The Reserve Bank of India has released the full auction results for two government securities. The RBI G-Sec auction covered the 6.36% GS 2031 and the 7.71% GS 2066 bonds. Both auctions attracted strong bidding interest from the market.
Key Auction Details
The RBI notified ₹21,000 crore for the 6.36% GS 2031 and ₹11,000 crore for the 7.71% GS 2066. For the GS 2031, the market submitted 235 competitive bids totalling ₹59,818.23 crore. Meanwhile, the GS 2066 received 262 competitive bids worth ₹33,104.14 crore. Both securities saw demand far exceeding the notified amounts.
The cut-off price for GS 2031 was set at ₹99.75, with a yield to maturity (YTM) of 6.4218%. Additionally, the GS 2066 cut-off price came in at ₹103.23, carrying a YTM of 7.4543%. The weighted average yield for GS 2031 stood at 6.4142%, while GS 2066 recorded a weighted average yield of 7.4497%.
The RBI accepted 44 competitive bids for GS 2031, amounting to ₹20,995.65 crore. For GS 2066, it accepted 63 bids worth ₹10,965.37 crore. Therefore, partial allotment percentages were 30.81% and 60.35% respectively.
What the RBI G-Sec Auction Means for Investors
Primary dealers fully underwrote both securities, with no devolvement recorded on either bond. This signals healthy market confidence in government borrowing. As a result, the auction outcome reflects stable demand for long-duration sovereign debt.
Non-competitive bids were also fully accepted across both securities. The GS 2031 received 3 non-competitive bids totalling ₹4.35 crore. However, the GS 2066 attracted more retail interest, with 6 non-competitive bids worth ₹34.63 crore fully allotted.
For example, the strong oversubscription in both bonds indicates that institutional investors remain confident in India’s fiscal outlook. Additionally, the near-par pricing of GS 2031 and the premium pricing of GS 2066 reflect current interest rate expectations. These results are part of the government’s ongoing market borrowing programme for 2026-27.
Source: RBI Press Releases
