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

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/620

Date: July 7, 2026

Capital Markets and Flows

The Reserve Bank of India announced that the yield‑price based auction of State Government Securities (SGS) conducted in July 2026 was fully subscribed, raising a total of ₹21,350 crore across 13 states and union territories. Each state received the exact amount it sought, and the auction featured both fresh issuances and re‑issues of existing securities.

Bihar issued fresh securities of ₹800 crore at a cut‑off price of 7.42% for a 9‑year tenor and a re‑issue of ₹1,200 crore priced at 103.20 with a yield of 7.6289% for a bond maturing in 2051, originally issued on April 15, 2026.

Chhattisgarh raised ₹250 crore at a cut‑off price of 7.40% for a 9‑year tenor and another ₹250 crore at 7.64% for a 16‑year tenor.

Himachal Pradesh raised ₹700 crore at a cut‑off price of 7.56% for a 13‑year tenor.

Jammu and Kashmir raised ₹500 crore at a cut‑off price of 7.60% for a 12‑year tenor and a re‑issue of ₹500 crore priced at 102.41 with a yield of 7.6708% for a bond maturing in 2046, issued on June 03, 2026.

Jharkhand raised ₹300 crore at a cut‑off price of 7.30% for a 7‑year tenor.

Kerala raised ₹800 crore at a cut‑off price of 7.30% for a 7‑year tenor and an additional ₹1,000 crore at a cut‑off price of 7.56% for a 13‑year tenor.

Madhya Pradesh raised ₹1,600 crore at a cut‑off price of 7.61% for an 18‑year tenor and a re‑issue of ₹2,000 crore priced at 102.90 with a yield of 7.6500% for a bond maturing in 2056, issued on April 15, 2026.

Manipur raised ₹250 crore at a cut‑off price of 7.64% for a 14‑year tenor.

Sikkim raised ₹200 crore at a cut‑off price of 7.58% for a 13‑year tenor.

Telangana raised two tranches of ₹1,500 crore each; the first at a price of 103.27 with a yield of 7.6192% for a re‑issue of a 7.97% bond maturing in 2043 (issued April 08, 2026), and the second at a price of 105.00 with a yield of 7.6404% for a re‑issue of an 8.07% bond maturing in 2056 (issued April 08, 2026).

Uttar Pradesh raised three tranches of ₹1,000 crore each; the first at a cut‑off price of 7.14% for a 6‑year tenor, the second at 7.59% for a 16‑year tenor, and a re‑issue priced at 101.42 with a yield of 7.6595% for a bond maturing in 2051, issued on March 25, 2026.

Uttarakhand raised ₹300 crore at a price of 102.25 with a yield of 7.6359% for a re‑issue of a 7.87% bond maturing in 2044, issued on May 27, 2026.

West Bengal raised three tranches: ₹1,000 crore at a cut‑off price of 7.07% for a 5‑year tenor, ₹1,500 crore at 7.64% for an 18‑year tenor, and ₹2,200 crore at 7.65% for a 26‑year tenor.

Overall, the auction demonstrated robust demand for state government securities, with cut‑off yields ranging from 7.07% to 7.68% and re‑issued securities attracting premium prices between 102.25 and 105.00. Tenors spanned from 5 to 26 years, reflecting a diversified maturity profile across the participating states.

This auction outcome underscores the continued appetite of investors for Indian state debt instruments and provides states with the required financing at competitive yields.