Document title: State Government Securities – Full Auction Result

Issuing authority: Reserve Bank of India (RBI)

Reference number: Press Release 2026-2027/1321

Date: October 13, 2026

Policy Rates and Liquidity

The auction series exhibited weighted average yields between 7.86% and 8.18%, reflecting prevailing market rates for state‑issued debt. Cut‑off yields for individual issues ranged from a low of 7.84% (Odisha SGS 2032) to a high of 8.18% (Uttarakhand SGS 2044).

Capital Markets and Flows

RBI auctioned a total notified amount of approximately ₹30,000 crore across 31 distinct state government securities (SGS) with tenors spanning 6 to 26 years. Competitive bids consistently outstripped notified amounts, with overall bid‑to‑notify ratios exceeding 2.5× for several issues. Partial allotments were granted in most securities, while the Gujarat 12‑year issue received no allotment.

Assam – SGS 2037 (11‑year)

  • Notified amount: ₹1,000 cr; Tenor: 11 years.
  • Competitive bids received: 96 bids totaling ₹2,760 cr; cut‑off yield 8.10%, price 100.
  • Competitive bids accepted: 29 bids, ₹705 cr; no partial‑allotment percentage disclosed.
  • Non‑competitive bids received: 13 bids, ₹119.050 cr at price 100.15; all accepted (₹100 cr).
  • Weighted average yield: 8.0797%; total allotment: ₹805 cr (partial).

Bihar – SGS 2044 (Re‑issue of 7.71% issued 22‑Jul‑2026)

  • Notified amount: ₹1,000 cr.
  • Competitive bids: 102 bids, ₹3,753 cr; cut‑off yield 8.1475%, price 95.91.
  • Accepted: 26 bids, ₹928.229 cr; partial‑allotment 5.0458% (1 bid).
  • Non‑competitive: 9 bids, ₹71.771 cr at price 96.19; all accepted.
  • Weighted average yield: 8.1166%; total allotment: ₹1,000 cr.

Bihar – SGS 2051 (Re‑issue of 7.76% issued 02‑Sep‑2026)

  • Notified amount: ₹2,000 cr.
  • Competitive bids: 44 bids, ₹4,715 cr; cut‑off yield 8.1585%, price 95.77.
  • Accepted: 24 bids, ₹1,989.302 cr; partial‑allotment 55.8604% (1 bid).
  • Non‑competitive: 3 bids, ₹10.698 cr at price 96.06; all accepted.
  • Weighted average yield: 8.1302%; total allotment: ₹2,000 cr.

Chhattisgarh – SGS 2035 (Re‑issue of 7.40% issued 08‑Jul‑2026)

  • Notified amount: ₹600 cr.
  • Competitive bids: 60 bids, ₹2,850 cr; cut‑off yield 8.0285%, price 96.09.
  • Accepted: 14 bids, ₹593.904 cr; partial‑allotment 34.7793% (2 bids).
  • Non‑competitive: 3 bids, ₹6.096 cr at price 96.22; all accepted.
  • Weighted average yield: 8.0070%; total allotment: ₹600 cr.

Chhattisgarh – SGS 2042 (Re‑issue of 7.64% issued 08‑Jul‑2026)

  • Notified amount: ₹600 cr; 50 competitive bids received amount ₹1,510 cr; cut‑off yield 8.1493%, price 95.51.
  • Accepted: 8 bids, ₹580.999 cr; partial‑allotment 89.5080% (2 bids).
  • Non‑competitive: 5 bids, ₹19.001 cr at price 95.52; all accepted.
  • Weighted average yield: 8.1481%; total allotment: ₹600 cr.

Karnataka – SGS 2036 (10‑year)

  • Notified amount: ₹2,000 cr.
  • Competitive bids: 155 bids, ₹6,300 cr; cut‑off yield 8.03%, price 100.
  • Accepted: 42 bids, ₹1,800 cr; partial‑allotment 90.2597% (18 bids).
  • Non‑competitive: 21 bids, ₹319.494 cr at price 100.06; all accepted.
  • Weighted average yield: 8.0207%; total allotment: ₹2,000 cr.

Kerala – SGS 2032 (6‑year)

  • Notified amount: ₹1,000 cr.
  • Competitive bids: 48 bids, ₹1,910 cr; cut‑off yield 7.92%, price 100.
  • Accepted: 36 bids, ₹969.361 cr; partial‑allotment 53.3468% (3 bids).
  • Non‑competitive: 7 bids, ₹30.639 cr at price 100.16; all accepted.
  • Weighted average yield: 7.8868%; total allotment: ₹1,000 cr.

Mizoram – SGS 2041 (Re‑issue of 7.94% issued 16‑Sep‑2026)

  • Notified amount: ₹100 cr.
  • Competitive bids: 50 bids, ₹1,005 cr; cut‑off yield 8.1400%, price 98.28.
  • Accepted: 10 bids, ₹95.813 cr; partial‑allotment 43.2520% (1 bid).
  • Non‑competitive: 5 bids, ₹4.187 cr at price 98.40; all accepted.
  • Weighted average yield: 8.1258%; total allotment: ₹100 cr.

Odisha – SGS 2032 (Re‑issue of 7.16% issued 19‑Aug‑2026)

  • Notified amount: ₹500 cr.
  • Competitive bids: 34 bids, ₹1,860 cr; cut‑off yield 7.8520%, price 96.79.
  • Accepted: 9 bids, ₹489.754 cr; partial‑allotment 99.0160% (1 bid).
  • Non‑competitive: 4 bids, ₹10.246 cr at price 96.84; all accepted.
  • Weighted average yield: 7.8409%; total allotment: ₹500 cr.

Odisha – SGS 2040 (Re‑issue of 7.64% issued 05‑Aug‑2026)

  • Notified amount: ₹500 cr.
  • Competitive bids: 57 bids, ₹1,940 cr; cut‑off yield 8.1690%, price 95.65.
  • Accepted: 27 bids, ₹484.906 cr; partial‑allotment 62.0927% (4 bids).
  • Non‑competitive: 4 bids, ₹15.094 cr at price 95.76; all accepted.
  • Weighted average yield: 8.1551%; total allotment: ₹500 cr.

Tamil Nadu – SGS 2046 (20‑year)

  • Notified amount: ₹2,000 cr.
  • Competitive bids: 89 bids, ₹5,835 cr; cut‑off yield 8.14%, price 100.
  • Accepted: 22 bids, ₹1,908.112 cr; partial‑allotment 69.4010% (8 bids).
  • Non‑competitive: 11 bids, ₹91.888 cr at price 100.08; all accepted.
  • Weighted average yield: 8.1316%; total allotment: ₹2,000 cr.

Tamil Nadu – SGS 2051 (25‑year)

  • Notified amount: ₹2,000 cr.
  • Competitive bids: 39 bids, ₹3,310 cr; cut‑off yield 8.21%, price 100.
  • Accepted: 34 bids, ₹1,954.811 cr; partial‑allotment 9.1509% (2 bids).
  • Non‑competitive: 5 bids, ₹45.189 cr at price 100.63; all accepted.
  • Weighted average yield: 8.1505%; total allotment: ₹2,000 cr.

Uttarakhand – SGS 2044 (Re‑issue of 7.87% issued 27‑May‑2026)

  • Notified amount: ₹500 cr.
  • Competitive bids: 49 bids, ₹1,310 cr; cut‑off yield 8.1887%, price 97.04.
  • Accepted: 25 bids, ₹479.438 cr; partial‑allotment 79.6253% (1 bid).
  • Non‑competitive: 7 bids, ₹20.562 cr at price 97.20; all accepted.
  • Weighted average yield: 8.1710%; total allotment: ₹500 cr.

Uttarakhand – SGS 2052 (26‑year)

  • Notified amount: ₹500 cr.
  • Competitive bids: 25 bids, ₹1,285 cr; cut‑off yield 8.15%, price 100.
  • Accepted: 9 bids, ₹499.508 cr; partial‑allotment 80.1814% (3 bids).
  • Non‑competitive: 2 bids, ₹0.492 cr at price 100.07; all accepted.
  • Weighted average yield: 8.1435%; total allotment: ₹500 cr.

West Bengal – SGS 2031 (Re‑issue of 7.07% issued 08‑Jul‑2026)

  • Notified amount: ₹1,000 cr.
  • Competitive bids: 38 bids, ₹1,575 cr; cut‑off yield 7.8967%, price 96.77.
  • Accepted: 32 bids, ₹989.491 cr; partial‑allotment 92.9940% (1 bid).
  • Non‑competitive: 3 bids, ₹10.509 cr at price 96.92; all accepted.
  • Weighted average yield: 7.8574%; total allotment: ₹1,000 cr.

West Bengal – SGS 2044 (18‑year)

  • Notified amount: ₹2,200 cr.
  • Competitive bids: 110 bids, ₹5,894 cr; cut‑off yield 8.15%, price 100.
  • Accepted: 32 bids, ₹1,982.872 cr; partial‑allotment 27.4014% (7 bids).
  • Non‑competitive: 18 bids, ₹217.128 cr at price 100.19; all accepted.
  • Weighted average yield: 8.1295%; total allotment: ₹2,200 cr.

West Bengal – SGS 2052 (26‑year)

  • Notified amount: ₹2,200 cr.
  • Competitive bids received: 44 bids, ₹4,990 cr; cut‑off yield 8.16%, price 100.
  • Accepted: 18 bids, ₹2,150.479 cr; partial‑allotment 16.7997% (4 bids).
  • Non‑competitive: 5 bids, ₹49.521 cr at price 100.22; all accepted.
  • Weighted average yield: 8.1398%; total allotment: ₹2,200 cr.

Gujarat – SGS 2048 (12‑year)

  • Notified amount: ₹1,500 cr.
  • No competitive or non‑competitive bids were accepted; the issue received no allotment.

Overall, the auction series demonstrated robust demand across most states, with weighted average yields clustering around 8% and total allotments largely matching notified amounts, except for partial allotments in Assam and the non‑allocation of Gujarat’s 12‑year security. This content may not be financially relevant