The Reserve Bank of India accepted competitive and non-competitive bids totalling ₹33,000 crore across two government securities. The cut-off yields were 7.3589% for the 2031 bond and 7.9339% for the 2066 bond.
BKK Bureau, New Delhi | 24 October 2026 | 1:26 PM IST
The Reserve Bank of India has released the full auction results for two Government of India securities, with the notified amount totalling ₹33,000 crore. The auction covered the 6.53% Government Security maturing in 2031 and the 7.71% Government Security maturing in 2066.
The notified amount for the 6.53% GS 2031 was ₹19,000 crore, while the 7.71% GS 2066 had a notified amount of ₹14,000 crore. The RBI’s results show that the entire notified amount was covered through accepted competitive and non-competitive bids for both securities.
Demand and allotment
Investors submitted 173 competitive bids amounting to ₹33,343.800 crore for the 2031 security. Of these, 104 bids amounting to ₹18,994.981 crore were accepted. Four non-competitive bids were received and accepted for an additional ₹5.019 crore.
For the 2066 security, the RBI received 219 competitive bids worth ₹29,157 crore. It accepted 118 of these bids, amounting to ₹13,941.425 crore. Four non-competitive bids worth ₹58.575 crore were also received and accepted.
Across both securities, competitive bids received totalled ₹62,500.800 crore, compared with competitive allotments of ₹32,936.406 crore. Including non-competitive allotments of ₹63.594 crore, the total accepted amount was ₹33,000 crore.
Cut-off yields
The cut-off price for the 6.53% GS 2031 was ₹96.65, corresponding to a yield to maturity of 7.3589%. Its weighted average price was ₹96.71, with a weighted average yield of 7.3437%.
For the longer-duration 7.71% GS 2066, the cut-off price was ₹97.30 and the yield to maturity was 7.9339%. The weighted average price stood at ₹97.45, corresponding to a weighted average yield of 7.9211%.
The RBI reported partial allotment of competitive bids for both securities. The partial allotment percentage was 97.0690% for the 2031 security, involving 12 bids. For the 2066 security, the partial allotment percentage was 27.7973%, involving three bids.
Underwriting and primary dealers
The underwriting notified amount was ₹19,000 crore for the 2031 security and ₹14,000 crore for the 2066 security. The full underwriting amount for both securities was accepted from primary dealers.
The auction results recorded no devolvement on primary dealers for either security. Devolvement refers to an allocation of securities to primary dealers when the auction does not receive sufficient bids at acceptable prices. In this auction, the RBI’s table lists the devolvement amount as nil for both bonds.
The results provide a detailed view of demand for government borrowing across two maturities. The 2031 bond attracted competitive bids worth about 1.75 times the notified amount, while bids for the 2066 bond were about 2.08 times the notified amount, based on the amounts reported by the RBI.
Why it matters
The auction shows the amount accepted by the government through two securities, the level of competitive demand and the yields at which the bonds were allotted. The absence of devolvement indicates that primary dealers were not required to absorb any additional amount beyond the accepted auction allocations.
Source: Reserve Bank of India
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