The Reserve Bank of India has released the results of the State Government Securities auction held on July 07, 2026. The total notified amount in the auction was ₹21,350 crore, and the full amount was allotted.
State Government Securities, or SGS, are bonds issued by state governments. The auction result gives details such as the amount notified, bids received, cut-off yield, accepted bids and weighted average yield for each security.
According to the RBI release, competitive bids worth ₹61,764.850 crore were received across the auction. Out of these, 401 competitive bids were accepted for ₹20,574.173 crore. Non-competitive bids worth ₹1,208.512 crore were received, and ₹775.827 crore was accepted under that category.
Overall auction details
The auction covered securities from Bihar, Chhattisgarh, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Kerala, Madhya Pradesh, Manipur, Sikkim, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.
The cut-off yields across the listed securities ranged from 7.07 percent to 7.6708 percent. The lowest cut-off yield was for West Bengal SGS 2031 at 7.07 percent. The highest cut-off yield was for Jammu and Kashmir SGS 2046 at 7.6708 percent.
Major allotments by state
Madhya Pradesh raised ₹3,600 crore through two securities. Madhya Pradesh SGS 2044 had a notified and allotted amount of ₹1,600 crore, with a cut-off yield of 7.61 percent. Madhya Pradesh SGS 2056, a re-issue of 7.90 percent Madhya Pradesh SGS 2056 issued on April 15, 2026, had an allotted amount of ₹2,000 crore and a cut-off yield of 7.6500 percent.
West Bengal raised ₹4,700 crore across three securities. West Bengal SGS 2031 had an allotment of ₹1,000 crore with a 7.07 percent cut-off yield. West Bengal SGS 2044 was allotted ₹1,500 crore at a cut-off yield of 7.64 percent. West Bengal SGS 2052 was allotted ₹2,200 crore at a cut-off yield of 7.65 percent.
Telangana raised ₹3,000 crore through two re-issued securities. Telangana SGS 2043, a re-issue of 7.97 percent Telangana SGS 2043 issued on April 08, 2026, had an allotment of ₹1,500 crore and a cut-off yield of 7.6192 percent. Telangana SGS 2056, a re-issue of 8.07 percent Telangana SGS 2056 issued on April 08, 2026, also had an allotment of ₹1,500 crore, with a cut-off yield of 7.6404 percent.
Uttar Pradesh raised ₹3,000 crore across three securities. Uttar Pradesh SGS 2032 was allotted ₹1,000 crore at a 7.14 percent cut-off yield. Uttar Pradesh SGS 2042 was allotted ₹1,000 crore at 7.59 percent. Uttar Pradesh SGS 2051, a re-issue of 7.79 percent Uttar Pradesh SGS 2051 issued on March 25, 2026, was allotted ₹1,000 crore at 7.6595 percent.
Other state securities in the auction
- Bihar raised ₹2,000 crore through Bihar SGS 2035 and Bihar SGS 2051. The cut-off yields were 7.42 percent and 7.6289 percent, respectively.
- Chhattisgarh raised ₹500 crore through Chhattisgarh SGS 2035 and Chhattisgarh SGS 2042, with cut-off yields of 7.40 percent and 7.64 percent.
- Kerala raised ₹1,800 crore through Kerala SGS 2033 and Kerala SGS 2039. The cut-off yields were 7.30 percent and 7.56 percent.
- Jammu and Kashmir raised ₹1,000 crore through Jammu and Kashmir SGS 2038 and Jammu and Kashmir SGS 2046.
- Himachal Pradesh raised ₹700 crore through Himachal Pradesh SGS 2039 at a cut-off yield of 7.56 percent.
- Jharkhand raised ₹300 crore through Jharkhand SGS 2033 at a cut-off yield of 7.30 percent.
- Manipur raised ₹250 crore through Manipur SGS 2040 at a cut-off yield of 7.64 percent.
- Sikkim raised ₹200 crore through Sikkim SGS 2039 at a cut-off yield of 7.58 percent.
- Uttarakhand raised ₹300 crore through Uttarakhand SGS 2044, a re-issue of 7.87 percent Uttarakhand SGS 2044 issued on May 27, 2026.
Weighted average yields
The weighted average yield for West Bengal SGS 2031 was 7.0518 percent, the lowest among the listed securities. Uttar Pradesh SGS 2032 had a weighted average yield of 7.1354 percent. At the higher end, West Bengal SGS 2052 recorded 7.6424 percent, Jammu and Kashmir SGS 2046 recorded 7.6398 percent, and Madhya Pradesh SGS 2056 recorded 7.6391 percent.
The RBI press release was issued under Press Release number 2026-2027/624 and carried the name of Ajit Prasad, Deputy General Manager, Communications.
Source: Reserve Bank of India Press Releases.
