**Executive Summary**
This document presents the results of the State Government Securities auction held on December 09, 2025. It details the notified amounts, tenors, bids received and accepted (both competitive and non-competitive), and the weighted average yield for securities of various states. The press release number is 2025-2026/1665.
**Key Points / Main Content**
* **Auction Overview:**
* The auction included State Government Securities (SGS) from multiple states including Arunachal Pradesh, Bihar, Gujarat, Haryana, Jammu and Kashmir, Maharashtra, Meghalaya, Mizoram, Tamil Nadu, and Uttar Pradesh.
* The total notified amount for all states was ₹15499.092 Crore.
* Tenors varied from 8 years to 20 years.
* **Competitive Bids:**
* Detailed information is provided for competitive bids received and accepted for each state's securities, including the number of bids and the amount.
* Cut-off yields and prices are specified for each state's security.
* Partial allotment percentages for competitive bids are noted for some states.
* **Non-Competitive Bids:**
* Information is provided for non-competitive bids received and accepted, including the number of bids and the amount.
* Non-competitive prices are specified for each state's security.
* Partial allotment percentages for non-competitive bids are noted for some states.
* **Yields and Allotment:**
* Weighted average yields are provided for each state's security.
* Total allotment amounts are listed for each state.
* **Special Note for Uttar Pradesh:**
* Uttar Pradesh accepted a partial amount of ₹535.092 crore in the 8-year security.
**Impact Analysis**
**Stakeholder: State Governments (Arunachal Pradesh, Bihar, Gujarat, Haryana, Jammu and Kashmir, Maharashtra, Meghalaya, Mizoram, Tamil Nadu, and Uttar Pradesh)**
* **Impact:**
* Determines the amount of funds raised through the issuance of State Government Securities.
* Affects the cost of borrowing based on the weighted average yield of the securities.
* Influences the management of state debt and fiscal planning.
* **Action Required:**
* Manage the received funds in line with budgetary allocations and developmental goals.
* Monitor the yields on outstanding securities and adjust borrowing strategies as needed.
**Stakeholder: Investors (Banks, Financial Institutions, etc.)**
* **Impact:**
* Provides information on the yields and prices of State Government Securities, influencing investment decisions.
* Affects the composition of investment portfolios based on the risk and return profiles of SGS.
* **Action Required:**
* Assess the attractiveness of the SGS based on the auction results and prevailing market conditions.
* Adjust investment strategies to align with risk appetite and portfolio objectives.
**Stakeholder: Reserve Bank of India (RBI)**
* **Impact:**
* The results inform the RBI about the market's appetite for state government debt.
* It provides insights into the overall borrowing costs for states, which influences monetary policy decisions.
* **Action Required:**
* Analyse auction outcomes to evaluate the efficacy of debt management strategies and make necessary adjustments.
Key Entities Referenced
State Government Securities: Primary subject of the announcement; includes auctions and details of securities issued by various state governments.
Reserve Bank of India: Issuer of the press release regarding the auction results of State Government Securities.
Arunachal Pradesh: One of the state governments issuing State Government Securities (SGS). Listed individually for the auction.
Bihar: One of the state governments issuing State Government Securities (SGS). Listed individually for the auction.
Gujarat: One of the state governments issuing State Government Securities (SGS). Listed individually for the auction.