Document title: Press Release – Government Stock Full Auction Results
Issuing authority: Reserve Bank of India (RBI)
Reference number: 2026-2027/1340
Date: October 16, 2026
Policy Rates and Liquidity
The Reserve Bank of India conducted a full auction of 6.94% Government Securities maturing in 2036. The notified amount for the issue was ₹34,000 crore. Underwriting of the entire notified amount was taken up by primary dealers, with no devolvement required, indicating the RBI’s confidence in market absorption and its liquidity management stance.
Capital Markets and Flows
A total of 400 competitive bids were received, amounting to ₹94,072.116 crore. The RBI accepted 113 competitive bids, representing ₹33,960.709 crore, at a cut‑off price of 96.91 rupees per 100 rupees face value, which corresponds to a yield to maturity (YTM) of 7.3955%. The partial allotment percentage for competitive bids was 20.7188%, affecting 46 of the accepted bids. The weighted average price (WAY) for the accepted competitive bids was 96.93, yielding a weighted average yield of 7.3925%.
Non‑competitive bids comprised five applications totaling ₹39.291 crore, all of which were accepted in full. The underwriting amount of ₹34,000 crore was fully subscribed by primary dealers, and no additional devolvement on primary dealers was required.
Regulatory and Policy Measures
The auction outcome reflects the RBI’s ongoing policy of using government securities auctions to manage market liquidity and to gauge investor demand for long‑term sovereign debt. The complete underwriting by primary dealers without devolvement underscores the robustness of the primary market and the effectiveness of the RBI’s auction framework.
In conclusion, the RBI’s full auction of the 6.94% GS 2036 was successfully subscribed, with competitive and non‑competitive bids together covering the notified amount, and the underwriting fully absorbed by primary dealers, reinforcing market confidence and supporting liquidity objectives.