Patna Municipal Corporation plans to issue ₹200 crore of 10-year debt, with bidding scheduled for October 30, 2026. The Patna municipal bonds would be the first municipal bond issue from the Indian state of Bihar.

Patna municipal bonds and expected pricing

The issue is set to be the first municipal bond sale in India’s current fiscal year, following Nashik’s issuance in early March 2026. Municipal bonds allow civic bodies to raise money from investors.

The rate is expected to be 150–175 basis points above the 10-year benchmark yield. India’s 10-year yield stood at 7.44% on October 28, compared with 6.90% a month earlier. The final rate for Patna’s issue has not been established in the available information.

SEBI’s master circular on municipal debt securities covers the issue and listing of such securities. It does not establish the terms of Patna’s proposed bond sale.

Other municipalities in the market

Kanpur Nagar Nigam is also expected to raise ₹125 crore in the coming months, after CareEdge Ratings reaffirmed its ratings. That prospective sale is separate from Patna’s scheduled bidding.

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