State governments offered securities with a combined notified amount of ₹24,400 crore in the October 19 auction. The RBI reported competitive bids worth ₹81,121.73 crore, while Andhra Pradesh received no allotment and Punjab secured only a partial allotment in one re-issue.
BKK Bureau, New Delhi | 19 October 2026 | 8:03 PM IST
State governments received total allotments of ₹23,016.418 crore through the auction of State Government Securities held on October 19, 2026, according to results released by the Reserve Bank of India. The securities carried a combined notified amount of ₹24,400 crore.
The auction drew competitive bids worth ₹81,121.73 crore from 1,628 bids. Of this, ₹21,765.143 crore was accepted across 608 competitive bids. Non-competitive bids totalled ₹1,580.638 crore, of which ₹1,251.275 crore was accepted from 161 bids.
Borrowing spread across multiple maturities
The auction covered securities issued or re-issued by Andhra Pradesh, Goa, Gujarat, Jammu and Kashmir, Madhya Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, Telangana and Tripura. The maturities ranged from four years for Madhya Pradesh SGS 2030 to 24 years for Tripura SGS 2050.
Among the securities that received allotments, cut-off yields varied according to the state and maturity. The lowest reported cut-off yield was 7.77% for Madhya Pradesh SGS 2030, while the highest was 8.23% for Rajasthan SGS 2042. Other longer-dated securities included Madhya Pradesh SGS 2048 at a cut-off yield of 8.2370%, Maharashtra SGS 2054 at 8.1845% and Telangana SGS 2049 at 8.1864%.
Andhra Pradesh security gets no allotment
Andhra Pradesh had offered ₹1,000 crore through a re-issue of its 7.68% SGS 2051. The auction result shows 47 competitive bids amounting to ₹3,270 crore and three non-competitive bids amounting to ₹10.216 crore, but no amount was accepted. The RBI footnote states that Andhra Pradesh did not accept any amount in this re-issue.
Punjab, meanwhile, received a partial allotment in the re-issue of its 7.75% SGS 2035. Against a notified amount of ₹700 crore, the state received ₹316.418 crore. The issue attracted competitive bids of ₹1,060 crore and non-competitive bids of ₹21.418 crore. The weighted average yield was 8.0708%.
Large issues from Maharashtra and Madhya Pradesh
Maharashtra raised the largest combined amount among the states listed in the auction, with four securities totalling ₹8,000 crore. These included its 2034, 2041, 2044 and 2054 securities. The weighted average yields for the four allotments were 7.9575%, 8.1240%, 8.1510% and 8.1741%, respectively.
Madhya Pradesh also received ₹4,500 crore through three securities. The state raised ₹1,000 crore through its 2030 security, ₹2,000 crore through the 2038 re-issue and ₹1,500 crore through the 2048 re-issue. Their weighted average yields were 7.7258%, 8.1159% and 8.1935%.
Rajasthan received ₹2,500 crore across its 2036, 2042 and 2057 securities, while Telangana received ₹2,000 crore through its 2039 and 2049 securities. Gujarat received ₹2,000 crore through two securities, and Jammu and Kashmir received ₹800 crore through its 2044 re-issue.
Goa, Meghalaya and Tripura also completed allotments for the securities listed in the auction. Goa raised ₹200 crore, Meghalaya ₹100 crore and Tripura ₹800 crore across two securities. The weighted average yield for Tripura SGS 2050 was 8.1698%, compared with 8.0108% for its 2034 security.
Why it matters
The auction data shows the scale and cost of state-government borrowing in the market, with ₹23,016.418 crore allotted across securities carrying maturities from four to 24 years. The differing allotment outcomes for Andhra Pradesh and Punjab also show that notified borrowing amounts were not uniformly accepted.
Source: Reserve Bank of India
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