The government is likely to create a market for its planned overseas sovereign bonds and make the first tranche of the issue of about $3 billion to $4 billion (about Rs 20,500 crore-Rs 27,400 crore), Business Standard reported.

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"The aim is to create a benchmark and build a stable market for our external bonds. For that the first tranche will have to be a big one, and the tenure will have to be longer than the benchmark 10-year bond at home", a source told Business Standard.

Earlier this month, finance secretary Subhash Chandra Garg said the maximum limit of the overseas sovereign bonds will be 10 percent of the Centre's budgeted gross borrowing requirements of around $7 trillion.

Once the contours are finalised, top government officials including finance minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, finance secretary, Reserve Bank of India (RBI) governor Shaktikanta Das and others will embark on a roadshow to meet big institutional investors, the report said.