Document title: State Government Securities – Full Auction Result
Issuing authority: Press Release 2026-2027/772, Deputy General Manager
Reference number: 2026-2027/772
Date: July 28, 2026
Capital Markets and Flows
On July 28, 2026 the governments of several Indian states conducted a coordinated auction of State Government Securities (SGS). The aggregate notified amount across all states was ₹18,100 crore. Detailed results for each state are as follows.
Andhra Pradesh issued two series: SGS 2039 (₹1,000 cr, 7.56% coupon, issued 01‑Jul‑2026) and SGS 2051 (₹1,600 cr, 25‑year tenor). Competitive bids numbered 81 for the 2039 issue (₹2,410 cr) with a cut‑off yield of 7.6105% and price 99.58; 19 bids were accepted for ₹936.522 cr (partial allotment 50.43%). For the 2051 issue 45 bids totalling ₹7,095 cr were received, cut‑off yield 7.68% and price 100.00; 9 bids were accepted for ₹1,499.853 cr (partial allotment 1.85%). Non‑competitive bids were 9 and 8 respectively, priced at 99.70 and 100.11, with total non‑competitive allotments of ₹63.478 cr and ₹100.147 cr. Weighted average yields were 7.5957% and 7.6703% and total allotments matched the notified amounts.
Gujarat issued SGS 2035 (₹1,000 cr, 7.38% coupon, issued 15‑Jul‑2026) and SGS 2038 (₹1,000 cr, 7.51% coupon, issued Jul‑2026). Competitive bids were 107 (₹5,001.299 cr) and 75 (₹3,225 cr) respectively. Cut‑off yields were 7.3685% (price 100.07) and 7.4799% (price 100.23). Accepted competitive bids amounted to ₹988.532 cr (15 bids, 54.46% partial) and ₹952.622 cr (8 bids, 70.64% partial). Non‑competitive bids were 4 and 9, totalling ₹11.468 cr and ₹47.378 cr, priced at 100.16 and 100.25. Weighted average yields were 7.3546% and 7.4774%.
Maharashtra re‑issued three series: SGS 2031 (₹1,000 cr, 7.35% coupon, issued 08‑Apr‑2026), SGS 2039 (₹2,400 cr, 7.91% coupon) and SGS 2049 (₹1,600 cr, 8.07% coupon). Competitive bids received were 65 (₹5,620 cr), 133 (₹8,370 cr) and 76 (₹6,410 cr). Cut‑off yields were 6.9911%, 7.5682% and 7.6738% with prices 101.40, 102.74 and 104.21 respectively. Accepted competitive bids amounted to ₹1,249.410 cr (5 bids, 19.92% partial), ₹2,743.475 cr (23 bids, 91.97% partial) and ₹1,931.386 cr (10 bids, 88.52% partial). Non‑competitive bids were minimal (2, 16 and 9 bids) totalling ₹0.590 cr, ₹256.525 cr and ₹68.614 cr, priced at 101.42, 102.77 and 104.25. Weighted average yields were 6.9860%, 7.5645% and 7.6702%. Total allotments were ₹1,250 cr, ₹3,000 cr and ₹2,000 cr respectively, reflecting additional acceptance of ₹250 cr, ₹600 cr and ₹400 cr as noted in the footnote.
Punjab issued SGS 2039 (₹1,000 cr, 7.62% coupon, issued 01‑Jul‑2026). Competitive bids numbered 92 for ₹2,842.450 cr; cut‑off yield 7.6892% and price 99.43. Accepted bids were 28 for ₹1,092.192 cr (partial allotment 94.66%). Non‑competitive bids were 12 for ₹107.808 cr at 99.56. Weighted average yield 7.6731%. Total allotment was ₹1,200 cr, including a partial acceptance of ₹730.094 cr and an additional ₹200 cr as per the footnote.
Rajasthan issued SGS 2044 (₹1,500 cr, 18‑year tenor) and SGS 2053 (₹2,000 cr, 7.65% coupon). Competitive bids were 78 (₹4,896 cr) and 54 (₹8,080 cr) with cut‑off yields 7.68% and 7.6783% and prices 100.00 and 99.67. Accepted competitive amounts were ₹1,350 cr (16 bids, 52.34% partial) and ₹1,921.712 cr (5 bids, 10.53% partial). Non‑competitive bids totaled ₹158.753 cr and ₹78.288 cr, priced at 100.01 and 99.73. Weighted average yields were 7.6790% and 7.6730%. Total allotments matched the notified amounts of ₹1,500 cr and ₹2,000 cr.
Tamil Nadu issued SGS 2034 (₹1,000 cr, 7.39% coupon) and SGS 2041 (₹1,000 cr, 7.59% coupon). For SGS 2034, 84 competitive bids totalling ₹3,125 cr were received; cut‑off yield 7.3808% and price 100.05; 31 bids accepted for ₹972.570 cr (partial 1.84%). Non‑competitive bids were 9 for ₹27.430 cr at 100.14. Weighted average yield 7.3656%. For SGS 2041, 86 competitive bids totalling ₹4,675 cr; cut‑off yield 7.5872% and price 100.02; 17 bids accepted for ₹933.306 cr (partial 28.76%). Non‑competitive bids were 11 for ₹66.694 cr at 100.07. Weighted average yield 7.5815%. Total allotments were ₹1,000 cr each.
Telangana issued SGS 2055 (₹1,000 cr, 7.65% coupon). Competitive bids numbered 50 for ₹4,925 cr; cut‑off yield 7.6691% and price 99.77; only 1 bid was accepted for ₹968.255 cr (partial 97.80%). Non‑competitive bids were 5 for ₹31.745 cr at 99.77. Weighted average yield 7.6691%. Total allotment was ₹1,000 cr.
Aggregating across all states, the total competitive bid volume amounted to ₹68,254.749 cr, while total non‑competitive bid volume was ₹1,024.012 cr. The overall weighted average yield across the auction portfolio was approximately 7.58% (range 6.99%–7.69%). The cumulative total allotment, including both competitive and non‑competitive portions and the additional amounts accepted under footnotes, reached ₹19,280.094 cr.
The auction demonstrates robust demand for state‑issued securities, with yields generally tracking the quoted coupon rates and competitive pricing marginally above par for higher‑coupon issues. The substantial non‑competitive participation indicates investor confidence in the creditworthiness of the issuing states.