Document title: State Government Securities - Full Auction Result

Issuing Authority: Deputy General Manager, Communications

Reference No.: 2026-2027/666

Date: 14 July 2026

Capital Markets and Flows

The full auction conducted on 14 July 2026 covered State Government Securities (SGS) issued by ten Indian states, with a cumulative notified amount of ₹24,800 crore. The auction comprised multiple tenors and coupon rates, ranging from 7.35% to 8.07% and maturities of 9 to 15 years.

Andhra Pradesh issued three securities: SGS 2036 (₹1,000 crore, 10‑year), SGS 2043 (₹1,200 crore, re‑issue of 7.65% issued 11‑Mar‑2026) and SGS 2056 (₹1,600 crore, re‑issue of 7.81% issued 22‑Apr‑2026). Competitive bids received 59, 111 and 43 bids respectively, with total bid amounts of ₹2,450 crore, ₹2,227.4 crore and ₹4,415 crore. Cut‑off yields were 7.51%, 7.7183% and 7.7085%; cut‑off prices were 100, 99.35 and 101.16. Accepted competitive bids amounted to ₹900 crore, ₹1,080 crore and ₹1,557.858 crore, with partial‑allotment percentages of 88.1720%, 70.1333% and 81.9899% respectively. Non‑competitive bids numbered 11, 15 and 5, totalling ₹119.58 crore, ₹137.13 crore and ₹42.142 crore; all were accepted at prices of 100.06, 99.51 and 101.17, with partial‑allotment percentages of 83.6260% and 87.5082% where disclosed. Weighted average yields for the three issues were 7.5018%, 7.7010% and 7.7076%.

Gujarat issued SGS 2035 (₹1,000 crore, 9‑year). Competitive bids numbered 87 for a total of ₹5,510 crore; cut‑off yield was 7.38% at a price of 100. Accepted competitive bids amounted to ₹957.148 crore with a partial‑allotment percentage of 64.8362% across 6 bids. Non‑competitive bids were 7 in number, totalling ₹42.852 crore, accepted at a price of 100.06. Weighted average yield was 7.3704%.

Maharashtra conducted four re‑issues: SGS 2031 (₹1,000 crore, 12‑year), SGS 2034 (₹800 crore, 7.55% issued 22‑Apr‑2026), SGS 2039 (₹2,200 crore, 7.55% issued 08‑Apr‑2026) and later SGS 2044 (₹2,200 crore, 7.77% issued 22‑Apr‑2026), SGS 2049 (₹1,400 crore, 8.07% issued 08‑Apr‑2026) and SGS 2054 (₹2,000 crore, 7.79% issued 22‑Apr‑2026). Across these issuances, competitive bids received 115, 60, 73, 141, 63 and 39 bids respectively, with total bid amounts of ₹6,982 crore, ₹6,000 crore, ₹5,390 crore, ₹6,045 crore, ₹2,915 crore and ₹3,384.25 crore. Cut‑off yields ranged from 7.0358% to 7.7204%; cut‑off prices varied between 99.35 and 103.70. Accepted competitive amounts were ₹908.098 crore, ₹791.547 crore, ₹2,143.976 crore, ₹2,033.801 crore, ₹1,322.958 crore and ₹1,927.893 crore, with partial‑allotment percentages ranging from 4.8230% to 96.9800% across the issues. Non‑competitive bids were modest, totalling ₹91.902 crore, ₹8.453 crore and ₹56.024 crore for the three later issues, all accepted at prices near 100. Weighted average yields were 7.5080%, 7.0358% and 7.3774% for the first three, and 7.6693%, 7.6994% and 7.7128% for the later three. Total allotments matched the notified amounts of 1,000, 800, 2,200, 2,200, 1,400 and 2,000 crore respectively.

Meghalaya issued SGS 2038 (₹300 crore, 12‑year). Competitive bids numbered 26 for ₹1,145 crore; cut‑off yield was 7.72% at a price of 100. Accepted competitive amount was ₹279.094 crore with a partial‑allotment percentage of 96.98% across 17 bids. Non‑competitive bids were 6 for ₹20.906 crore, accepted at 100.39. Weighted average yield was 7.6700%.

Mizoram issued SGS 2041 (₹100 crore). Competitive bids were 14 for ₹520 crore; cut‑off yield 7.69% at price 100. Accepted amount ₹96.987 crore (partial‑allotment 96.987%). Non‑competitive bids were 3 for ₹3.013 crore, accepted at price 100. Weighted average yield 7.6900%.

Punjab issued SGS 2033 (₹1,000 crore, 7.55% issued 17‑Jun‑2026) and SGS 2044 (₹1,000 crore, 7.92% issued 20‑May‑2026). For SGS 2033, competitive bids numbered 27 for ₹930 crore; cut‑off yield 7.5370% at price 100.06; accepted amount ₹725 crore (partial‑allotment 77.4335%). Non‑competitive bids were 5 for ₹45.053 crore, accepted at 100.52. For SGS 2044, competitive bids were 92 for ₹3,427.4 crore; cut‑off yield 7.7092% at price 102.01; accepted amount ₹956.979 crore (partial‑allotment 89.8910%). Non‑competitive bids were 6 for ₹43.021 crore, accepted at 102.03. Weighted average yields were 7.4508% and 7.7071% respectively. Total allotments were ₹770.053 crore for SGS 2033 (partial acceptance) and ₹1,000 crore for SGS 2044.

Rajasthan issued SGS 2035 (₹700 crore, 7.57% issued 17‑Jun‑2026) and SGS 2049 (₹? not fully disclosed). For SGS 2035, competitive bids numbered 40 for ₹1,220 crore; cut‑off yield 7.5094% at price 100.38; accepted amount ₹679.891 crore (partial‑allotment 89.8910%). Non‑competitive bids were 5 for ₹20.109 crore, accepted at 100.59. Weighted average yield 7.4768%.

Telangana issued SGS 2055 (₹1,500 crore, 7.65% issued 01‑Jul‑2026). Competitive bids numbered 38 for ₹4,334.6 crore; cut‑off yield 7.7086% at price 99.32; accepted amount ₹1,440.345 crore across 9 bids (partial‑allotment 45.5745%). Non‑competitive bids were 8 for ₹59.655 crore, accepted at 99.38. Weighted average yield was 7.7033%. Total allotment matched the notified ₹1,500 crore.

Across all states, the aggregate competitive bid amount reached ₹74,067 crore, while non‑competitive bids summed to ₹1,312 crore. The overall weighted average yield for the combined auction was approximately 7.70%. Allotments were fully or partially satisfied in line with the notified amounts, reflecting robust demand for state‑issued debt.

The auction results indicate continued investor appetite for state government securities, with yields clustering around the high‑6 to low‑7 percent range and strong participation from both competitive and non‑competitive investors.