Document title: State Government Securities - Full Auction Result

Issuing authority: Reserve Bank of India (RBI)

Date: 19 October 2026

Capital Markets and Flows

The RBI released the full results of the State Government Securities (SGS) auction conducted on 19 October 2026. A total of ₹24,400 crore of notified amount was offered across 30 distinct issues issued by 14 Indian states. The aggregate allotment amounted to ₹23,016.418 crore, indicating that the auction was largely oversubscribed, with only a few issues receiving partial allocations.

Andhra Pradesh, Goa and Gujarat

  • Andhra PP re‑issued a 7.68 % SGS 2051 of ₹1,000 crore (issued 29‑Jul‑2026) but received no allotment; 47 competitive bids totalling ₹3,270 crore were received, with a cut‑off yield of – and a weighted average yield of –.
  • Goa re‑issued a 7.80 % SGS 2037 of ₹200 crore (issued 16‑Sep‑2026). Seven competitive bids were accepted for ₹196.855 crore at a cut‑off yield of 8.1004 % and a cut‑off price of 97.84 ₹. Weighted average yield was 8.0777 % and the issue was fully allotted.
  • Gujarat issued two securities: SGS 2035 (₹1,000 crore, 7.96 % tenor, issued 14‑Oct‑2026) and SGS 2038 (₹1,000 crore, 12‑year tenor). Competitive bids of 95 and 134 respectively amounted to ₹4,705 crore and ₹6,080 crore. Allotments of ₹900 crore each were made, representing 57.14 % and 87.50 % of competitive bids. Weighted average yields were 7.9532 % and 8.0496 %.

Jammu & Kashmir and Madhya Pradesh

  • Jammu & Kashmir re‑issued SGS 2044 of ₹800 crore (7.75 % tenor, issued 09‑Sep‑2026). 75 competitive bids totalling ₹2,315 crore were received; 34 were accepted for ₹797.928 crore (71.98 % of competitive bids). Cut‑off yield was 8.1980 % and weighted average yield 8.1847 %.
  • Madhya Pradesh issued four securities: SGS 2030 (₹1,000 crore, 4‑year tenor), SGS 2038 (₹2,000 crore, 7.58 % tenor, issued 22‑Jul‑2026), SGS 2048 (₹1,500 crore, 7.66 % tenor, issued 19‑Aug‑2026), and SGS 2030 (duplicate entry). Across these, 77, 115, 61 competitive bids were received respectively, with total competitive amounts of ₹5,495 crore, ₹7,040 crore and ₹2,145 crore. Allotments were ₹970.268 crore, ₹1,924.912 crore and ₹1,434.405 crore, representing 6.87 %, 36.33 % and 16.10 % of competitive bids. Weighted average yields ranged from 7.7258 % to 8.1935 %.

Maharashtra

Four securities were issued: SGS 2034 (₹1,500 crore, 7.55 % tenor, issued 22‑Apr‑2026), SGS 2041 (₹2,000 crore, 15‑year tenor), SGS 2044 (₹2,000 crore, 7.77 % tenor) and SGS 2054 (₹2,500 crore, 7.79 % tenor). Competitive bids received were 83, 144, 103 and 71 respectively, amounting to ₹4,037.73 crore, ₹7,264 crore, ₹5,476 crore and ₹7,095 crore. Allotments were ₹1,451.344 crore, ₹1,800 crore, ₹1,814.874 crore and ₹2,422.501 crore, representing 27.02 %, 74.56 %, 58.88 % and 86.75 % of competitive bids. Weighted average yields were 7.9575 %, 8.1240 %, 8.1510 % and 8.1741 %.

Meghalaya, Punjab, Rajasthan and Others

  • Meghalaya re‑issued SGS 2039 of ₹100 crore (8.08 % tenor, issued 07‑Oct‑2026). Cut‑off yield 8.1488 % and weighted average yield 8.1260 %; full allotment of ₹100 crore.
  • Punjab re‑issued SGS 2035 (₹700 crore, 7.75 % tenor, issued 09‑Sep‑2026) and SGS 2043 (₹800 crore, 7.65 % tenor, issued 08‑Aug‑2026). Partial allotment of ₹316.418 crore was made for SGS 2035; full allotment for SGS 2043. Weighted yields 8.0708 % and 8.1876 %.
  • Rajasthan issued SGS 2036 (₹1,000 crore, 10‑year tenor) and SGS 2042 (₹1,500 crore, 16‑year tenor). Competitive bids of 96 and 80 respectively resulted in allotments of ₹1,000 crore and ₹1,500 crore. Weighted yields 8.0246 % and 8.1881 %.
  • Additional Rajasthan issues: SGS 2057 (₹1,000 crore, 8.06 % tenor) and SGS 2042 (₹1,500 crore, 16‑year tenor) received competitive bids of 42 and 80, with partial allotments of 76.77 % and 6.25 % respectively. Weighted yields 8.1687 % and 8.1881 %.
  • Telangana issued SGS 2039 (₹1,000 crore, 7.53 % tenor) and SGS 2049 (₹1,000 crore, 7.65 % tenor). Competitive bids of 88 and 54 resulted in allotments of ₹983.944 crore and ₹977.619 crore, representing 20.99 % and 71.94 % of competitive bids. Weighted yields 8.1255 % and 8.1742 %.
  • Tripura issued SGS 2034 (₹300 crore, 8‑year tenor) and SGS 2050 (₹500 crore, 24‑year tenor). Competitive bids of 33 and 39 amounted to ₹1,310 crore and ₹2,009 crore; allotments were ₹294.788 crore and ₹482.653 crore (34.10 % and 26.54 % of competitive bids). Weighted yields 8.0108 % and 8.1698 %.

Overall Yield and Pricing Summary

Across all 30 issues, cut‑off yields ranged from a low of 7.72 % (Maharashtra SGS 2034) to a high of 8.23 % (Rajasthan SGS 2042). Weighted average yields were clustered between 7.72 % and 8.19 %. Non‑competitive bids were accepted at prices close to par (₹95‑₹100) and contributed marginally to total allotments.

The auction demonstrates robust demand for state‑level debt, with most issues being fully or substantially allotted and yields reflecting prevailing market conditions for medium‑ to long‑term sovereign borrowing.