Document title: Result of Yield/Price Based Auction of State Government Securities
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release: 2026-2027/1165
Date: September 22, 2026
Capital Markets and Flows
The Reserve Bank of India reported that the yield/price based auction of state government securities conducted on 22 September 2026 was fully subscribed, raising a total of ₹16,750 crore. The auction covered multiple states and union territories with a mix of tenors and coupon rates.
Andhra Pradesh re‑issued two securities: a 7.56% SGS maturing in 2039 (₹1,000 crore) and a 7.68% SGS maturing in 2051 (₹1,600 crore). Both issues were fully subscribed at cut‑off prices of 97.44 and 97.74 respectively, corresponding to yields of 7.8793% and 7.8874%.
Gujarat issued two re‑issues: a 7.47% SGS maturing in 2036 (₹1,000 crore) at a cut‑off price of 98.25 (yield 7.7244%) and a 7.59% SGS maturing in 2041 (₹1,000 crore) at a cut‑off price of 97.90 (yield 7.8300%). Both were fully subscribed.
Jammu and Kashmir re‑issued a 7.75% SGS maturing in 2044 (₹600 crore) at a cut‑off price of 98.58, yielding 7.8987%.
Maharashtra conducted three re‑issues: a 7.09% SGS maturing in 2031 (₹1,000 crore) at 99.02 (yield 7.3286%); a 7.63% SGS maturing in 2039 (₹2,400 crore) at 98.26 (yield 7.8455%); and a 7.70% SGS maturing in 2049 (₹1,600 crore) at 98.12 (yield 7.8776%). All were fully subscribed.
Punjab issued two securities: a 5‑year instrument (₹500 crore) at a yield of 7.54% and a 15‑year instrument (₹1,500 crore) at a yield of 7.91%, both fully subscribed.
Rajasthan re‑issued two securities: a 7.68% SGS maturing in 2044 (₹2,200 crore) at 97.85 (yield 7.9052%) and a 7.65% SGS maturing in 2053 (₹2,200 crore) at 97.41 (yield 7.8820%). Both were fully subscribed.
Goa issued a 15‑year SGS (₹150 crore) at a cut‑off price of 7.88% (yield expressed as percentage), fully subscribed.
Overall, the auction demonstrated strong demand for state government securities across a range of tenors from 5 to 15 years, with cut‑off yields spanning from 7.32% to 7.90%.
Regulatory and Policy Measures
The press release, issued by the Deputy General Manager of the RBI's Department of Communication, confirms that the auction process adhered to the RBI’s yield/price based auction framework, ensuring transparent price discovery and efficient allocation of state borrowing requirements. No additional regulatory changes were announced in this release.