India auctions 34,000 crore 6.48% government bond maturing October 2035
Primary dealers and bidders must place electronic bids on April 10, 2026
Change
India announced the re-issue of a 6.48% Government of India dated security maturing October 6, 2035, via a multiple-price auction for a notified amount of 34,000 crore with an additional subscription option up to 2,000 crore, scheduled for April 10, 2026 with settlement on April 13, 2026.
Why it matters
Bids must be submitted electronically on the Reserve Bank of India Core Banking Solution (e-Kuber), within narrow non-competitive and competitive windows, or they will be ineligible. Primary dealers face an earlier underwriting bid window for the Additional Competitive Underwriting allocation, and trading desks must reconcile short When Issued positions before settlement.
Implications
- — Primary dealers — must submit underwriting bids for the Additional Competitive Underwriting portion on the Reserve Bank of India Core Banking Solution (e-Kuber) between 09:00 and 09:30 on April 10, 2026 — bids outside this window will be rejected and underwriting opportunities lost.
- — Competitive bidders (primary dealers and institutional investors) — must place competitive electronic bids on e-Kuber between 10:30 and 11:30 on April 10, 2026 — late bids will not be considered for allotment.
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