Document title: Result of Yield/Price Based Auction of State Government Securities
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release: 2026-2027/466
Date: June 16, 2026
Capital Markets and Flows
The RBI conducted a yield/price based auction of state government securities on 16 June 2026, with a total target raise of ₹21,600 crore across multiple states and Union Territories. The auction covered securities of varying tenors ranging from 6 to 12 years, including several re‑issued issues that were originally issued earlier in the year.
Andhra Pradesh issued three securities: a 6‑year issue of ₹1,000 crore at a cut‑off price of 7.28 % yield; a re‑issue of a 7.79 % bond due 2042 of ₹1,800 crore priced at 99.81/7.8094 % yield; and a re‑issue of a 7.81 % bond due 2056 of ₹1,800 crore priced at 100.05/7.8043 % yield. All were fully subscribed.
Assam’s 10‑year issue of ₹1,000 crore was fully subscribed at a cut‑off yield of 7.66 %.
Gujarat targeted ₹1,000 crore for an 8‑year issue at a cut‑off yield of 7.39 %, which was fully subscribed, but the separate 12‑year issue of ₹1,000 crore received no bids.
Jammu and Kashmir’s re‑issued 7.81 % bond due 2051 of ₹500 crore was fully subscribed at a price of 100.06/7.8043 % yield.
Maharashtra issued three re‑issues: a 7.55 % bond due 2034 of ₹1,600 crore at 100.63/7.4401 % yield; a 7.77 % bond due 2044 of ₹1,600 crore at 100.18/7.7496 % yield; and a 7.79 % bond due 2054 of ₹800 crore at 100.10/7.7798 % yield. All were fully subscribed.
Punjab’s 7‑year issue of ₹1,000 crore attracted partial acceptance of ₹934.159 crore at a cut‑off yield of 7.55 %. Two re‑issues were fully subscribed: a 7.91 % bond due 2041 of ₹1,000 crore at 100.80/7.8171 % yield and a 7.92 % bond due 2044 of ₹1,000 crore at 100.96/7.8185 % yield.
Rajasthan’s 9‑year issue of ₹1,200 crore was fully subscribed at a cut‑off yield of 7.57 %. Two re‑issues were also fully subscribed: a 7.87 % bond due 2041 of ₹1,800 crore at 100.62/7.7979 % yield and a 7.81 % bond due 2049 of ₹1,000 crore at 100.01/7.8076 % yield.
Telangana issued two re‑issues: a 7.70 % bond due 2037 of ₹500 crore at 100.43/7.6389 % yield and a 7.82 % bond due 2047 of ₹750 crore at 100.24/7.7950 % yield, both fully subscribed.
Uttarakhand’s 9‑year issue of ₹500 crore received partial acceptance of ₹427.131 crore at a cut‑off yield of 7.62 %.
In aggregate, the auction attracted bids for ₹20,461.290 crore out of the ₹21,600 crore targeted, representing an overall acceptance rate of approximately 94.7 %. The cut‑off prices for most issues were at or very close to 100, indicating robust demand. The only securities that were not fully subscribed were Gujarat’s 12‑year issue (no bids), Punjab’s 7‑year issue (partial), and Uttarakhand’s 9‑year issue (partial).
Overall, the auction results demonstrate strong investor appetite for state government securities across a range of tenors and coupon rates, supporting the RBI’s objective of deepening the state debt market and ensuring adequate liquidity.