SDL Issuance Calendar -- April to June 2026. Full auction schedule with state-wise breakdown

QnA Discussions
1

Sharing the complete SDL auction calendar for Q1 FY27 published by RBI. Total planned issuance this quarter is Rs 2,54,509 crore across 12 weekly auctions.

Summary by auction date:

# Date Day Amount (Rs Cr)
1 April 07, 2026 Tuesday 18,159
2 April 13, 2026 Monday 13,950
3 April 21, 2026 Tuesday 23,500
4 April 28, 2026 Tuesday 25,500
5 May 05, 2026 Tuesday 25,800
6 May 12, 2026 Tuesday 15,450
7 May 19, 2026 Tuesday 23,100
8 May 26, 2026 Tuesday 23,950
9 June 02, 2026 Tuesday 24,200
10 June 09, 2026 Tuesday 18,250
11 June 16, 2026 Tuesday 23,000
12 June 23, 2026 Tuesday 19,650
Total 2,54,509

State-wise breakdown:

Date State / UT Amount (Rs Cr) Maturity Bucket
Apr 07 Andhra Pradesh 2,200 11-15 Yr
Apr 07 Andhra Pradesh 2,200 21-25 Yr
Apr 07 Maharashtra 800 02-05 Yr
Apr 07 Maharashtra 1,600 11-15 Yr
Apr 07 Maharashtra 1,200 21-25 Yr
Apr 07 Rajasthan 600 02-05 Yr
Apr 07 Rajasthan 1,200 16-20 Yr
Apr 07 Rajasthan 1,800 >25 Yr
Apr 07 Telangana 2,000 16-20 Yr
Apr 07 Telangana 1,900 >25 Yr
Apr 07 Himachal Pradesh 900 –
Apr 07 Meghalaya 259 –
Apr 07 Punjab 1,500 –
Apr 13 Bihar 1,600 21-25 Yr
Apr 13 Chhattisgarh 500 02-05 Yr
Apr 13 Chhattisgarh 500 11-15 Yr
Apr 13 Kerala 400 06-10 Yr
Apr 13 Kerala 1,000 11-15 Yr
Apr 13 Kerala 1,400 16-20 Yr
Apr 13 Madhya Pradesh 1,200 16-20 Yr
Apr 13 Madhya Pradesh 600 >25 Yr
Apr 13 Uttar Pradesh 1,500 06-10 Yr
Apr 13 Uttar Pradesh 2,000 11-15 Yr
Apr 13 Uttar Pradesh 2,000 16-20 Yr
Apr 13 Karnataka 900 –
Apr 13 Meghalaya 350 –
Apr 21 Andhra Pradesh 1,800 06-10 Yr
Apr 21 Andhra Pradesh 1,800 16-20 Yr
Apr 21 Andhra Pradesh 1,000 >25 Yr
Apr 21 Maharashtra 1,600 06-10 Yr
Apr 21 Maharashtra 1,600 16-20 Yr
Apr 21 Maharashtra 800 >25 Yr
Apr 21 Rajasthan 1,200 06-10 Yr
Apr 21 Rajasthan 1,800 11-15 Yr
Apr 21 Rajasthan 1,000 21-25 Yr
Apr 21 Telangana 1,000 06-10 Yr
Apr 21 Telangana 1,000 11-15 Yr
Apr 21 Telangana 1,000 21-25 Yr
Apr 21 Goa 100 –
Apr 21 Gujarat 2,000 –
Apr 21 Manipur 300 –
Apr 21 Punjab 500 –
Apr 21 Tamil Nadu 3,000 –
Apr 21 West Bengal 2,000 –
Apr 28 Bihar 1,200 06-10 Yr
Apr 28 Bihar 1,200 11-15 Yr
Apr 28 Chhattisgarh 500 06-10 Yr
Apr 28 Chhattisgarh 500 21-25 Yr
Apr 28 Kerala 1,600 06-10 Yr
Apr 28 Kerala 1,800 21-25 Yr
Apr 28 Madhya Pradesh 1,200 21-25 Yr
Apr 28 Uttar Pradesh 2,000 06-10 Yr
Apr 28 Uttar Pradesh 2,500 11-15 Yr
Apr 28 Assam 1,000 –
Apr 28 Goa 100 –
Apr 28 Gujarat 2,000 –
Apr 28 Karnataka 900 –
Apr 28 Odisha 1,000 –
Apr 28 Punjab 2,000 –
Apr 28 Tamil Nadu 3,000 –
Apr 28 Uttarakhand 1,000 –
Apr 28 West Bengal 2,000 –
May 05 Andhra Pradesh 2,200 11-15 Yr
May 05 Andhra Pradesh 2,200 21-25 Yr
May 05 Maharashtra 800 02-05 Yr
May 05 Maharashtra 1,600 11-15 Yr
May 05 Maharashtra 1,200 21-25 Yr
May 05 Rajasthan 600 02-05 Yr
May 05 Rajasthan 1,200 16-20 Yr
May 05 Rajasthan 1,800 >25 Yr
May 05 Telangana 2,000 16-20 Yr
May 05 Telangana 2,000 >25 Yr
May 05 Goa 100 –
May 05 Gujarat 1,000 –
May 05 Haryana 2,000 –
May 05 Himachal Pradesh 500 –
May 05 Mizoram 100 –
May 05 Punjab 500 –
May 05 Tamil Nadu 3,000 –
May 05 West Bengal 3,000 –
May 12 Bihar 1,600 21-25 Yr
May 12 Chhattisgarh 500 02-05 Yr
May 12 Chhattisgarh 500 11-15 Yr
May 12 Kerala 400 06-10 Yr
May 12 Kerala 1,000 11-15 Yr
May 12 Kerala 1,400 16-20 Yr
May 12 Madhya Pradesh 1,200 16-20 Yr
May 12 Madhya Pradesh 600 >25 Yr
May 12 Uttar Pradesh 700 06-10 Yr
May 12 Uttar Pradesh 1,000 11-15 Yr
May 12 Assam 1,000 –
May 12 Karnataka 900 –
May 12 Manipur 250 –
May 12 Nagaland 400 –
May 12 Odisha 1,000 –
May 12 Tamil Nadu 3,000 –
May 19 Andhra Pradesh 1,800 06-10 Yr
May 19 Andhra Pradesh 1,800 16-20 Yr
May 19 Andhra Pradesh 1,000 >25 Yr
May 19 Maharashtra 1,600 06-10 Yr
May 19 Maharashtra 1,600 16-20 Yr
May 19 Maharashtra 800 >25 Yr
May 19 Rajasthan 1,200 06-10 Yr
May 19 Rajasthan 1,800 11-15 Yr
May 19 Rajasthan 1,000 21-25 Yr
May 19 Telangana 750 06-10 Yr
May 19 Telangana 500 11-15 Yr
May 19 Telangana 750 21-25 Yr
May 19 Goa 200 –
May 19 Gujarat 1,000 –
May 19 Haryana 1,000 –
May 19 Meghalaya 300 –
May 19 Punjab 500 –
May 19 Tamil Nadu 3,000 –
May 19 West Bengal 2,500 –
May 26 Bihar 1,200 06-10 Yr
May 26 Bihar 1,200 11-15 Yr
May 26 Chhattisgarh 500 06-10 Yr
May 26 Chhattisgarh 500 21-25 Yr
May 26 Kerala 1,800 21-25 Yr
May 26 Madhya Pradesh 1,600 06-10 Yr
May 26 Madhya Pradesh 1,200 21-25 Yr
May 26 Uttar Pradesh 1,000 06-10 Yr
May 26 Uttar Pradesh 700 11-15 Yr
May 26 Assam 500 –
May 26 Goa 100 –
May 26 Gujarat 2,000 –
May 26 Karnataka 900 –
May 26 Odisha 1,000 –
May 26 Punjab 2,000 –
May 26 Sikkim 250 –
May 26 Tamil Nadu 3,000 –
May 26 Uttarakhand 1,000 –
May 26 West Bengal 3,500 –
Jun 02 Andhra Pradesh 2,200 11-15 Yr
Jun 02 Andhra Pradesh 2,200 21-25 Yr
Jun 02 Maharashtra 800 02-05 Yr
Jun 02 Maharashtra 1,600 11-15 Yr
Jun 02 Maharashtra 1,200 21-25 Yr
Jun 02 Rajasthan 600 02-05 Yr
Jun 02 Rajasthan 1,200 16-20 Yr
Jun 02 Rajasthan 1,800 >25 Yr
Jun 02 Telangana 2,000 16-20 Yr
Jun 02 Telangana 2,000 >25 Yr
Jun 02 Goa 100 –
Jun 02 Haryana 1,000 –
Jun 02 Himachal Pradesh 500 –
Jun 02 Punjab 500 –
Jun 02 Tamil Nadu 3,000 –
Jun 02 West Bengal 3,500 –
Jun 09 Bihar 1,600 21-25 Yr
Jun 09 Chhattisgarh 500 02-05 Yr
Jun 09 Chhattisgarh 500 11-15 Yr
Jun 09 Kerala 400 06-10 Yr
Jun 09 Kerala 1,000 11-15 Yr
Jun 09 Kerala 1,400 16-20 Yr
Jun 09 Madhya Pradesh 1,200 16-20 Yr
Jun 09 Madhya Pradesh 600 >25 Yr
Jun 09 Uttar Pradesh 700 11-15 Yr
Jun 09 Uttar Pradesh 1,000 16-20 Yr
Jun 09 Goa 100 –
Jun 09 Gujarat 2,000 –
Jun 09 Haryana 2,000 –
Jun 09 Karnataka 900 –
Jun 09 Manipur 250 –
Jun 09 Mizoram 100 –
Jun 09 Odisha 1,000 –
Jun 09 Tamil Nadu 3,000 –
Jun 16 Andhra Pradesh 1,800 06-10 Yr
Jun 16 Andhra Pradesh 1,800 16-20 Yr
Jun 16 Andhra Pradesh 1,000 >25 Yr
Jun 16 Maharashtra 1,600 06-10 Yr
Jun 16 Maharashtra 1,600 16-20 Yr
Jun 16 Maharashtra 800 >25 Yr
Jun 16 Rajasthan 1,200 06-10 Yr
Jun 16 Rajasthan 1,800 11-15 Yr
Jun 16 Rajasthan 1,000 21-25 Yr
Jun 16 Telangana 750 06-10 Yr
Jun 16 Telangana 750 11-15 Yr
Jun 16 Telangana 500 21-25 Yr
Jun 16 Assam 1,000 –
Jun 16 Goa 100 –
Jun 16 Puducherry 300 –
Jun 16 Punjab 1,000 –
Jun 16 Tamil Nadu 3,000 –
Jun 16 Uttarakhand 500 –
Jun 16 West Bengal 2,500 –
Jun 23 Bihar 1,200 06-10 Yr
Jun 23 Bihar 1,200 11-15 Yr
Jun 23 Chhattisgarh 500 06-10 Yr
Jun 23 Chhattisgarh 500 21-25 Yr
Jun 23 Kerala 1,800 21-25 Yr
Jun 23 Madhya Pradesh 1,600 06-10 Yr
Jun 23 Madhya Pradesh 1,200 21-25 Yr
Jun 23 Uttar Pradesh 700 06-10 Yr
Jun 23 Uttar Pradesh 1,000 11-15 Yr
Jun 23 Goa 100 –
Jun 23 Haryana 1,000 –
Jun 23 Karnataka 900 –
Jun 23 Meghalaya 200 –
Jun 23 Odisha 1,000 –
Jun 23 Punjab 1,000 –
Jun 23 Sikkim 250 –
Jun 23 Tamil Nadu 3,000 –
Jun 23 West Bengal 2,500 –

Note: States with a maturity bucket specified are part of RBI’s Benchmark Issuance Strategy (BIS) pilot for FY27 – Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana, and Uttar Pradesh. These states issue in standard tenor buckets per a pre-announced schedule. Remaining states follow the conventional route where maturities are not pre-disclosed.

2

useful share. the Rs 2.54 lakh crore total came in lower than what the market was expecting, which was closer to Rs 2.75 to 3 lakh crore. mild positive for SDL yields. also interesting that BIS pilot states are raising roughly Rs 1.54 lakh crore of the total while conventional states cover the remaining Rs 1 lakh crore.

3

SDL kya hota hai bhai? state government bonds matlab? aur why would someone buy these instead of regular G-Secs?

4

SDLs are bonds issued by state governments to fund their fiscal deficits, same concept as how the central government issues G-Secs. The key reason to buy them over G-Secs is yield. SDL spreads over equivalent G-Secs are currently around 65 to 75 basis points. So if the 10-year G-Sec is around 6.9%, a 10-year SDL from a major state is offering 7.3 to 7.6%. Same sovereign-level safety, meaningfully better return.

5

but yaar secondary market liquidity toh bahut kam hoti hai SDLs mein na. if you need to exit early G-Secs are way easier to sell

6

The BIS pilot is worth understanding. Earlier, states issued SDLs in fragmented, non-standard maturities which made it very hard to build a liquid market. Under BIS, issuances are concentrated in standard tenor buckets, creating larger and more comparable securities in each bucket. It will not fix SDL liquidity overnight but it is a meaningful structural step in the right direction.

7

SDL summary:
state government bonds, similar to G-Secs but higher yield
spread currently 65 to 75 bps over G-Secs, yields around 7.3 to 7.6% for major states
semi-annual coupons, principal at maturity
secondary market liquidity kam hai, buy and hold ke liye best
BIS pilot se FY27 mein issuance more structured ho raha hai

auction dates and amounts upar table mein hain, RBI Retail Direct se bid kar sakte ho