On October 19, 2026, auctions for state government securities were conducted, with Goa, Gujarat, and Andhra Pradesh successfully raising funds. Cut-off yields ranged from 7.96% to 8.10%, reflecting state-specific borrowing costs.
Auction Results for State Government Securities on Oct 19
On October 19, 2026, the Reserve Bank of India conducted yield/price-based auctions for state government securities on behalf of Andhra Pradesh, Goa, and Gujarat. Andhra Pradesh reissued its 7.68% SGS 2051 with a notified amount of ₹1,000 crore, while Goa and Gujarat raised ₹200 crore and ₹1,000 crore each for reissues of 7.80% SGS 2037 and 7.96% SGS 2035/2038 respectively.
The auction results revealed a cut-off yield of 8.1004% for Andhra Pradesh at a price of ₹91.59, the highest among the states, suggesting relatively higher borrowing costs. Goa’s cut-off was ₹97.84 (yield: 8.1004%), and Gujarat’s stood at ₹99.98 (yield: 7.9627%) and ₹99.85 (yield: 7.96%) for two securities, indicating stronger investor confidence in Gujarat’s state paper.
These auctions reflect the decentralized nature of public borrowing by Indian states within the central framework administered by the RBI. For legal advisors in public finance or municipal law, the yields and allotment patterns offer insights into market perception of fiscal discipline across states, which may inform credit assessments and structuring of future state-level debt instruments.