The Reserve Bank of India recently released the RBI treasury bills auction results for the latest round. The auction covered three tenors — 91-day, 182-day, and 364-day treasury bills. However, the 182-day segment saw no competitive or non-competitive bids accepted this round.
Key Auction Details and Cut-Off Yields
The RBI notified amounts of ₹8,000 crore each for the 91-day and 182-day bills, and ₹7,000 crore for the 364-day bills. For the 91-day T-bill, the cut-off price stood at ₹98.5511, with a yield-to-maturity (YTM) of 5.8970%. Additionally, the weighted average yield came in slightly lower at 5.8871%.
The 364-day treasury bill saw a cut-off price of ₹93.7820, translating to a YTM of 6.6485%. Therefore, investors in the longer tenor earned a meaningfully higher yield. The weighted average yield for this tenor settled at 6.6330%.
Competitive bids for the 91-day bill totalled ₹20,465 crore across 125 bids. Meanwhile, the RBI accepted 57 of those bids, amounting to ₹7,600 crore. For the 364-day bill, 49 out of 116 bids were accepted, totalling ₹6,650 crore.
RBI Treasury Bills: Non-Competitive Bids and Allotment
Non-competitive bidding attracted strong participation in this RBI treasury bills auction. As a result, 14 non-competitive bids were received for the 91-day tenor, amounting to a substantial ₹29,988 crore. The RBI accepted all 14 bids, allotting ₹29,958 crore at a partial allotment rate of 93.04%.
For the 364-day bill, five non-competitive bids were received and all five were accepted. However, partial allotment applied at 88.63%, resulting in an accepted amount of ₹1,175.86 crore. The 182-day tenor, by contrast, recorded no acceptances in either category this time.
The partial allotment percentages for competitive bids were 41.17% for the 91-day tenor and 40.00% for the 364-day tenor. For example, only three bids faced partial allotment in the 91-day segment, and just one in the 364-day segment.
What This Means for Investors
Short-term government borrowing costs remain relatively stable. The RBI treasury bills auction results suggest steady demand for sovereign short-term instruments. Additionally, the high non-competitive bid volumes reflect strong institutional appetite for safe government paper. Overall, these results point to a liquid and well-functioning short-term debt market in India.
Source: RBI Press Releases
