The Government has announced the H2FY27 market borrowing program of INR 7.86 Tn through 23 weekly auctions, marginally below our effective estimate of INR 7.92 Tn. This takes FY27 market borrowing through dated securities to INR 15.995 Tn, marginally below the revised borrowing target of INR 16.09 Tn, following G-Sec switches conducted after the Budget presentation. The H2 program includes INR 150 Bn of Sovereign Green Bonds
