On October 19, 2026, auctions for re-issued State Government Securities (SGS) of Andhra Pradesh, Goa, and Gujarat were held. Full amounts were accepted for Goa (₹200 cr) and Gujarat (₹2,000 cr), while Andhra Pradesh’s ₹1,000 cr tranche was not subscribed.
Results of State Government Securities Auction
On October 19, 2026, the Reserve Bank of India conducted a yield/price-based auction for re-issued State Government Securities (SGS). The notified amounts included ₹1,000 crore each for Andhra Pradesh SGS 2051, Gujarat SGS 2035 and SGS 2038, and ₹200 crore for Goa SGS 2037.
Full subscription was achieved for Goa and Gujarat. Goa’s 7.80% SGS 2037 (re-issue) was accepted at ₹97.84 with a cut-off yield of 8.1004%. Gujarat’s 7.96% SGS 2035 (re-issue) was accepted at ₹99.98 with a cut-off yield of 7.9627%. However, Andhra Pradesh’s re-issue of 7.68% SGS 2051 received no bids and remained unsubscribed.
The partial subscription pattern reflects market sentiment towards state credit risk, with investors favouring Gujarat and Goa over Andhra Pradesh. Unsuccessful auctions may prompt state treasuries to adjust yields in subsequent issues or seek RBI advice on timing. These results may influence investor strategies in the municipal and state development bond segment.
