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H2 borrowing plan may cut back on longer-term G-Secs
Financial Express Mumbai
|September 24, 2025
THE CENTRE MAY factor in higher appetite for shorter-tenure government securities (G-Secs) and a weakening of demand for 40and 50-year bonds, as it decides on the market borrowing plan for the second half of the current fiscal by this weekend, according to sources.
The government, which borrowed 8 lakh crore from the market in H1, plans to borrow another ₹6.8 lakh crore in the second half, while sticking to the annual borrowing calendar of ₹14.8 lakh crore. So far in 2025,10-year G-Secs yield fell 29 bps to 6.47%.
DURING THIS PERIOD, it hit a high of 6.85% on January 13 and a low of 6.24% on May 28, data from Bloomberg showed.
On the contrary, the yield on 30-year bond rose 18 bps to 7.20% in 2025; it hit a high of 7.33% on September 1 and low of 6.76% on April 23.
According to Axis MF Research, based on the auction calendar for the last three years, around 50% issuance in longer bonds - 15 year and above -- have been by the Centre and 40% of such instruments were state development loans (SDLs).
This story is from the September 24, 2025 edition of Financial Express Mumbai.
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