Document title: State Government Securities - Full Auction Result
Issuing authority: Reserve Bank of India (RBI)
Date: June 23, 2026
Capital Markets and Flows
The Reserve Bank of India published the complete auction outcomes for a series of State Government Securities (SGS) on 23 June 2026. The auction covered issues from Bihar, Chhattisgarh, Kerala, Madhya Pradesh, the National Capital Territory of Delhi, Tamil Nadu, Uttar Pradesh and an additional allocation by Gujarat. All amounts are expressed in ₹ crore.
Bihar – Two re‑issues were offered: 7.69% SGS 2035 (notified ₹1,200 cr) and 7.84% SGS 2041 (notified ₹1,200 cr). Competitive bids received 28 and 118 bids respectively, totalling ₹1,705 cr and ₹4,810 cr. The cut‑off yields were 7.6199% (price 100.43) and 7.7828% (price 100.49). Accepted competitive bids were 20 (₹1,176.926 cr) for the 2035 issue and 31 (₹1,080 cr) for the 2041 issue, representing 51.2840% and 31.8182% of the notified amount. Non‑competitive bids numbered 4 and 15, amounting to ₹23.074 cr and ₹136.045 cr, all accepted. Weighted average yields were 7.5760% and 7.7714% respectively.
Chhattisgarh – Two re‑issues: 7.68% SGS 2036 (₹500 cr) and 7.82% SGS 2048 (₹500 cr). Competitive bids: 52 bids (₹1,800 cr) and 55 bids (₹2,370 cr). Cut‑off yields were 7.6178% (price 100.41) and 7.7744% (price 100.46). Accepted competitive bids: 9 (₹496.460 cr) and 7 (₹489.890 cr), representing 43.2300% and 48.9000% of the issue. Non‑competitive bids: 3 (₹3.540 cr) and 4 (₹10.110 cr), all accepted. Weighted yields 7.6076% and 7.7668%.
Kerala – Re‑issue of 7.83% SGS 2049, notified ₹1,800 cr. Competitive bids: 58 bids totalling ₹5,955 cr; cut‑off yield 7.7692% (price 100.63). Accepted 5 bids for ₹1,743.518 cr (62.5679% of issue). Non‑competitive: 7 bids, ₹56.482 cr, price 100.66, all accepted. Weighted yield 7.7664%.
Madhya Pradesh – Three issues: 7.64% SGS 2034 (₹1,600 cr), 7.83% SGS 2048 (₹1,200 cr) and a 10‑year issue (₹1,000 cr). For the 2034 issue, 49 competitive bids totalling ₹6,200 cr, cut‑off yield 7.4600% (price 101.04), accepted 14 bids for ₹1,567.038 cr (25.8768%). Non‑competitive: 4 bids, ₹32.962 cr, price 101.21. For the 2048 issue, 88 competitive bids totalling ₹5,435 cr, cut‑off yield 7.7700% (price 100.61), accepted 11 bids for ₹1,094.099 cr (16.5728%). Non‑competitive: 13 bids, ₹105.901 cr, price 100.70. The 10‑year issue (₹1,000 cr) received 53 competitive bids totalling ₹3,025 cr, cut‑off yield 7.57% (price 100), accepted 14 bids for ₹945.324 cr (39.5462%). Non‑competitive: 7 bids, ₹54.676 cr, price 100.06. Weighted yields were 7.4312%, 7.7615% and 7.5610% respectively.
National Capital Territory of Delhi – Four issues: 2036 (₹1,000 cr, 10‑year), 2041 (₹500 cr, 15‑year), 2036 (₹500 cr) and 2041 (₹500 cr). For the 2036 10‑year issue, 57 competitive bids totalling ₹2,660 cr, cut‑off yield 7.75% (price 100), accepted 23 bids for ₹482.697 cr (8.705%). Non‑competitive: 8 bids, ₹17.303 cr, price 100.12. For the 2041 15‑year issue, 36 competitive bids totalling ₹2,765 cr, cut‑off yield 7.3806% (price 101.65), accepted 13 bids for ₹974.451 cr (32.6013%). Non‑competitive: 7 bids, ₹25.549 cr, price 101.87. For the 2036 5‑year issue, 59 competitive bids totalling ₹3,433 cr, cut‑off yield 7.5291% (price 101.45), accepted 2 bids for ₹918.543 cr (89.3543%). Non‑competitive: 8 bids, ₹81.457 cr, price 101.45. For the 2041 5‑year issue, 121 competitive bids totalling ₹7,577 cr, cut‑off yield 7.7103% (price 100.78), accepted 9 bids for ₹900 cr (70.0935%). Non‑competitive: 17 bids, ₹100 cr, price 100.83, with a non‑competitive bid acceptance percentage of 62.4465%. Weighted yields across Delhi issues ranged from 7.3400% to 7.7369%.
Uttar Pradesh – Three entries: SGS 2036 (₹700 cr), another issue (₹1,000 cr) and a large‑volume issue (₹17,900 cr). For the ₹700 cr issue, 47 competitive bids totalling ₹2,177.1 cr, cut‑off yield 7.5893% (price 100.88), accepted 11 bids for ₹661.746 cr (44.1116%). Non‑competitive: 11 bids, ₹38.254 cr, price 100.94, all accepted. Weighted yield 7.5806%. For the ₹1,000 cr issue, 124 competitive bids totalling ₹5,595.3 cr, cut‑off yield 7.76% (price 100), accepted 43 bids for ₹900 cr (11.5385%). Non‑competitive: 18 bids, ₹220.635 cr, price 100.10, all accepted. Weighted yield 7.7483%. The large‑volume issue listed a total allotment amount of ₹17,900 cr with 1204 competitive bids totalling ₹68,417.4 cr; cut‑off yield not disclosed; accepted 257 bids for ₹17,009.988 cr. Non‑competitive: 154 bids, ₹1,086.829 cr, price 100.94, all accepted. Weighted yield not disclosed.
Gujarat – The RBI note indicates that Gujarat has accepted an additional ₹500 cr each in its 9‑year and 13‑year securities, augmenting the overall allocation beyond the amounts listed in the tables.
Overall, the auction saw robust participation across all states, with competitive bid volumes frequently exceeding the notified amounts, leading to cut‑off yields clustered in the high‑7% range and weighted average yields between 7.416% and 7.771%. The data reflects active demand for state‑issued debt and provides insight into prevailing yield levels for medium‑ to long‑term government securities.