs a 3-year (₹9,000 crore), a 7-year (₹12,000 crore), and a conventional 30-year (₹9,000 crore) security with the green tranche.
| Auction Week | Dates | Green Bond Tranche |
| Week 1 | Sep 28–Oct 2, 2026 | 30-year SGrB, ₹3,000 crore |
| Week 5 | Oct 26–30, 2026 | 30-year SGrB, ₹3,000 crore |
| Week 9 | Nov 23–27, 2026 | 30-year SGrB, ₹3,000 crore |
| Week 13 | Dec 21–25, 2026 | 30-year SGrB, ₹3,000 crore |
| Fifth tranche | Likely January 2027* | 30-year SGrB, ₹3,000 crore |
*The four dated rows come from the published calendar. The fifth is inferred from the four-week pattern and the ₹15,000 crore total, so confirm it on the RBI or Department of Economic Affairs calendar.
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Why 30-Year Green Bonds Again?
The government is sticking with the format that worked last year. In FY25, banks were reluctant to buy 10-year green bonds as the government sought to sell them at a premium, while the 30-year green bonds were fully sold. Dealers said banks were unwilling to pay a “greenium,” the premium investors accept for sustainability-linked paper.
Bigger Allocation, Smaller Tranches
The H2 green bond allocation is higher than last year’s. Borrowing in H2 FY26 included ₹10,000 crore through sovereign green bonds. That means a 50 per cent increase this year, although each tranche is now ₹3,000 crore, down from the ₹5,000 crore tranches seen in earlier calendars.
The Wider Borrowing Picture
- The ₹7.86 lakh crore program will run through 23 weekly auctions covering maturities from three to 50 years.
- The 10-year security has the largest share at 26.3%, followed by the 15-year at 17.6%.
- Individual auctions will raise between ₹33,000 crore and ₹36,000 crore.
- Full-year FY27 market borrowing via dated securities is now estimated at ₹15,99,506 crore, down from the Budget estimate of ₹17,20,000 crore.
What Investors Should Watch
Investors should track auction cut-offs and bid-cover ratios for signs of a greenium and watch whether demand for the 30-year tenor holds up. The government has kept its options open. It may issue floating-rate and inflation-indexed bonds and may conduct switches or buybacks after giving notice to the market. The calendar is also indicative, and the Centre (in consultation with the RBI) can change the amount, issuance period, and maturities depending on its requirements and market conditions.
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