Short Description: India announces a massive ₹32,000 crore government bond auction. Here’s what global investors need to know about the 6.48% GS 2035 security and key dates.
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India Announces Major ₹32,000 Crore Government Bond Auction
The Government of India (GoI), through the Reserve Bank of India (RBI), has announced a significant re-issue of a dated security, highlighting its active debt management strategy. A single security, the 6.48% GS 2035, will be auctioned with a massive notified amount of ₹32,000 crore (approximately $3.8 billion). The auction, set for January 30, 2026, offers a long-term instrument maturing on October 6, 2035. Notably, the government retains an option to accept additional subscriptions of up to ₹2,000 crore, underscoring the strong demand anticipated for Indian sovereign paper in the global market.
The auction process details are critical for institutional investors. It will be conducted via a multiple price method, where successful competitive bids are accepted at their respective quoted yields/prices. The settlement date is firmly set for February 02, 2026. Non-competitive bids, which allow smaller players like eligible individuals to participate at the weighted average auction price, will be accepted between 10:30-11:00 AM IST on auction day. Competitive bids have a wider window until 11:30 AM IST. This auction is part of India’s consistent efforts to deepen its bond market, with the security also eligible for “When Issued” trading from January 27-30, 2026, providing liquidity and price discovery ahead of issuance.
For U.S.-based finance professionals and global funds, this auction represents a key opportunity within India’s Fully Accessible Route (FAR) for non-resident investors, which places no quantitative restrictions on investment in select securities like this one. The detailed operational guidelines cover everything from underwriting by Primary Dealers to repo eligibility. With a minimum bid size of ₹10,000, the auction structure accommodates a range of participants, reinforcing India’s commitment to a transparent and accessible government securities market for domestic and international investors alike.
Short Summary
The RBI’s auction of the 6.48% GS 2035 bond for ₹32,000 crore is a major event in India’s sovereign debt calendar. Key for investors are the January 30, 2026 auction date, February 02 settlement, and the security’s eligibility for non-resident investment via the Fully Accessible Route, offering a long-term yield opportunity in a growing market.
