Document title: State Government Securities – Full Auction Result

Issuing authority: Reserve Bank of India (RBI)

Reference number: Press Release 2026-2027/919

Date: 18 August 2026

Capital Markets and Flows

The Reserve Bank of India disclosed the complete auction outcomes for a series of State Government Securities (SGS) on 18 August 2026. A total of 20 separate issues were auctioned, representing a cumulative notified amount of ₹20,200 crore. Each issue was a re‑issue of existing state bonds with tenors ranging from 6 years to 22 years and coupon rates between 7.16 % and 7.71 %.

Assam SGS 2036 – Notified ₹1,000 cr; coupon 7.56 % issued 22‑Jul‑2026. Competitive bids: 42 bids totalling ₹1,680 cr; cut‑off yield 7.5950 %, price ₹99.75. Accepted 18 bids for ₹948.333 cr (partial allotment 83.33 %). Non‑competitive: 7 bids for ₹51.667 cr at ₹99.97, all accepted. Weighted‑average yield 7.5631 %. Total allotment ₹1,000 cr.

Bihar SGS 2041 – Notified ₹1,000 cr; coupon 7.66 % issued 22‑Jul‑2026. Competitive bids: 69 bids totalling ₹1,850 cr; cut‑off yield 7.6499 %, price ₹100.08. Accepted 19 bids for ₹928.631 cr (partial allotment 36.66 %). Non‑competitive: 10 bids for ₹71.369 cr at ₹100.22, all accepted. Weighted‑average yield 7.6340 %. Total allotment ₹1,000 cr.

Bihar SGS 2044 – Notified ₹1,000 cr; coupon 7.71 % issued 22‑Jul‑2026. Competitive bids: 66 bids totalling ₹3,265 cr; cut‑off yield 7.6594 %, price ₹100.48. Accepted 4 bids for ₹937.074 cr (partial allotment 20.69 %). Non‑competitive: 7 bids for ₹62.926 cr at ₹100.51, all accepted. Weighted‑average yield 7.6563 %. Total allotment ₹1,000 cr.

Delhi SGS 2033 – Notified ₹500 cr; coupon 7.31 % issued 22‑Jul‑2026. Competitive bids: 48 bids totalling ₹3,140 cr; cut‑off yield 7.3308 %, price ₹99.88. Accepted 10 bids for ₹494.479 cr (partial allotment 10.50 %). Non‑competitive: 3 bids for ₹5.521 cr at ₹99.90, all accepted. Weighted‑average yield 7.3271 %. Total allotment ₹500 cr.

Delhi SGS 2041 – Notified ₹500 cr; coupon 7.75 % issued 24‑Jun‑2026. Competitive bids: 20 bids totalling ₹713.500 cr; cut‑off yield 7.6368 %, price ₹100.98. Accepted 12 bids for ₹472.961 cr (partial allotment 28.92 %). Non‑competitive: 1 bid for ₹27.039 cr at ₹101.23; 8 bids accepted for the same amount, partial allotment 27.04 %.

Jammu & Kashmir SGS 2046 – Notified ₹500 cr; coupon 7.91 % issued 03‑Jun‑2026. Competitive bids: 40 bids totalling ₹1,450 cr; cut‑off yield 7.6666 %, price ₹102.44. Accepted 2 bids for ₹478.922 cr (partial allotment 85.78 %). Non‑competitive: 1 bid for ₹21.078 cr at ₹102.44; 6 bids accepted for the same amount, partial allotment 21.08 %.

Kerala SGS 2042 – Notified ₹1,000 cr; coupon 7.86 % issued 15‑Apr‑2026. Competitive bids: 53 bids totalling ₹1,418 cr; cut‑off yield 7.6786 %, price ₹101.62. Accepted 17 bids for ₹900 cr (partial allotment 13.33 %). Non‑competitive: 1 bid for ₹151.034 cr at ₹101.83; 15 bids accepted for the same amount, partial allotment 100 %. Weighted‑average yield 7.6557 %.

Madhya Pradesh SGS 2034 – Notified ₹1,000 cr; coupon 7.39 % issued 22‑Jul‑2026. Competitive bids: 80 bids totalling ₹4,715 cr; cut‑off yield 7.4207 %, price ₹99.81. Accepted 20 bids for ₹934.779 cr (partial allotment 96.81 %). Non‑competitive: 6 bids for ₹65.221 cr at ₹99.85, all accepted. Weighted‑average yield 7.4139 %.

Madhya Pradesh SGS 2038 – Notified ₹1,400 cr; coupon 7.58 % issued 22‑Jul‑2026. Competitive bids: 97 bids totalling ₹3,240 cr; cut‑off yield 7.5904 %, price ₹99.91. Accepted 29 bids for ₹1,260 cr (partial allotment 66.67 %). Non‑competitive: 14 bids for ₹175.023 cr at ₹100.07; 14 bids accepted for ₹140 cr, partial allotment 79.99 %. Weighted‑average yield 7.5698 %.

Madhya Pradesh SGS 2048 – Notified ₹2,000 cr; 22‑year tenor. Competitive bids: 44 bids totalling ₹6,185 cr; cut‑off yield 7.66 %, price ₹100. Accepted 8 bids for ₹1,800 cr (partial allotment 15.38 %). Non‑competitive: 13 bids for ₹260.624 cr at ₹100.09; 13 bids accepted for ₹200 cr, partial allotment 76.74 %. Weighted‑average yield 7.6514 %.

Mizoram SGS 2041 – Notified ₹100 cr; 15‑year tenor. Competitive bids: 27 bids totalling ₹546 cr; cut‑off yield 7.63 %, price ₹100. Accepted 1 bid for ₹92.976 cr (partial allotment 92.98 %). Non‑competitive: 5 bids for ₹7.024 cr at ₹100, all accepted. Weighted‑average yield 7.6300 %.

Odisha SGS 2032 – Notified ₹1,000 cr; 6‑year tenor. Competitive bids: 60 bids totalling ₹5,678 cr; cut‑off yield 7.16 %, price ₹100. Accepted 8 bids for ₹974.300 cr (partial allotment 99.92 %). Non‑competitive: 4 bids for ₹25.700 cr at ₹100.01, all accepted. Weighted‑average yield 7.1587 %.

Odisha SGS 2044 – Notified ₹1,000 cr; coupon 7.70 % issued 22‑Jul‑2026. Competitive bids: 61 bids totalling ₹2,310 cr; cut‑off yield 7.6669 %, price ₹100.31. Accepted 8 bids for ₹919.926 cr (partial allotment 95.03 %). Non‑competitive: 11 bids for ₹80.074 cr at ₹100.36, all accepted. Weighted‑average yield 7.6618 %.

Telangana SGS 2037 – Notified ₹1,000 cr; coupon 7.70 % issued 22‑Apr‑2026. Competitive bids: 54 bids totalling ₹2,415 cr; cut‑off yield 7.5774 %, price ₹100.87. Accepted 16 bids for ₹900 cr (partial allotment 82 %). Non‑competitive: 16 bids for ₹128.268 cr at ₹100.97; 16 bids accepted for ₹100 cr, partial allotment 77.96 %. Weighted‑average yield 7.5637 %.

Telangana SGS 2055 – Notified ₹1,000 cr; coupon 7.65 % issued 01‑Jul‑2026. Competitive bids: 36 bids totalling ₹4,815 cr; cut‑off yield 7.6574 %, price ₹99.90. Accepted 3 bids for ₹989.693 cr (partial allotment 54.41 %). Non‑competitive: 4 bids for ₹10.307 cr at ₹99.93, all accepted. Weighted‑average yield 7.6548 %.

Uttar Pradesh SGS 2038 – Coupon 7.74 % issued 10‑Jun‑2026. Competitive bids: 53 bids totalling ₹1,930 cr; cut‑off yield 7.5899 %, price ₹101.14. Accepted 14 bids for ₹463.977 cr (partial allotment 44.49 %). Non‑competitive: 8 bids for ₹36.023 cr at ₹101.22; all accepted. Weighted‑average yield 7.5796 %. Total allotment ₹500 cr.

Uttar Pradesh SGS 2046 – Coupon 7.82 % issued 10‑Jun‑2026. Competitive bids: 65 bids totalling ₹1,865 cr; cut‑off yield 7.6581 %, price ₹101.62. Accepted 8 bids for ₹469.449 cr (partial allotment 89.82 %). Non‑competitive: 9 bids for ₹30.551 cr at ₹101.67; all accepted. Weighted‑average yield 7.6532 %. Total allotment ₹500 cr.

Uttarakhand SGS 2048 – Coupon 7.70 % issued 22‑Jul‑2026. Competitive bids: 31 bids totalling ₹1,210 cr; cut‑off yield 7.6574 %, price ₹100.44. Accepted 1 bid for ₹299.990 cr (partial allotment 99.997 %). Non‑competitive: 2 bids for ₹0.010 cr at ₹100.44; both accepted. Weighted‑average yield 7.6574 %. Total allotment ₹300 cr.

West Bengal SGS 2035 – Coupon 7.58 % issued 22‑Jul‑2026. Competitive bids: 54 bids totalling ₹1,945 cr; cut‑off yield 7.6005 %, price ₹99.86. Accepted 35 bids for ₹1,469.870 cr (partial allotment 55.46 %). Non‑competitive: 4 bids for ₹30.130 cr at ₹100.08; all accepted. Weighted‑average yield 7.5661 %. Total allotment ₹1,500 cr.

West Bengal SGS 2047 – Notified ₹2,200 cr; coupon 7.71 % issued 22‑Jul‑2026. Competitive bids: 67 bids totalling ₹5,800 cr; cut‑off yield 7.6666 %, price ₹100.44. Accepted 10 bids for ₹1,981.900 cr (partial allotment 45.99 %). Non‑competitive: 13 bids for ₹218.100 cr at ₹100.51; all accepted. Weighted‑average yield 7.6598 %. Total allotment ₹2,200 cr.

Overall, the auction series demonstrated robust demand across states, with competitive bid participation ranging from 42 to 97 bids per issue and cut‑off yields clustered around the mid‑7 % region. Non‑competitive participation remained limited, generally below 5 % of total issue size, and prices were close to par. The weighted‑average yields for the aggregate of all issues approximate 7.6 %, indicating prevailing market pricing for state‑issued debt.