What is the latest on the issue of sovereign bonds that government had promised in the Union Budget?

Actually, not much is being talked about this issue despite the FM assuring the markets that the sovereign bond issue will go ahead. Here again, the PMO had raised concerns over the currency risk in the event of any weakening of the rupee. The FM is now talking about a phased issue of sovereign bonds rather than issuing $10 billion in one go. That could be a possibility as it will allow the government to review and stress test the sovereign bond issue under extreme conditions. As of now, there is no official word on this front.