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

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/1350

Date: October 19, 2026

Capital Markets and Flows

The Reserve Bank of India announced the outcome of a yield/price based auction of state government securities conducted on October 19, 2026. The auction targeted a total raise of ₹24,400 crore, of which ₹23,016.418 crore was actually accepted, indicating overall strong demand.

State‑wise details are as follows: Andhra Pradesh sought ₹1,000 crore for the re‑issue of a 7.68% SGS maturing in 2051 (issued July 29, 2026) but received no bids, resulting in zero acceptance. Goa issued ₹200 crore of a 7.80% SGS maturing in 2037 (issued September 16, 2026) which was fully subscribed at a cut‑off price of 97.84 and a yield of 8.1004% for a 10‑year tenor. Gujarat had two tranches: ₹1,000 crore of a 7.96% SGS maturing in 2035 (issued October 14, 2026) fully subscribed at a price of 99.98 and a yield of 7.9627% for 12 years, and an additional ₹1,000 crore tranche accepted at an 8.06% yield for a 12‑year tenor. Jammu and Kashmir raised ₹800 crore of a 7.75% SGS maturing in 2044 (issued September 9, 2026) fully subscribed at a cut‑off price of 95.82 and a yield of 8.1980% for a 15‑year tenor.

Madhya Pradesh presented three issues: ₹1,000 crore accepted at a cut‑off price of 7.77 for a 4‑year tenor; ₹2,000 crore of a 7.58% SGS maturing in 2038 (issued July 22, 2026) fully subscribed at a price of 95.80 and a yield of 8.1393% for a 10‑year tenor; and ₹1,500 crore of a 7.66% SGS maturing in 2048 (issued August 19, 2026) fully subscribed at a price of 94.18 and a yield of 8.2370% for a 12‑year tenor.

Maharashtra issued four tranches: ₹1,500 crore of a 7.55% SGS maturing in 2034 (issued April 22, 2026) fully subscribed at a price of 97.61 and a yield of 7.9794% for 10 years; ₹2,000 crore accepted at an 8.14% yield for a 15‑year tenor; ₹2,000 crore of a 7.77% SGS maturing in 2044 (issued April 22, 2026) fully subscribed at a price of 96.32 and a yield of 8.1688% for 15 years; and ₹2,500 crore of a 7.79% SGS maturing in 2054 (issued April 22, 2026) fully subscribed at a price of 95.71 and a yield of 8.1845% for 20 years.

Meghalaya raised ₹100 crore of an 8.08% SGS maturing in 2039 (issued October 7, 2026) fully subscribed at a price of 99.45 and a yield of 8.1488% for a 10‑year tenor. Punjab had two issues: a ₹700 crore tranche of a 7.75% SGS maturing in 2035 (issued September 9, 2026) which attracted only ₹316.418 crore at a price of 97.74 and a yield of 8.1097%; and a ₹800 crore tranche of a 7.65% SGS maturing in 2043 (issued August 12, 2026) fully subscribed at a price of 95.01 and a yield of 8.2002% for a 15‑year tenor.

Rajasthan presented three tranches: ₹1,000 crore accepted at an 8.04% yield for a 10‑year tenor; ₹1,500 crore accepted at an 8.23% yield for a 16‑year tenor; and ₹1,000 crore of an 8.06% SGS maturing in 2057 (issued April 8, 2026) fully subscribed at a price of 98.69 and a yield of 8.1768% for a 20‑year tenor.

Telangana issued two tranches: each ₹1,000 crore, the first a 7.53% SGS maturing in 2039 (issued July 1, 2026) fully subscribed at a price of 95.16 and a yield of 8.1466% for a 10‑year tenor, and the second a 7.65% SGS maturing in 2049 (issued July 1, 2026) fully subscribed at a price of 94.49 and a yield of 8.1864% for a 15‑year tenor.

Tripura raised ₹300 crore at an 8.03% yield for an 8‑year tenor and ₹500 crore at an 8.19% yield for a 24‑year tenor, both fully subscribed.

In summary, the auction demonstrated robust demand across most states, with full subscription for the majority of issues, cut‑off yields ranging from 7.55% to 8.20%, and a total acceptance short of the target by about ₹1,383.6 crore, primarily due to the lack of bids for Andhra Pradesh and partial subscription for Punjab.