The Reserve Bank of India released the results of the State Government Securities auction held on August 18, 2026. The total notified amount across the securities was ₹20,200 crore, and the total allotment also stood at ₹20,200 crore.
The auction covered 21 securities issued by Assam, Bihar, Delhi, Jammu and Kashmir, Kerala, Madhya Pradesh, Mizoram, Odisha, Telangana, Uttar Pradesh, Uttarakhand and West Bengal. Most of the securities were re-issues of earlier state loans, while some were listed by tenor.
According to the RBI release, competitive bids worth ₹60,575.500 crore were received through 1,112 bids. Out of these, 253 competitive bids were accepted for ₹18,863.209 crore. Non-competitive bids worth ₹1,511.740 crore were received through 171 bids, and ₹1,336.791 crore was accepted in this segment.
Main auction details
The largest notified amount in the auction was for West Bengal SGS 2047, at ₹2,200 crore. This was a re-issue of 7.71% West Bengal SGS 2047 issued on July 22, 2026. The security received competitive bids worth ₹5,800 crore, while ₹1,981.900 crore was accepted through competitive bids and ₹218.100 crore through non-competitive bids. Its weighted average yield was 7.6598%.
Madhya Pradesh SGS 2048 had a notified amount of ₹2,000 crore. The 22-year security received competitive bids worth ₹6,185 crore. Competitive allotment stood at ₹1,800 crore, and non-competitive allotment was ₹200 crore. The cut-off yield was 7.66%, with a weighted average yield of 7.6514%.
West Bengal SGS 2035 was notified for ₹1,500 crore. It received competitive bids worth ₹1,945 crore and was fully allotted at ₹1,500 crore, including ₹30.130 crore accepted in the non-competitive segment. Its weighted average yield was 7.5661%.
Madhya Pradesh SGS 2038 was notified for ₹1,400 crore, while Kerala SGS 2049 was notified for ₹1,200 crore. Both were fully allotted. The weighted average yields were 7.5698% for Madhya Pradesh SGS 2038 and 7.6544% for Kerala SGS 2049.
Yield range in the auction
The cut-off yields in the release ranged from 7.16% for Odisha SGS 2032 to 7.6786% for Kerala SGS 2042. Odisha SGS 2032 was a 6-year security with a notified amount of ₹1,000 crore. It received competitive bids worth ₹5,678 crore and was allotted ₹1,000 crore. Its weighted average yield was 7.1587%.
Kerala SGS 2042, a re-issue of 7.86% Kerala SGS 2042 issued on April 15, 2026, had a notified amount of ₹1,000 crore. Competitive bids received for this security were ₹1,418 crore. Competitive bids accepted amounted to ₹900 crore, and non-competitive bids accepted were ₹100 crore. The weighted average yield was 7.6557%.
State-wise securities included
- Assam SGS 2036 was allotted ₹1,000 crore, with a weighted average yield of 7.5631%.
- Bihar SGS 2041 and Bihar SGS 2044 were allotted ₹1,000 crore each, with weighted average yields of 7.6340% and 7.6563% respectively.
- Delhi SGS 2033 and Delhi SGS 2041 were allotted ₹500 crore each.
- Jammu and Kashmir SGS 2046 was allotted ₹500 crore, with a weighted average yield of 7.6666%.
- Kerala SGS 2042 and Kerala SGS 2049 were allotted ₹1,000 crore and ₹1,200 crore respectively.
- Madhya Pradesh had three securities in the auction, with allotments of ₹1,000 crore, ₹1,400 crore and ₹2,000 crore.
- Mizoram SGS 2041 was allotted ₹100 crore.
- Odisha SGS 2032 and Odisha SGS 2044 were allotted ₹1,000 crore each.
- Telangana SGS 2037 and Telangana SGS 2055 were allotted ₹1,000 crore each.
- Uttar Pradesh SGS 2038 and Uttar Pradesh SGS 2046 were allotted ₹500 crore each.
- Uttarakhand SGS 2048 was allotted ₹300 crore.
- West Bengal SGS 2035 and West Bengal SGS 2047 were allotted ₹1,500 crore and ₹2,200 crore respectively.
The RBI press release was issued by Ajit Prasad, Deputy General Manager in the Communications department. The release was listed as Press Release 2026-2027/919.
Source: Reserve Bank of India Press Releases.