State Government Bond (SDL) Auction Results
Every week, states borrow through RBI auctions of State Development Loans. Below: the latest results, how each cut-off compares with the central government (G-Sec) yield at the same maturity, and who has borrowed how much this financial year.
Latest auction — 3 Nov 2026
| Security | Tenor (yrs) | Notified (₹ cr) | Bid cover | Cut-off yield % | G-Sec % | Spread (bp) |
|---|---|---|---|---|---|---|
| 7.46% Andhra Pradesh SGS 2035 | 8.8 | 1,000 | 2.5× | 8.0089 | 7.41 | +60 |
| 7.81% Andhra Pradesh SGS 2056 | 29.5 | 2,000 | 2.4× | 8.1463 | 7.82 | +33 |
| 7.57% Delhi SGS 2036 | 9.6 | 500 | 4.2× | 7.8890 | 7.42 | +47 |
| Delhi SGS 2041 (new) | 15.0 | 500 | 4.9× | 8.1200 | 7.39 | +73 |
| 7.85% Goa SGS 2034 | 7.9 | 100 | 5.3× | 7.9501 | 7.39 | +56 |
| 7.96% Gujarat SGS 2035 | 8.9 | 1,000 | 4.1× | 7.9493 | 7.41 | +54 |
| 8.06% Gujarat SGS 2038 | 12.0 | 1,000 | 4.3× | 8.0330 | 7.41 | +62 |
| 7.86% Karnataka SGS 2034 | 7.9 | 2,000 | 3.1× | 7.9584 | 7.39 | +57 |
| 7.91% Madhya Pradesh SGS 2036 | 9.9 | 1,000 | 3.6× | 7.9973 | 7.42 | +57 |
| 7.61% Madhya Pradesh SGS 2044 | 17.7 | 1,000 | 2.6× | 8.1434 | 7.47 | +68 |
| 7.75% Madhya Pradesh SGS 2056 | 29.8 | 2,000 | 2.8× | 8.1274 | 7.83 | +30 |
| 7.09% Maharashtra SGS 2031 | 4.8 | 1,500 | 2.2× | 7.7536 | 7.32 | +43 |
| 7.63% Maharashtra SGS 2039 | 12.8 | 1,500 | 5.3× | 8.0789 | 7.40 | +67 |
| 8.01% Maharashtra SGS 2043 | 16.9 | 2,000 | 3.0× | 8.1275 | 7.44 | +68 |
| 7.70% Maharashtra SGS 2049 | 22.8 | 2,200 | 3.2× | — | 7.62 | — |
| Meghalaya SGS 2032 (new) | 6.0 | 100 | 5.0× | 7.8000 | 7.36 | +44 |
| 7.54% Punjab SGS 2031 | 4.9 | 500 | 1.7× | 7.9104 | 7.33 | +58 |
| Rajasthan SGS 2037 (new) | 11.0 | 500 | 6.3× | 8.0400 | 7.42 | +62 |
| Rajasthan SGS 2047 (new) | 21.0 | 500 | 2.4× | 8.1500 | 7.57 | +58 |
| Telangana SGS 2046 (new) | 20.0 | 1,500 | 2.0× | 8.1700 | 7.54 | +63 |
| Telangana SGS 2052 (new) | 26.0 | 1,500 | 2.8× | 8.1500 | 7.72 | +43 |
| 7.58% West Bengal SGS 2035 | 8.7 | 1,000 | 2.6× | 8.0496 | 7.40 | +65 |
Spread = cut-off yield minus the RetailBonds.in G-Sec curve at the same residual maturity, on the last curve date on or before the auction. "—" where the maturity is beyond the curve.
Last 12 auctions
| Auction | States | Securities | Raised (₹ cr) | Bid cover | Wtd cut-off % | Wtd spread (bp) |
|---|---|---|---|---|---|---|
| 2026-11-03 | 12 | 22 | 23,200 | 3.2× | 8.05 | +54 |
| 2026-10-27 | 10 | 18 | 18,707 | 3.3× | 8.25 | +74 |
| 2026-10-19 | 11 | 22 | 23,016 | 3.3× | 8.12 | +77 |
| 2026-10-13 | 14 | 26 | 31,005 | 2.8× | 8.11 | +68 |
| 2026-10-06 | 13 | 25 | 23,600 | 3.3× | 7.96 | +68 |
| 2026-09-29 | 12 | 25 | 19,200 | 3.8× | 7.93 | +64 |
| 2026-09-22 | 7 | 13 | 16,750 | 3.9× | 7.83 | +63 |
| 2026-09-15 | 16 | 33 | 34,645 | 2.1× | 7.92 | +72 |
| 2026-09-08 | 8 | 16 | 16,900 | 3.3× | 7.71 | +57 |
| 2026-09-01 | 15 | 29 | 26,590 | 2.5× | 7.69 | +58 |
| 2026-08-25 | 7 | 16 | 20,100 | 2.7× | 7.62 | +60 |
| 2026-08-18 | 12 | 21 | 20,200 | 3.0× | 7.60 | +59 |
Borrowing by state, FY27 to date
₹6,16,934 crore across 30 states and UTs since 1 Apr 2026, from auctions in our records.
| State / UT | Securities | Raised (₹ cr) | Wtd cut-off % | Wtd spread (bp) |
|---|---|---|---|---|
| Maharashtra | 51 | 81,050 | 7.75 | +60 |
| Tamil Nadu | 46 | 56,500 | 7.84 | +63 |
| Telangana | 43 | 53,900 | 7.83 | +51 |
| Andhra Pradesh | 37 | 53,800 | 7.80 | +51 |
| Madhya Pradesh | 38 | 48,900 | 7.80 | +55 |
| Rajasthan | 39 | 47,100 | 7.82 | +57 |
| Uttar Pradesh | 36 | 40,500 | 7.80 | +63 |
| West Bengal | 25 | 35,200 | 7.80 | +61 |
| Bihar | 27 | 31,675 | 7.85 | +65 |
| Kerala | 27 | 28,600 | 7.76 | +64 |
| Gujarat | 32 | 28,000 | 7.66 | +64 |
| Punjab | 30 | 26,551 | 7.76 | +71 |
| Chhattisgarh | 28 | 13,290 | 7.78 | +73 |
| Assam | 14 | 11,033 | 7.76 | +70 |
| Haryana | 8 | 11,000 | 7.91 | +64 |
| Odisha | 11 | 10,000 | 7.57 | +66 |
| Jammu and Kashmir | 15 | 7,700 | 7.82 | +59 |
| Karnataka | 3 | 6,000 | 7.95 | +70 |
| Himachal Pradesh | 10 | 5,200 | 7.81 | +67 |
| Uttarakhand | 14 | 4,946 | 7.86 | +64 |
| Delhi | 12 | 4,700 | 7.67 | +67 |
| Meghalaya | 8 | 2,459 | 7.77 | +80 |
| Jharkhand | 6 | 2,100 | 7.51 | +61 |
| Manipur | 6 | 1,680 | 7.83 | +79 |
| Sikkim | 6 | 1,200 | 7.82 | +79 |
| Keralam | 1 | 1,000 | 7.92 | +65 |
| Goa | 6 | 850 | 7.89 | +74 |
| Tripura | 2 | 800 | 8.13 | +70 |
| Mizoram | 6 | 600 | 7.84 | +77 |
| Arunachal Pradesh | 1 | 600 | 7.94 | +68 |
Source: RBI press releases "State Government Securities - Full Auction Result", updated every Wednesday morning. Bid cover = competitive bids received ÷ notified amount. See /methodology and the G-Sec yield curve.
Disclaimer: This page summarises past RBI auction results for information only. It is not investment advice, a recommendation, or a forecast, and an auction cut-off is not a price at which any bond can be bought or sold today. Spreads use RetailBonds.in's own G-Sec curve estimate. See /methodology for sources.
- 9 Nov 2026 State Government Securities - Full Auction Result
- 9 Nov 2026 Result of Yield/Price Based Auction of State Government Securities
- 5 Nov 2026 Auction of State Government Securities
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