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 — 2026-09-22
| Security | Tenor (yrs) | Notified (₹ cr) | Bid cover | Cut-off yield % | G-Sec % | Spread (bp) |
|---|---|---|---|---|---|---|
| 7.56% Andhra Pradesh SGS 2039 | 12.8 | 1,000 | 4.1× | 7.8793 | 7.08 | +80 |
| 7.68% Andhra Pradesh SGS 2051 | 24.8 | 1,600 | 2.7× | 7.8874 | 7.44 | +44 |
| Goa SGS 2041 (new) | 15.0 | 150 | 7.7× | 7.8800 | 7.08 | +80 |
| 7.47% Gujarat SGS 2036 | 9.9 | 1,000 | 4.2× | 7.7244 | 7.07 | +65 |
| 7.59% Gujarat SGS 2041 | 14.9 | 1,000 | 4.1× | 7.8300 | 7.08 | +75 |
| 7.75% Jammu and Kashmir SGS 2044 | 18.0 | 600 | 7.0× | 7.8987 | 7.19 | +71 |
| 7.09% Maharashtra SGS 2031 | 4.9 | 1,000 | 4.8× | 7.3286 | 6.85 | +48 |
| 7.63% Maharashtra SGS 2039 | 12.9 | 2,400 | 4.5× | 7.8455 | 7.08 | +76 |
| 7.70% Maharashtra SGS 2049 | 22.9 | 1,600 | 3.0× | 7.8776 | 7.37 | +50 |
| Punjab SGS 2031 (new) | 5.0 | 500 | 4.2× | 7.5400 | 6.86 | +68 |
| Punjab SGS 2041 (new) | 15.0 | 1,500 | 5.7× | 7.9100 | 7.08 | +83 |
| 7.68% Rajasthan SGS 2044 | 17.9 | 2,200 | 3.0× | 7.9052 | 7.19 | +72 |
| 7.65% Rajasthan SGS 2053 | 26.8 | 2,200 | 2.6× | 7.8820 | 7.52 | +37 |
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) |
|---|---|---|---|---|---|---|
| 2026-09-22 | 7 | 13 | 16,750 | 3.9× | 7.83 | +63 |
| 2026-09-15 | 16 | 32 | 34,645 | 2.1× | 7.92 | +72 |
| 2026-09-08 | 8 | 16 | 16,900 | 3.3× | 7.71 | +57 |
| 2026-09-01 | 14 | 28 | 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 |
| 2026-08-11 | 6 | 13 | 15,300 | 3.8× | 7.54 | +55 |
| 2026-08-04 | 15 | 31 | 23,980 | 3.4× | 7.57 | +54 |
| 2026-07-28 | 6 | 12 | 17,350 | 4.0× | 7.55 | +49 |
| 2026-07-21 | 12 | 21 | 21,491 | 3.5× | 7.63 | +61 |
| 2026-07-14 | 9 | 21 | 24,570 | 3.0× | 7.59 | +59 |
| 2026-07-07 | 13 | 23 | 21,350 | 2.9× | 7.55 | +45 |
Borrowing by state, FY27 to date
₹474,862 crore across 27 states and UTs since 2026-04-01, from auctions in our records.
| State / UT | Securities | Raised (₹ cr) | Wtd cut-off % | Wtd spread (bp) |
|---|---|---|---|---|
| Maharashtra | 39 | 60,850 | 7.65 | +56 |
| Andhra Pradesh | 32 | 48,800 | 7.77 | +50 |
| Telangana | 37 | 46,400 | 7.78 | +49 |
| Rajasthan | 32 | 40,700 | 7.77 | +50 |
| Tamil Nadu | 36 | 38,500 | 7.67 | +63 |
| Madhya Pradesh | 27 | 35,900 | 7.71 | +52 |
| Uttar Pradesh | 28 | 31,000 | 7.71 | +57 |
| Kerala | 24 | 25,800 | 7.74 | +62 |
| Bihar | 21 | 23,675 | 7.75 | +61 |
| Gujarat | 21 | 22,500 | 7.57 | +63 |
| West Bengal | 15 | 22,100 | 7.67 | +59 |
| Punjab | 22 | 21,070 | 7.75 | +69 |
| Chhattisgarh | 22 | 10,390 | 7.69 | +70 |
| Odisha | 9 | 9,000 | 7.52 | +66 |
| Assam | 11 | 8,822 | 7.69 | +67 |
| Jammu and Kashmir | 12 | 6,100 | 7.75 | +57 |
| Haryana | 4 | 6,000 | 7.78 | +57 |
| Himachal Pradesh | 8 | 4,200 | 7.73 | +66 |
| Delhi | 8 | 3,700 | 7.59 | +70 |
| Uttarakhand | 7 | 2,646 | 7.63 | +53 |
| Jharkhand | 4 | 1,900 | 7.46 | +59 |
| Meghalaya | 5 | 1,859 | 7.68 | +79 |
| Manipur | 4 | 900 | 7.72 | +73 |
| Sikkim | 3 | 600 | 7.71 | +77 |
| Arunachal Pradesh | 1 | 600 | 7.94 | +68 |
| Mizoram | 5 | 500 | 7.78 | +76 |
| Goa | 3 | 350 | 7.79 | +76 |
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.