Document title: State Government Securities - Full Auction Result

Issuing authority: Reserve Bank of India

Reference number: Press Release 2026-2027/624

Date: July 07, 2026

Capital Markets and Flows

The Reserve Bank of India released the complete auction outcomes for State Government Securities (SGS) on 7 July 2026. The total notified amount across all issues amounted to ₹21,350 crore. Detailed results for each state and issue are as follows:

Bihar

  • SGS 2035: Notified ₹800 crore, 9‑year tenor, cut‑off yield 7.42%, weighted average yield 7.3986%. Competitive bids received: 42 bids totaling ₹1,960 crore; 10 bids accepted for ₹760.844 crore (63.3394% allotment). Non‑competitive bids: 9 bids totaling ₹39.156 crore at price ₹100.14, all accepted. Total allotment matched notified amount of ₹800 crore.
  • SGS 2051 (re‑issue of 7.92% issued 15‑Apr‑2026): Notified ₹1,200 crore, 9‑year tenor, cut‑off yield 7.6289%, weighted average yield 7.6271%. Competitive bids received: 43 bids totaling ₹3,840 crore; 6 bids accepted for ₹1,189.755 crore (95.6793% allotment). Non‑competitive bids: 4 bids totaling ₹10.245 crore at price ₹103.22, all accepted. Total allotment ₹1,200 crore.

Chhattisgarh

  • SGS 2035: Notified ₹250 crore, 9‑year tenor, cut‑off yield 7.40%, weighted average yield 7.4000%. Competitive bids received: 29 bids totaling ₹1,858 crore; 4 bids accepted for ₹246.465 crore (70.4186% allotment). Non‑competitive bids: 4 bids totaling ₹3.535 crore at price ₹100, all accepted. Total allotment ₹250 crore.
  • SGS 2042: Notified ₹250 crore, 16‑year tenor, cut‑off yield 7.64%, weighted average yield 7.6244%. Competitive bids received: 19 bids totaling ₹416 crore; 17 bids accepted for ₹244.040 crore (46.4320% allotment). Non‑competitive bids: 4 bids totaling ₹5.960 crore at price ₹100.14, all accepted. Total allotment ₹250 crore.

Additional Tenor Issues

  • 13‑Year issue: Notified ₹700 crore, cut‑off yield 7.56%, weighted average yield 7.5419%. Competitive bids received: 33 bids totaling ₹2,045 crore; 12 bids accepted for ₹661.966 crore. Non‑competitive bids: 11 bids totaling ₹38.034 crore at price ₹100.15, all accepted.
  • 12‑Year issue: Notified ₹500 crore, cut‑off yield 7.60%, weighted average yield 7.5679%. Competitive bids received: 30 bids totaling ₹1,035 crore; 13 bids accepted for ₹490.961 crore. Non‑competitive bids: 4 bids totaling ₹9.039 crore at price ₹100.25, all accepted.
  • Jammukashmir SGS 2046 (re‑issue of 7.91% issued 03‑Jun‑2026): Notified ₹500 crore, cut‑off yield 7.6708%, weighted average yield 7.6398%. Competitive bids received: 42 bids totaling ₹890 crore; 30 bids accepted for ₹499.473 crore. Non‑competitive bids: 2 bids totaling ₹0.527 crore at price ₹102.73, all accepted.

Kerala and Madhya Pradesh

  • Kerala SGS 2033: Notified ₹800 crore, 7‑year tenor, cut‑off yield 7.30%, weighted average yield 7.2837%. Competitive bids received: 32 bids totaling ₹1,980 crore; 8 bids accepted for ₹783.859 crore (47.33% allotment). Non‑competitive bids: 5 bids totaling ₹16.141 crore at price ₹100.09, all accepted.
  • Kerala SGS 2039: Notified ₹1,000 crore, 13‑year tenor, cut‑off yield 7.56%, weighted average yield 7.5400%. Competitive bids received: 41 bids totaling ₹1,897.6 crore; 20 bids accepted for ₹900 crore (25.5111% allotment). Non‑competitive bids: 20 bids totaling ₹215.858 crore at price ₹100.16, all accepted.
  • Madhya Pradesh SGS 2044: Notified ₹1,600 crore, 18‑year tenor, cut‑off yield 7.61%, weighted average yield 7.5983%. Competitive bids received: 101 bids totaling ₹4,700 crore; 28 bids accepted for ₹1,440 crore (75.3968% allotment). Non‑competitive bids: 20 bids totaling ₹277.131 crore at price ₹100.11, all accepted.
  • Madhya Pradesh SGS 2056 (re‑issue of 7.90% issued 15‑Apr‑2026): Notified ₹2,000 crore, cut‑off yield 7.6500%, weighted average yield 7.6391%. Competitive bids received: 33 bids totaling ₹3,875 crore; 17 bids accepted for ₹1,979.970 crore (75.9960% allotment). Non‑competitive bids: 3 bids totaling ₹20.030 crore at price ₹103.03, all accepted.

North‑Eastern and Southern States

  • Manipur SGS 2040: Notified ₹250 crore, 14‑year tenor, cut‑off yield 7.64%, weighted average yield 7.5998%. Competitive bids received: 23 bids totaling ₹550 crore; 16 bids accepted for ₹248.524 crore (17.4252% allotment). Non‑competitive bids: 3 bids totaling ₹1.476 crore at price ₹100.34, all accepted.
  • Sikkim SGS 2039: Notified ₹200 crore, 13‑year tenor, cut‑off yield 7.58%, weighted average yield 7.5625%. Competitive bids received: 21 bids totaling ₹930 crore; 4 bids accepted for ₹199.966 crore (83.3050% allotment). Non‑competitive bids: 2 bids totaling ₹0.034 crore at price ₹100.14, all accepted.
  • Telangana SGS 2043 (re‑issue of 7.97% issued 08‑Apr‑2026): Notified ₹1,500 crore, cut‑off yield 7.6192%, weighted average yield 7.6036%. Competitive bids received: 70 bids totaling ₹3,335 crore; 25 bids accepted for ₹1,433.991 crore (9.7758% allotment). Non‑competitive bids: 10 bids totaling ₹66.009 crore at price ₹103.42, all accepted.
  • Telangana SGS 2056 (re‑issue of 8.07% issued 08‑Apr‑2026): Notified ₹1,500 crore, cut‑off yield 7.6404%, weighted average yield 7.6330%. Competitive bids received: 32 bids totaling ₹3,720 crore; 9 bids accepted for ₹1,496.843 crore (89.4739% allotment). Non‑competitive bids: 4 bids totaling ₹3.157 crore at price ₹105.09, all accepted.

Uttar Pradesh and Uttarakhand

  • Uttar Pradesh SGS 2051 (re‑issue of 7.79% issued 25‑Mar‑2026): Notified ₹1,000 crore, 6‑year tenor, cut‑off yield 7.14%, weighted average yield 7.1354%. Competitive bids received: 82 bids totaling ₹8,035 crore; 11 bids accepted for ₹991.498 crore (86.3791% allotment). Non‑competitive bids: 6 bids totaling ₹8.502 crore at price ₹100.02, all accepted.
  • Uttarakhand SGS 2044 (re‑issue of 7.87% issued 27‑May‑2026): Notified ₹300 crore, 16‑year tenor, cut‑off yield 7.6359%, weighted average yield 7.6309%. Competitive bids received: 20 bids totaling ₹860 crore; 11 bids accepted for ₹299.941 crore (49.9803% allotment). Non‑competitive bids: 2 bids totaling ₹0.059 crore at price ₹102.30, all accepted.

West Bengal

  • SGS 2031: Notified ₹1,000 crore, 5‑year tenor, cut‑off yield 7.07%, weighted average yield 7.0518%. Competitive bids received: 51 bids totaling ₹2,995 crore; 21 bids accepted for ₹986.592 crore (8.9249% allotment). Non‑competitive bids: 5 bids totaling ₹13.408 crore at price ₹100.08, all accepted.
  • SGS 2044: Notified ₹1,500 crore, 18‑year tenor, cut‑off yield 7.64%, weighted average yield 7.6296%. Competitive bids received: 79 bids totaling ₹2,953.250 crore; 47 bids accepted for ₹1,350 crore (54.0104% allotment). Non‑competitive bids: 13 bids totaling ₹168.094 crore at price ₹100.10, all accepted.
  • SGS 2052: Notified ₹2,200 crore, 26‑year tenor, cut‑off yield 7.65%, weighted average yield 7.6424%. Competitive bids received: 28 bids totaling ₹4,920 crore; 15 bids accepted for ₹2,169.882 crore (69.4465% allotment). Non‑competitive bids: 4 bids totaling ₹30.118 crore at price ₹100.09, all accepted.

Overall, the auction demonstrated robust demand across states, with competitive bid participation ranging from 5 to 101 bids per issue and weighted average yields clustered between 7.05% and 7.64%. Non‑competitive participation was universal, with prices marginally above face value, reflecting stable market conditions for state government securities.