Document title: RBI Announces ₹13.6K Cr State Securities Auction
Issuing authority: Reserve Bank of India (Department of Communication)
Reference number: Press Release 2026-2027/573
Date: June 30, 2026
Capital Markets and Flows
The Reserve Bank of India released the complete auction outcomes for State Government Securities (SGS) conducted on June 30, 2026. Four separate issues were auctioned for Andhra Pradesh (SGS 2039, 13‑year; SGS 2051, re‑issue of 8.07% issued 08‑Apr‑2026), Assam (SGS 2046, re‑issue of 7.62% issued 21‑Jan‑2026) and Punjab (SGS 2030, 4‑year). The notified amounts were ₹1,000 crore for each of Andhra Pradesh 2039, Assam 2046 and Punjab 2030, and ₹1,600 crore for Andhra Pradesh 2051, giving a combined notified amount of ₹4,600 crore for this block. Competitive bids received totaled 92, 51, 104 and 52 bids respectively, amounting to ₹4,717.8 crore, ₹4,820 crore, ₹3,531.5 crore and ₹3,095 crore. The cut‑off yields were 7.56%, 7.6672%, 7.6362% and 7.02% with cut‑off prices of ₹100, ₹104.42, ₹99.83 and ₹100. Competitive bids accepted were 10, 11, 2 and 14 bids, amounting to ₹900 crore, ₹1,578.217 crore, ₹938.776 crore and ₹987.395 crore. Partial allotment percentages of competitive bids were 20.6286% (3 bids), 45.4780% (1 bid), 89.7960% (1 bid) and 88.9732% (3 bids). Non‑competitive bids received were 14, 4, 7 and 5 bids respectively, with total amounts of ₹140.625 crore, ₹21.783 crore, ₹61.224 crore and ₹12.605 crore at prices of ₹100.16, ₹104.57, ₹99.85 and ₹100.09. All non‑competitive bids were accepted, resulting in a non‑competitive allotment percentage of 71.1111% for the Andhra Pradesh 2039 issue. Weighted average yields for the four issues were 7.5410%, 7.6540%, 7.6342% and 6.9948% respectively, and the total allotment matched the notified amounts of ₹1,000 crore, ₹1,600 crore, ₹1,000 crore and ₹1,000 crore.
A second set of auctions comprised a 13‑year issue of ₹500 crore, a re‑issue of Rajasthan SGS 2043 (7.97% issued 08‑Apr‑2026) of ₹750 crore, and a 27‑year issue of ₹750 crore. Competitive bids received were 52 bids (₹2,285 crore), 76 bids (₹3,400 crore) and 39 bids (₹2,990 crore). Cut‑off yields were 7.62%, 7.6059% and 7.65% with cut‑off prices of ₹100, ₹103.40 and ₹100 respectively. Competitive bids accepted amounted to ₹472.164 crore (6 bids), ₹742.799 crore (3 bids) and ₹749.843 crore (6 bids). Partial allotment percentages of competitive bids were 20.6286% (2 bids), 45.4780% (1 bid) and 89.7960% (1 bid) respectively. Non‑competitive bids received were 2 bids (₹27.836 crore at ₹100.10), 1 bid (₹7.201 crore at ₹103.42) and 2 bids (₹0.157 crore at ₹100.09). All non‑competitive bids were accepted, giving a combined non‑competitive allotment percentage of 62.4343%. Weighted average yields were 7.6073%, 7.6038% and 7.6419% respectively, and total allotments equaled the notified amounts of ₹500 crore, ₹750 crore and ₹750 crore.
The third block involved three Telangana issues: SGS 2044 (18‑year), SGS 2049 (23‑year) and SGS 2055 (29‑year), each with a notified amount of ₹2,000 crore, totaling ₹13,600 crore. Competitive bids received were 105, 61 and 51 bids amounting to ₹4,850 crore, ₹5,355 crore and ₹7,255 crore respectively. Cut‑off yields were 7.64%, 7.65% and 7.65% with cut‑off prices of ₹100 for all three. Competitive bids accepted were 26, 17 and 14 bids, amounting to ₹1,859.669 crore, ₹1,949.755 crore and ₹1,959.802 crore. Partial allotment percentages of competitive bids were 55.785%, 48.8707% and 8.0002% with 7, 4 and 6 bids partially allotted respectively. Non‑competitive bids received were 14, 6 and 4 bids amounting to ₹140.331 crore, ₹50.245 crore and ₹40.198 crore at prices of ₹100.32, ₹100.09 and ₹100.14. All non‑competitive bids were accepted, resulting in total non‑competitive allotments of ₹140.331 crore, ₹50.245 crore and ₹40.198 crore. Weighted average yields for the three issues were 7.6074%, 7.6415% and 7.6377% respectively, and the total allotment for each issue matched the notified amount of ₹2,000 crore.
Regulatory and Policy Measures
The auction outcomes reflect RBI’s standard auction framework for State Government Securities, wherein competitive bids are ranked by yield and accepted up to the notified amount, with partial allotments applied where bid volumes exceed supply. Non‑competitive bids are allotted at a price marginally above the cut‑off price, and the overall weighted average yields provide an indication of market pricing for state debt across varied tenors and credit spreads. The detailed results underscore robust participation from both competitive and non‑competitive investors, with partial allotment percentages indicating the degree of oversubscription for each issue.
Overall, the June 30, 2026 SGS auction demonstrated strong demand across a spectrum of state issuances, delivering yields ranging from 6.99% to 7.66% and allocating the full notified amounts of ₹13.6 billion across multiple tenors and states.