To enable institutional and retail investors plan their investments efficiently and provide transparency and stability to the Government securities market, an indicative calendar for issuance of Government dated securities for the first half of the fiscal year 2020-21 (April 01, 2020 to September 30, 2020) has been prepared in consultation with the Government of India. The issuance calendar is as under:

2. As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding scheme under which five per cent of the notified amount will be reserved for the specified retail investors.

3. Like in the past, the Reserve Bank of India, in consultation with the Government of India, will continue to have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturities, etc. and to issue different types of instruments, including instruments having non-standard maturity and Floating Rate Bonds (FRBs), including CPI linked inflation linked bonds, depending upon the requirement of the Government of India, evolving market conditions and other relevant factors, after giving due notice to the market. The calendar is subject to change, if circumstances so warrant, including for reasons such as intervening holidays. Such changes shall be communicated through Press releases.

4. The Reserve Bank of India, in consultation with the Government of India, reserves the right to exercise the green-shoe to retain additional subscription up to ₹2,000 crore each against any one or more of the above security, which will be indicated in the auction notification. However, the exercise of the green-shoe option within one or more securities in an auction shall be within the overall notified amount for the auction.

5. Further, the Reserve Bank of India, in consultation with Government of India, reserves the right to retain an additional amount up to ₹20,000 crore, over and above the notified amount in first half of 2020-21, under Green Shoe option, depending upon the market developments. The additional amount so retained, if any, will be set-off in second half.

6. The Reserve Bank of India will also be conducting switches of securities through auction on every third Monday of the month. In case third Monday is a holiday, switch auction will be conducted on fourth Monday of the month.

7. The auction of dated securities will be subject to the terms and conditions specified in the F.No.4(2)–W&M/2018, dated March 27, 2018, issued by Government of India, as amended from time to time.

Ajit Prasad
Director   

Press Release: 2019-2020/2163