India will auction ₹340 billion of its 6.94% GS 2036 bond on Nov. 13, setting the terms for another government debt sale, the Reserve Bank of India (RBI) said.
The sale will add to an existing bond that matures May 11, 2036. The government may accept up to ₹20 billion in subscriptions beyond the announced amount. In the multiple-price auction, each winning bid clears at its own quoted price.
Bids are normally submitted through the RBI’s e-Kuber system. Up to 5% of the announced amount may be allotted to eligible individuals and institutions under the noncompetitive bidding scheme. The bond is eligible for “When Issued” trading from Nov. 11 through Nov. 13.
The auction follows a Nov. 6 sale of two other government bonds, in which the RBI accepted the full ₹36,000 crore offered. The RBI plans to announce the 2036 bond auction result on Nov. 13, with settlement scheduled for Nov. 16.
