Document title: State Government Securities - Full Auction Result
Issuing authority: Reserve Bank of India (RBI)
Reference: Press Release 2026-2027/1117
Date: 15 September 2026
The Reserve Bank of India issued a press release on 15 September 2026 announcing the complete results of the State Government Securities (SGS) auction conducted on the same day. The auction covered a total notified amount of ₹35,900 crore across multiple state issuances with tenors ranging from 12 to 26 years. Competitive and non‑competitive bids were received, cut‑off yields were determined, and allotments were made as detailed below.
Capital Markets and Flows
Arunachal Pradesh, Assam, Bihar (selected entries)
| State / Issue | Notified Amount (₹ Cr) | Tenor | Competitive Bids Received – No. | Competitive Bids Received – Amount (₹ Cr) | Cut‑off Yield (%) | Cut‑off Price (₹) | Competitive Bids Accepted – No. | Competitive Bids Accepted – Amount (₹ Cr) | Partial Allotment % (Comp.) | Non‑Competitive Bids Received – No. | Non‑Competitive Bids Received – Amount (₹ Cr) | Non‑Competitive Price (₹) | Non‑Competitive Bids Accepted – No. | Non‑Competitive Bids Accepted – Amount (₹ Cr) | Weighted Avg Yield (%) | Total Allotment Amount (₹ Cr) |
| Arunachal Pradesh SGS 2046 | 600 | 20‑Years | 32 | 2,270 | 7.94 | 100 | 11 | 593.873 | 83.9788 | 3 | 6.127 | 100.09 | 3 | 6.127 | 7.9310 | 600 |
| Assam SGS 2036* (re‑issue) | 600 | Re‑issue of 7.66% issued 17‑Jun‑2026 | 29 | 960 | 7.8460 | 98.73 | 13 | 420 | – | 8 | 25.055 | 98.87 | 8 | 25.055 | 7.8251 | 445.055 |
| Assam SGS 2041* | 700 | 15‑Years | 28 | 800 | – | – | – | – | – | 7 | 30.522 | – | – | – | – | – | 0 |
| Bihar SGS 2041 | 1,000 | Re‑issue of 7.66% issued 22‑Jul‑2026 | 56 | 1,930 | 7.9480 | 97.50 | 31 | 996.999 | 13.9997 | 2 | 3.001 | 97.67 | 2 | 3.001 | 7.9279 | 1,000 |
Additional State Issues (selected)
| State / Issue | Notified Amount (₹ Cr) | Tenor | Competitive Bids Received – No. | Competitive Bids Received – Amount (₹ Cr) | Cut‑off Yield (%) | Cut‑off Price (₹) | Competitive Bids Accepted – No. | Competitive Bids Accepted – Amount (₹ Cr) | Partial Allotment % (Comp.) | Weighted Avg Yield (%) | Total Allotment (₹ Cr) |
| Bihar SGS 2044 | 1,000 | Re‑issue of 7.71% issued 22‑Jul‑2026 | 60 | 1,525 | 8.0166 | 97.10 | 49 | 948.974 | 15.4211 | 7.9744 | 1,000 |
| Chhattisgarh SGS 2038 | 500 | 12‑Years | 33 | 1,750 | 7.88 | 100 | 10 | 469.085 | 30.2757 | 7.8713 | 500 |
| Chhattisgarh SGS 2047 | 500 | 21‑Years | 18 | 725 | 7.99 | 100 | 17 | 494.850 | 73.2833 | 7.9604 | 500 |
| Delhi SGS 2033 | 300 | Re‑issue of 7.31% issued 22‑Jul‑2026 | 27 | 1,250 | 7.6478 | 98.21 | 13 | 299.941 | 59.9410 | 7.6229 | 300 |
| Delhi SGS 2041 | 300 | Re‑issue of 7.75% issued 24‑Jun‑2026 | 31 | 920 | 7.9008 | 98.68 | 14 | 290.882 | 31.9607 | 7.8682 | 300 |
| Goa SGS 2037 | 100 | 11‑Years | 13 | 400 | 7.80 | 100 | 2 | 97.466 | 82.4660 | 7.7954 | 100 |
| Haryana SGS 2040 | 1,000 | 14‑Years | 39 | 2,826.9 | 7.90 | 100 | 10 | 956.966 | 76.1190 | 7.8879 | 1,000 |
| Haryana SGS 2052 | 2,000 | 26‑Years | 34 | 5,435 | 7.92 | 100 | 17 | 1,974.945 | 37.1271 | 7.8906 | 2,000 |
| Kerala SGS 2044 | 1,000 | 18‑Years | 30 | 1,030 | 8.07 | 100 | 30 | 962.997 | 68.0938 | 8.0199 | 1,000 |
| Kerala SGS 2051 | 1,200 | 25‑Years | 18 | 4,165 | 7.91 | 100 | 11 | 1,187.881 | 98.7288 | 7.9015 | 1,200 |
| Madhya Pradesh SGS 2034 | 700 | Re‑issue of 7.39% issued 22‑Jul‑2026 | 48 | 3,360 | 7.7181 | 98.08 | 10 | 644.983 | 48.3277 | 7.7060 | 700 |
| Madhya Pradesh SGS 2038 | 900 | Re‑issue of 7.58% issued 22‑Jul‑2026 | 38 | 2,565 | 7.8695 | 97.78 | 8 | 885.938 | 88.9845 | 7.8508 | 900 |
| Mizoram SGS 2041 | 100 | 15‑Years | 11 | 350 | 7.94 | 100 | 3 | 97.973 | 43.9865 | 7.9359 | 100 |
| Odisha SGS 2032 | 1,000 | Re‑issue of 7.16% issued 19‑Aug‑2026 | 49 | 3,255 | 7.6094 | 97.88 | 24 | 999.891 | 40.8144 | 7.5921 | 1,000 |
| Odisha SGS 2044 | 1,000 | Re‑issue of 7.70% issued 22‑Jul‑2026 | 45 | 1,900 | 7.9793 | 97.35 | 24 | 945.990 | 35.5333 | 7.9362 | 1,000 |
| Tamil Nadu SGS 2036 | 2,000 | Re‑issue of 7.49% issued 05‑Aug‑2026 | 61 | 2,680 | 7.8341 | 97.65 | 51 | 1,967.939 | 45.1756 | 7.7983 | 2,000 |
| Tamil Nadu SGS 2041 | 2,000 | Re‑issue of 7.62% issued 05‑Aug‑2026 | 76 | 3,017 | 7.9107 | 97.47 | 41 | 1,962.703 | 66.7030 | 7.8779 | 2,000 |
| Tamil Nadu SGS 2051 | 2,000 | Re‑issue of 7.70% issued 05‑Aug‑2026 | 23 | 3,825 | 7.9192 | 97.62 | 16 | 1,959.932 | 59.9728 | 7.8994 | 2,000 |
| Telangana SGS 2039 | 1,500 | Re‑issue of 7.53% issued 01‑Jul‑2026 | 52 | 2,260.5 | 7.9202 | 96.88 | 34 | 1,442.953 | 72.2896 | 7.8958 | 1,500 |
| Telangana SGS 2044 | 2,000 | Re‑issue of 7.64% issued 01‑Jul‑2026 | 70 | 2,105 | 8.0182 | 96.43 | 67 | 1,932.989 | 11.2431 | 7.9713 | 2,000 |
| Telangana SGS 2049 | 2,000 | Re‑issue of 7.65% issued 01‑Jul‑2026 | 25 | 3,270 | 7.9575 | 96.77 | 18 | 1,969.991 | 28.4609 | 7.9389 | 2,000 |
| Telangana SGS 2055 | 2,000 | Re‑issue of 7.65% issued 01‑Jul‑2026 | 24 | 4,990 | 7.8952 | 97.21 | 14 | 1,999.948 | 58.0561 | 7.8799 | 2,000 |
| Uttar Pradesh SGS 2038 | 1,000 | Re‑issue of 7.74% issued 10‑Jun‑2026 | 66 | 3,295 | 7.8790 | 98.93 | 24 | 926.362 | 74.2724 | 7.8511 | 1,000 |
| Uttar Pradesh SGS 2046 | 1,600 | Re‑issue of 7.82% issued 10‑Jun‑2026 | 55 | 3,296 | 7.9446 | 98.75 | 24 | 1,528.347 | 75.6694 | 7.9150 | 1,600 |
| Uttarakhand SGS 2044 | 400 | Re‑issue of 7.87% issued 27‑May‑2026 | 23 | 470 | – | – | – | – | – | – | 0 |
| Uttarakhand SGS 2048 | 300 | Re‑issue of 7.70% issued 22‑Jul‑2026 | 2 | 550 | 7.9453 | 97.46 | 1 | 299.996 | 99.9987 | 7.9453 | 300 |
| West Bengal SGS 2035 | 1,500 | Re‑issue of 7.58% issued 22‑Jul‑2026 | 43 | 1,810 | 7.9298 | 97.79 | 40 | 1,462.253 | 25.8024 | 7.8669 | 1,500 |
| West Bengal SGS 2047 | 2,200 | Re‑issue of 7.71% issued 22‑Jul‑2026 | 48 | 4,355 | 7.9762 | 97.30 | 28 | 2,166.991 | 63.9820 | 7.9520 | 2,200 |
The overall weighted average yield across all securities was approximately 7.9%, indicating a stable demand environment for state‑government debt. Competitive bids were robust, with total bid amounts exceeding the notified issues by a large margin, while non‑competitive bids were accepted at marginally higher prices than the face value. Partial allotments were observed only for Assam (445.055 cr) and Uttarakhand (none).
This auction outcome reflects continued investor appetite for long‑term state securities and provides the states with the required funding at yields consistent with prevailing market conditions.