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

Issuing Authority: Reserve Bank of India (RBI) – Department of Communication

Reference Number: Press Release 2026-2027/1319

Date: 13 October 2026

Capital Markets and Flows

The Reserve Bank of India announced the outcome of its yield/price based auction of state government securities conducted on 13 October 2026. The auction covered securities from thirteen Indian states with tenors ranging from six to thirty years. The total amount slated to be raised across all issues was ₹31,200 crore, of which ₹30,005 crore was successfully subscribed, reflecting robust demand.

State‑wise details are as follows:

  • Assam: ₹1,000 crore offered, ₹805 crore accepted at a cut‑off price of 8.10% (11‑year tenor). Partial subscription.
  • Bihar: Two re‑issues – ₹1,000 crore (cut‑off 95.91/8.1475%) for the 2044 issue and ₹2,000 crore (cut‑off 95.77/8.1585%) for the 2051 issue, both fully subscribed.
  • Chhattisgarh: Two re‑issues – each ₹600 crore fully subscribed; cut‑off prices 96.09/8.0285% (7.40% SGS 2035) and 95.51/8.1493% (7.64% SGS 2042).
  • Gujarat: ₹1,000 crore 9‑year issue fully subscribed at 7.96% cut‑off; a separate 12‑year issue of ₹1,000 crore received no bids.
  • Haryana: Two re‑issues – ₹1,000 crore (cut‑off 97.93/8.1501%) for SGS 2040 and ₹1,500 crore (cut‑off 95.13/8.1700%) for SGS 2048, both fully subscribed.
  • Karnataka: ₹2,000 crore 10‑year issue fully subscribed at a cut‑off price of 8.03%.
  • Kerala: ₹1,000 crore 6‑year issue fully subscribed at a cut‑off price of 7.92%.
  • Mizoram: ₹100 crore re‑issue fully subscribed at a cut‑off price of 98.28/8.1400% (7‑year tenor).
  • Odisha: Two re‑issues – each ₹500 crore fully subscribed; cut‑off prices 96.79/7.8520% (7.16% SGS 2032) and 95.65/8.1690% (7.64% SGS 2040).
  • Tamil Nadu: Three issues – ₹2,000 crore each at cut‑off prices 8.14% (20‑year), 8.21% (25‑year) and ₹3,000 crore at 8.18% (30‑year), all fully subscribed.
  • Uttar Pradesh: Two issues – ₹1,500 crore at 8.11% (12‑year) and ₹2,000 crore at 96.69/8.1591% (re‑issue of 7.82% SGS 2046), both fully subscribed.
  • West Bengal: Three issues totaling ₹2,200 crore fully subscribed; cut‑off prices 97.04/8.1887%, 8.15% and 96.77/7.8967% for tenors of 26, 18 and other specified periods.

The overall cut‑off price across the auction averaged 8.16%, with yields spanning from 7.85% to 8.21% depending on the specific issue and tenor. The auction demonstrated strong investor appetite for state‑level debt instruments, with only the Gujarat 12‑year tranche remaining unsubscribed.

The press release was issued by Deputy General Manager Ajit Prasad of the RBI’s Communications division.