The Reserve Bank of India’s week-long truce with the bond market is in jeopardy as it heads into a debt auction Friday after Prime Minister Narendra Modi’s government ramped up borrowing.

Federal authorities will raise an extra 1.1 trillion rupees ($15 billion) on behalf of the states to help with a shortfall in tax revenue, the finance ministry said late Thursday. This will be done via sales of three- and five-year bonds, according to the central bank.

Shorter-maturity bonds slid from the market open, with the five-year yield jumping as much as 12 basis points to 5.29%. The benchmark 10-year yield was up three basis points at 5.93% at 10:14 a.m. in Mumbai.

Read more at Hindustan Times