Document title: Result of Yield/Price Based Auction of State Government Securities

Issuing authority: Reserve Bank of India (RBI)

Reference: Press Release 2026-2027/1428

Date: 03 November 2026

Capital markets and flows

The RBI released the outcome of the yield‑price based auction of State Government Securities (SGS) conducted on 3 November 2026. The auction covered a total issue size of ₹29,900 crore across 12 states and union territories. Bids amounting to ₹27,805.607 crore were accepted, representing an overall subscription rate of approximately 93 %.

Detailed state‑wise results are as follows:

  • Andhra Pradesh re‑issued two series, ₹1,000 crore of 7.46 % SGS 2035 (cut‑off price 96.57, yield 8.0089 %) and ₹2,000 crore of 7.81 % SGS 2056 (price 96.26, yield 8.1463 %). Both were fully subscribed.
  • Delhi issued two tranches of ₹500 crore each; the 7.57 % SGS 2036 tranche priced at 97.86 (yield 7.8890 %) was fully subscribed, while a second tranche with a cut‑off price of 8.12 (tenor 15 years) also received the full ₹500 crore.
  • Goa’s ₹100 crore 7.85 % SGS 2034 (price 99.41, yield 7.9501 %) was fully subscribed.
  • Gujarat issued two series. The 7.96 % SGS 2035 tranche attracted ₹1,500 crore (price 100.06, yield 7.9493 %), which includes an additional ₹500 crore accepted beyond the original ₹1,000 crore request. The 8.06 % SGS 2038 tranche received the full ₹1,000 crore (price 100.20, yield 8.0330 %).
  • Karnataka’s ₹2,000 crore 7.86 % SGS 2034 (price 99.42, yield 7.9584 %) was fully subscribed.
  • Madhya Pradesh issued three tranches: ₹1,000 crore 7.91 % SGS 2036 (price 99.40, yield 7.9973 %), ₹1,000 crore 7.61 % SGS 2044 (price 95.03, yield 8.1434 %), and ₹2,000 crore 7.75 % SGS 2056 (price 95.77, yield 8.1274 %). All were fully subscribed.
  • Maharashtra issued four tranches. The 7.09 % SGS 2031, 7.63 % SGS 2039 and 8.01 % SGS 2043 tranches received ₹1,500 crore, ₹1,500 crore and ₹2,000 crore respectively, all fully subscribed. The 7.70 % SGS 2049 tranche received no bids.
  • Meghalaya’s ₹100 crore tranche (price 7.80, tenor 6 years) was fully subscribed.
  • Punjab issued two series. The 7.54 % SGS 2031 tranche of ₹500 crore (price 98.51, yield 7.9104 %) was fully subscribed. The 7.91 % SGS 2041 tranche attracted ₹1,500 crore (price 97.71, yield 8.1771 %), which includes an extra ₹500 crore accepted beyond the original ₹1,000 crore request.
  • Rajasthan issued two ten‑year tranches of ₹500 crore each, priced at 8.04 and 8.15 respectively, both fully subscribed.
  • Telangana issued two twenty‑year tranches of ₹1,500 crore each, priced at 8.17 and 8.15 respectively, both fully subscribed.
  • West Bengal issued three series. The 7.58 % SGS 2035 tranche of ₹1,000 crore (price 97.08, yield 8.0496 %) was fully subscribed. The 7.99 % SGS 2041 tranche received a partial acceptance of ₹1,504.500 crore (price 98.45, yield 8.1704 %). The 7.71 % SGS 2047 tranche received a partial acceptance of ₹1,601.107 crore (price 95.41, yield 8.1713 %).

Overall, the auction demonstrated strong demand for state debt, with most issues receiving full subscription at yields ranging from 7.75 % to 8.18 %. The only non‑subscribed tranche was Maharashtra’s 7.70 % SGS 2049.

The press release is signed by Deputy General Manager (Communications) Ajit Prasad.