The Reserve Bank of India on Friday notified a ₹17,000 crore auction of central-government dated securities scheduled for 10 May, comprising four new benchmark issues ranging from five to 50 years, according to rbi.org.in.
The auction calendar released by the central bank lists four tranches: a new five-year 7.26% 2029 stock for ₹5,000 crore, a 10-year 7.18% 2034 paper for ₹6,000 crore, a 14-year 7.32% 2038 bond for ₹3,000 crore and a re-opening of the 50-year 7.50% 2073 gilt for for another ₹3,000 crore. Settlement will take place on 13 May. Primary dealers have been asked to submit competitive bids between 10:00 a.m. and 11:30 a.m.; non-competitive bids close at 10:30 a.m. the same day.
The sale forms part of the second-half borrowing programme for FY25, through which New Delhi aims to raise ₹6.61 lakh crore between October and March. The quantum is modest compared with the ₹22,000 crore auction on 19 April but keeps the weekly supply pipeline steady as the government bridges a fiscal deficit projected at 5.1% of GDP. Yields on the 10-year benchmark have eased 12 basis points since the last sale to 7.11%, reflecting softening crude prices and dovish signals from the US Federal Reserve.
Market participants will watch the cut-off yields for the new 10-year paper; a print below 7.15% could reinforce expectations of a shallow rate-cut cycle beginning in August. The RBI will announce the auction results on the same afternoon and release the settlement calendar for the next fortnightly sale on 17 May, according to the central bank’s schedule.
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