Document Title: Result of Yield/Price Based Auction of State Government Securities
Issuing Authority: Reserve Bank of India
Reference: Press Release 2026-2027/769
Date: July 28, 2026
Capital Markets and Flows
The RBI conducted a yield/price‑based auction of state government securities on July 28 2026. The total amount scheduled for issuance was ₹18,100 crore, while the total amount accepted amounted to ₹19,280.094 crore, indicating overall oversubscription.
Andhra Pradesh issued two securities: a ₹1,000 crore re‑issue of the 7.56 % SGS 2039 at a cut‑off price of 99.58 and a yield of 7.6105 %, and a ₹1,600 crore issue at a yield of 7.68 % with a 25‑year tenor. Both were fully subscribed.
Gujarat re‑issued two securities: ₹1,000 crore of the 7.38 % SGS 2035 at a cut‑off price of 100.07 (yield 7.3685 %) and ₹1,000 crore of the 7.51 % SGS 2038 at a cut‑off price of 100.23 (yield 7.4799 %). Both were fully subscribed.
Maharashtra had three issues. The ₹1,000 crore 7.35 % SGS 2031 received ₹1,250 crore at a cut‑off price of 101.40 (yield 6.9911 %). The ₹2,400 crore 7.91 % SGS 2039 received ₹3,000 crore at a cut‑off price of 102.74 (yield 7.5682 %). The ₹1,600 crore 8.07 % SGS 2049 received ₹2,000 crore at a cut‑off price of 104.21 (yield 7.6738 %). The footnote indicates additional acceptance of ₹250 crore, ₹600 crore and ₹400 crore respectively for these three issues.
Punjab’s two re‑issues were partially subscribed. The ₹1,000 crore 7.02 % SGS 2030 was accepted for ₹730.094 crore at a cut‑off price of 99.47 (yield 7.1750 %). The ₹1,000 crore 7.62 % SGS 2039 was accepted for ₹1,200 crore at a cut‑off price of 99.43 (yield 7.6892 %), reflecting an additional ₹200 crore beyond the bid amount.
Rajasthan issued a ₹1,500 crore security with a tenor of 18 years at a yield of 7.68 % and a ₹2,000 crore 7.65 % SGS 2053 at a cut‑off price of 99.67 (yield 7.6783 %). Both were fully subscribed.
Tamil Nadu re‑issued two securities of ₹1,000 crore each: the 7.39 % SGS 2034 at a cut‑off price of 100.05 (yield 7.3808 %) and the 7.59 % SGS 2041 at a cut‑off price of 100.02 (yield 7.5872 %). Both were fully subscribed.
Telangana re‑issued a ₹1,000 crore 7.65 % SGS 2055 at a cut‑off price of 99.77 (yield 7.6691 %), fully subscribed.
The auction results show strong demand for state government securities, with overall acceptance exceeding the amount to be raised and notable oversubscription in Maharashtra and Punjab, while most other states achieved full subscription at yields ranging from 7.37 % to 7.71 %.