Issuance Calendar

Issuance calendar gives clear and timely information about the borrowing program of the government. It clearly conveys the maturity profile of outstanding stock, redemption schedule. It has to achieve balance between providing flexibility to the government and maintaining market certainty with regard to market timing.

The main constraint for the publication of issuance calendar is the fluctuating or uncertain trends in the returns pattern of the Government of India. In the case of Government Treasury Bills, the auction schedule is governed by a pre-notified issuance calendar. It was proposed by the Finance Minister that there would be a calendar of auctions of government securities beginning from the financial year 2002-03. The issuance calendar will help reduce volatility in the market with regard to speculation on government borrowings as the timings of the issuance will be intimated in advance.